Word: morgans
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Dates: during 2000-2009
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...recent earnings report reveals that Citi is still struggling to extricate itself from the credit crisis. All of Citi's profits and then some in the second quarter were the result of a onetime gain on the sale of 50% of the company's Smith Barney brokerage division to Morgan Stanley. Take that out as well as some other onetime events, and CreditSights' Hendler says the company actually lost 70 cents a share, or about 30% more than it did in the same three-month period a year ago. (See the top 10 bankruptcies...
...Ph.D., was fascinated by how even in the midst of an economic boom, corporate downsizings were rampant - and how each time a company announced a major layoff, its stock rallied. What she found from her perch at Bankers Trust - and later in interviews with people at firms such as Morgan Stanley, Merrill Lynch, Lehman Brothers, Goldman Sachs, JPMorgan, Salomon Brothers, Kidder Peabody and Lazard - was that it wasn't just an ideological commitment to boosting shareholder value that drove decisions to merge, break up and restructure companies, but also the work culture of Wall Street itself. Ho, now a professor...
...Lowdown: No disrespect to the young Robson - it's great to have anything published as an intern. The real beef lies with the businesses and bankers who are buying into a pretty self-evident report with some questionable assertions. While it's prefaced with a disclaimer that Morgan Stanley doesn't claim "representation or statistical accuracy," some of Robson's statements seem a little bit off. Some studies estimate that up to 31% of Twitter's users are between the ages of 15 and 19, which calls into question the worthiness of the bold assertion that "teenagers...
...real lesson? Those at Morgan Stanley need to spend a bit more time with their kids. Do that, and we suspect the revelation that teenagers like cell phones and free music will seem, well, a little less revelatory. Ultimately, Robson's report does more to reveal how out of touch some in the business world are than to shed light on anything new about teenagers and the media...
...Burt Flickinger III, managing director of Strategic Resources Group. "It may be a sign that Kmart's spring and summer inventory is not selling through." And Santa certainly isn't going to save Sears and Kmart, retailers that seem increasingly irrelevant in the Walmart/Target/Home Depot world. For example, as Morgan Stanley analyst Gregory Melich writes in a recent equity research report, "Sears Holdings' underinvestment in stores has degraded its ability to withstand the magnitude of the current pullback in consumer spending." (See 10 things to buy during the recession...