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Wall Street firms mauled by bears

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Published June 30, 2008 at 11:38 AM
041808_wallstreet.jpgAs the markets start their day mixed, with the Dow slightly up and the Nasdaq slightly down,  shares of leading Wall Street firms across the board have slipped, the exception of Goldman Sachs Group Inc. Why? There's a lot of chatter on the Internet that could be sending shares down besides the general climate of gloom.

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  • One of the notable stories includes a Lehman Brothers Inc. analyst note suggesting Merrill Lynch & Co. may write down an additional $5.4 billion. The report further fed rumors and speculation that Merrill may sell its stakes in Bloomberg LLC and BlackRock Inc.
  • Meanwhile, Moody's Investors Service is warning that it may cut Morgan Stanley's credit rating from Aa3 to A1.
  • Its not clear what's sending Citigroup Inc. or J.P. Morgan Chase & Co. shares down, but there is a report that credit card issuers are expected to post losses as the economy continues to slide -- and both Citi and J.P. Morgan are large credit card issuers.
  • As for Goldman Sachs, the only news of note about the bank is the announcement of hiring ArcelorMittal founder Laksmi Mittal as an independent board member.
  • Finally, all is quiet at Lehman, which is down the most of any of the Wall Street firms. These days, Lehman seems fated to be hammered by everyone else's woes.

- Matthew Wurtzel

Troubled Wall Street
Name Open Last price Change Mkt cap
J.P. Morgan Chase & Co. 34.86 34.66 -0.39 118767.05
Lehman Brothers Inc. 22.14 21.55 -0.70 11910.68
Merrill Lynch & Co. 32.49 32.22 -0.48 31747.39
Goldman Sachs Group Inc. 175.56 175.48 0.92 69174.81
Morgan Stanley 36.49 36.41 -0.30 40375.05
Citigroup Inc. 17.19 16.72 -0.53 87777.21
Source: The Deal

 

 



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