Merrill Lynch (MER) Stock Continues Free Fall Ahead of CEO Talk
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Merrill Lynch (NYSE: MER) is hitting new multi-year low levels today, losing another 4.5% to $36.25. Put option volume is heavy and implied volatility is rising.
Rumors of massive write-downs at Goldman Sachs (NYSE: GS) had all the brokers lower this AM, but comments from David Faber on CNBC that there is little validity to the Goldman rumor, put a slight bid back into that stock - Merrill though continues to trade near the day's low.
Merrill's CEO John Thain is scheduled to participate in conference call hosted by Deutsche Bank today at 2PM ET. Merrill is down nearly 40% since Thain took over in December 2007, so it is unlikely that anything he can say will boost the stock short-term.
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Merrill's poor management
Douglas Eads on Jun 11, 2008 12:03 PMIt's regretful that Merrill Lynch was so poorly managed. How could their risk management have been so very poor? Blind greed + ex-CEO Stanley O'Neal. .. Retirees and lower-level employees are sure to be the most hurt. ....dke