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’Microsoft and Skype, for and against
Microsoft’s agreed $8.5bn acquisition of Skype evokes shades of the frenzied dotcom bubble era and M&A tech mania: the deal, unveiled on Tuesday, brings this year’s total of announced tech deals to $94.5bn — a 56 per cent increase from last year – and also marks the highest levels of tech M&A activity since 2000,
Elkjøp – the new name for Dixons
Following its recent profits warning we mused on whether Dixons Retail should consider another re-branding.
One idea was to take on the name of its profitable Scandinavian operation, Elkjøp.
And it seems many a true word is spoken in jest.
Europe’s FICC woes
The reporting season for Europe’s investment banks starts this week and expectations are not high…
From Monday’s FT:
European investment banks are expected to reveal sliding revenues from one of their core businesses when Deutsche Bank kicks off the earnings season this week,
Chancing on the (debt) ceiling
When it comes to the debt ceiling, perhaps we should adopt that wise and time-honored maxim: don’t hate the player, hate the game.
With a hat tip to Self-Evident, David Greenlaw & Ted Wieseman from Morgan Stanley on Tuesday released a handy timeline detailing what to expect during the coming showdown.
M&A league tables: what’s in a few numbers?
Isn’t it nice when arch rivals in the unseemly scramble for M&A business can both kick off the new year claiming they’re on top?
The main arbiters of the all-important annual league tables for investment banking deals,
Betfair falls at the first (results) hurdle
Betfair hasn’t been the thoroughbred IPO success many people expected.
In fact the internet betting exchange already looks like something of an old nag:
And Tuesday’s maiden (half-year) results spell out exactly why.
Deutsche Bank, the European flowmonster
Some more on Wednesday’s third-quarter figures from Deutsche Bank — in particular, the unexpectedly strong performance of its investment banking operations.
Huw van Steenis of Morgan Stanley says the figures showed the advantage of a being a flowmonster,
Morgan Stanley gets risky
Morgan Stanley may have suffered a $91m loss on Wednesday, on slowing momentum in its trading business, but a significant chunk of its underperformance was also down to the firm’s so-called debt valuation adjustments (DVAs) — rather than trading itself.
Morgan Stanley posts Q3 loss of $0.07 a diluted share
Apologies for being late in bringing you this.
Wall Street was already having a bad time of it this week, but the Q3 earnings report from Morgan Stanley after decent showings from Citigroup, JP Morgan,
What price Betfair?
What valuation will the market put on Betfair when the online betting exchange lists on the LSE in a month’s time?
Based on the numbers released on Tuesday, a market capitalisation of £1.5bn looks very optimistic.
MOST: Why you should be buying dividend futures
FT Alphaville noted last week how dividend futures were still clawing back ground they’d lost on the back of the May 6 flash crash.
With this in mind, Graham Secker’s team at Morgan Stanley have put out a note suggesting there’s currently a strong investment case for index dividend futures or swaps.
Kill the old, deflation edition
Morgan Stanley economists always have such interestingly contrarian views on the inflation-deflation debate. For example – Joachim Fels’ unfashionably inflationista analysis of central bank credibility.
Morgan Stanley’s Chinese irony
Morgan Stanley’s word of the week in China has to be “irony”, as news emerged late on Tuesday that the US Federal Reserve has given the go-ahead for China Investment Corp, the country’s main sovereign wealth fund,
Spot the difference – Ocado edition
Compare and contrast.
On Tuesday morning, Goldman Sachs initiated coverage of Ocado with a “buy” rating and a 200p target price:
We initiate on Ocado with a Buy rating and a 6-month price target of 200p,
Ask Not Whether Governments Will Default, but How
That’s the rather worrying title of a fresh report, published on Wednesday by Morgan Stanley, that unsurprisingly raised a few eyebrows in City of London dealing rooms.
Its author Arnaud Marès says it is not a question of when governments renege on their promises,
Morgan Stanley really likes its new iPad
June 8 2010 — Morgan Stanley says iPad will reshape netbook market.
August 20 2010 — Morgan Stanley downgrades Blackberry-maker RIM.
August 23 2010 — Perhaps not coincidentally… Morgan Stanley unveils new iPad app for sending research to clients.
The loneliness of the long-distance inflationista
Joachim Fels just isn’t giving in, part four.
Despite mounting signs of global deflation fear — as yields on ultra-long bonds fall — Morgan Stanley’s central-bank watcher and his colleague Arnaud Marès are still on inflation watch.
Morgan Stanley, doing the Devil’s work?
The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters and also the Irish Veterinary Benevolent Fund all seem to think so.
As the Wall Street Journal reported on Wednesday, these religious sisters are leading a group of 88 investors who complain Morgan Stanley lost them at least €5m by mishandling the sale of “complex securities”
About that Lehman call…
It’s no secret that equity analysts tend to be an optimistic bunch, and that they didn’t exactly cover themselves in glory with their forecasts leading into the financial crisis.
Some decidedly egregious examples have now been posted by Economics of Contempt,
More on overcoming the Volcker Rule
On Monday night came the news, via CNBC, that Morgan Stanley plans to spin off hedge fund unit FrontPoint Partners. From the report by John Carney:
Morgan Stanley has been weighing the future of its stakes in several hedge funds following the passage of the financial reform bill restricting bank ownership of such funds.
G.R.I.M. markets
Forget douple dip. What we’re really facing for the next couple of years are G.R.I.M markets – Growth Really Is Mediocre (geddit).
That’s the view of Graham Secker, Teun Draaisma’s successor at Morgan Stanley,
[MoneyTech] Google and Twitter v the investment banks
How do Wall Street’s lawyers and lobbyists find the time?
Somehow, while fending off the complaints of munis burnt by derivatives, contending with proposals to overhaul the US financial system and worrying about the SEC poking around,
The new double-life of Mr Roach
Stephen Roach, the “Mr Asia” of investment banking commentators, is stepping down as Morgan Stanley’s Asia chairman and moving back from Hong Kong to New York to take up a teaching post at Yale University.
Morgan Stanley turns bullish on UK equities
As the London market looks to record its third consecutive session of gains, Morgan Stanley has made a very bold call on Friday morning: the broker has increased its year-end target for the FTSE 100 to 5,800 from 5,000.
Dead Presidents in detail
Want to know more about Dead Presidents?
Detail on Morgan Stanley’s Dead Presidents deals, the synthetic CDOs reportedly being investigated by US prosecutors, are slightly more difficult to come by than Goldman Sachs’ Abacus.