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Ray | 11th Oct 2008, 22:09 PM | 股票諸事 | (503 Reads)

Morgan Stanley's Mess 摩根史丹利將步雷曼後塵? 

(Maurna Desmond, 10-10-2008)

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摩根史丹利股價圖,星期五晚數報9.68,單日下跌22.25%


Morgan Stanley is playing it cool, but investors can be so cold.

Morgan Stanley shares dropped Friday even as the firm affirmed that Mitsubishi UFJ Financial Group's $9.0 billion investment sheduled to close Tuesday was still on and one well-known banking analyst expressed a more upbeat view of the firm's fate.

Investors didn't seem assuaged by the assurance and credit-ratings agency Moody's putting Morgan's long-term debt on watch for a downgrade late Thursday didn't help.

Morgan plunged 42.2%, or $5.27, to $7.19, in afternoon trading on the New York Stock Exchange, pushing the price of equity in the firm far below the $25.25 per share price that the Japanese bank will pay for a 20.0% stake. New York-based Morgan has fallen from $23.92 this week as the panic sparked by the current financial crisis increases.

Mitsubishi and Morgan Stanley have both steadfastly maintained that the Japanese bank will make its investment, but the concern is that the extra cash infusion may not be enough. However, Morgan Stanley has said it has enough capital to see it through the year. The challenge for Morgan is to make it to Tuesday without losing too many customers and having its short-term financing disrupted.

Dick Bove, an analyst at Ladenburg Thalmann, retracted his earlier assertion that Morgan Stanley had worrisome Lehman links when he said that the Japanese cash infusion seemed much more likely and that in conjunction with the $50.0 billion set aside for a rainy day, Morgan had “defensed” its balance sheet adding that “there is always the Federal Reserve’s discount window” should more funds be necessary.

While Bove emphasized that Morgan appeared on solid footing, he warned that the “the risk, however, remains in this stock if the company’s assurances are not accepted by the market. It will be recalled that right up to the end both Bear Stearns and Lehman argued forcefully that they were well capitalized and liquid.”

The Associated Press contributed to this article.

星期五晚,美股大幅波動,曾經跌穿8,000點關口,尾市收服失地,收報8,451.19。

摩根史丹利(下稱:大摩)亦好不到那裡,曾經下跌46%,尾市稍為收窄至下跌22.25%,比上日下跌$2.77美元,收報$9.68美元。

大摩之前已傳出財務危機,而這次大摩股價急跌,會否步雷曼兄弟之後塵,令到摩笛追魂成為絕響呢?

正是欲知後事(大摩的身後事)如何?請看下回分解(留意以後發展)!

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