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Morgan Stanley (MS)
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OK read just read the CC transcript. Archegos dominated the questioning and I could tell it was starting to #$%$ off Gorman. he pretty much glossed over it as a one off event that won't affect PB biz or even risk modeling/margin requirements going forward. Said they "scrubbed" the portfolio and could not find any similar family offices with similar exposure. But with disclosure rules what they are how do they really know? MS was not even aware of the other PB's involved or that archegos had highly levered the same stocks with those other PB's. PB is highly lucrative part of business so no anticipated changes. I got the feeling no heads will be rolling (unlike CS). About 40 family office clients within PB, about 10% of PB biz. SEC looking into disclosure rules. Why didn't MS get out in time like GS? Apparently some underwriting obligations with the securities involved. Dont like the loss but part of doing business and not going to change anything moving forward.
Price showing street reaction to MS not being open on Archegos losses that were hidden until earnings report. Read Mayo of WFC and his statement. Gorman trying to downplay the entire situation and he should havre been upfront .
Top Bullish Charts | April 2021 💰💵📈
Gonna be a big volume day. Not happy about Archegos. And Gorman makes more than Dimon? I guess the $89 calls I wrote are safe. Long term looks good, BB should reduce sh outstanding by 7% this year and I can still accumulate below $90. Dividend? Looking forward to CC transcript.
Judging by GS, MS should again come out with a stellar earnings report tomorrow. We will have to wait for next quarter to find us how much they are going to raise dividends, but I am expecting a double...at least. ($2.80)
We need a CEO that pays attention to minute details, pinches the pennies, and doesn't waste our money on buying back stock at all time highs. No?
Other banks punishing MS for getting out of the Archegos flop early. This will pass. Buy if you can at sub 79
"Iced Earth guitarist Jon Schaffer has entered a guilty plea on two of the charges against him related to the Capitol building riot earlier this year as part of a plea deal.
According to the Washington Post, the musician is the first to agree to a plea deal in the domestic terrorism investigation that saw over 400 people charged for their roles in the invasion of the Capitol Building back on Jan. 6.
The two charges he pled guilty to were obstruction of an official proceeding of Congress and trespassing on restricted grounds of the Capitol while armed with a deadly or dangerous weapon.
Shortly after the riots took place, Schaffer was one of the first identified in photos that were taken at the Capitol Building and he was later sought out for his role. The Iced Earth guitarist turned himself in to FBI agents in Indianapolis on Jan. 18 and remained in Indiana until recently when his case was sent to court in Washington, D.C.
Schaffer was charged on Friday (April 16) by criminal information, a type of charging document used when a defendant waives the right to an indictment. He was initially charged with six crimes, including engaging in an act of physical violence and targeting police with bear spray, but as part of the plea deal he only plead guilty to two of the counts. Both are felony offenses carrying heavy penalties."
Headlines are a lot different today than they were Monday through Friday ...Geez Louise !
Seems like every single one is focused on the $911M, and rightly so.
In their defense however, MS didn't try correcting the articles about the firm virtually escaping unscathed from the Archegis meltdown. You might say this is the penalty for silence, though I'm looking at the current $89 PT. Might rise to $100 by mid summer.
Target Raised by Barclays Overweight USD 95 » USD 98
"Of all the forensic pathologists in the world, why did Derek Chauvin’s defence team pick a guy who graduated from the University of Cape Town in SA in 1983, when SA was still a racist apartheid regime?"
Financials lead in bull markets
Morgan Stanley ( MS
) said net income applicable to shareholders rose to $3.98 billion, or $2.19 per share, in the quarter ended March 31, from $1.59 billion, or $1.01 per share, a year ago.
this is good news for the whole market
Lase week on Fast Money, said MS is going down at least 10%... we shall see next week. GL to all
What identity group abuse is happening today?
"Missouri GOP state lawmaker Rick Roeber resigns amid allegations he abused his children
SPRINGFIELD, Missouri — A Kansas City-area lawmaker accused of sexually and physically abusing his children when they were younger submitted his resignation Tuesday as an investigation into his behavior neared completion.
Rep. Rick Roeber, R-Lee’s Summit, did not mention the allegations against him or an ongoing probe by the House ethics committee in a letter to the state House clerk. Instead, he said he’s leaving because he and his fiancée are preparing to move out of state to be closer to their extended families, including his ailing mother.
Roeber, who was elected to a two-year term in November, said he only ever wanted to serve a single year to pass a bill naming a highway after his late wife, Rep. Rebecca Roeber, who died in 2019, and help pass school choice bills.
He said that because both things seem to be moving along well, he’s done what he set out to do and can now leave."
Hard to believe thus stock was @ $86.64 just 11 days ago.
That equaled out to a 12% haircut this morning , but so far has balanced out to a 10% loss at the close. Why did MS receive the biggest brunt of the banking carnage based presumably on their participation in the $10B worth of margin calls. I thought it was Goldman calling the lion's share.
"The Brennan Center reports that as of March 24, Republican legislators have introduced 361 bills with restrictive provisions in 47 states:
Most restrictive bills take aim at absentee voting, while nearly a quarter seek stricter voter ID requirements. State lawmakers also aim to make voter registration harder, expand voter roll purges or adopt flawed practices that would risk improper purges, and cut back on early voting. The states that have seen the largest number of restrictive bills introduced are Texas (49 bills), Georgia (25 bills), and Arizona (23 bills). Bills are actively moving in the Texas and Arizona statehouses, and Georgia enacted an omnibus voter suppression bill last week.
The resulting decision by major Georgia corporations Delta and Coca-Cola to publicly protest these moves and Major League Baseball moving the All-Star game to Denver shows the highly controversial nature of the state's actions. It's 2021 not 1921, and a majority of the public does not approve of these actions. If corporations care about their brand and their bottom line they can't afford to not weigh in. These undemocratic, racist policies are being enacted after 60 years of public awareness of voting rights as a moral issue in the wake of the Civil Rights Movement and a majority of the country is appalled."
"Coors Field to host MLB All-Star Game"
Am I missing something or should I be buying this up right now?
Too little, too late file.......
"A coalition of 60 major law firms has come together “to challenge voter suppression legislation and to support national legislation to protect voting rights and increase voter participation,” said Brad Karp, the chairman of the law firm Paul Weiss and the organizer of the group, which has not been formally announced.
Mr. Karp said the coalition would “emphatically denounce legislative efforts to make voting harder, not easier, for all eligible voters, by imposing unnecessary obstacles and barriers on the right to vote.”
Many of Wall Street’s most powerful firms are also part of the effort, including Simpson Thacher; Skadden Arps; Akin Gump; Cravath, Swaine & Moore; Ropes & Gray; Sullivan & Cromwell; Weil, Gotshal & Manges and Wachtell Lipton.
“We plan to challenge any election law that would impose unnecessary barriers on the right to vote and that would disenfranchise underrepresented groups in our country,” Mr. Karp said.
The firms will work with the Brennan Center for Justice, a nonprofit organization, to identify laws that it might challenge in court. Mr. Karp said that could include challenging the voting law that Republicans passed in Georgia last month, and which set off a national debate over voting rights."
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