Time to FIRE Colin Devine from Solomon Smith and Blarney?? I ask.
.
From YAHOO thread:
patch1313, said, at
messages.yahoo.com
Subj: Guess who? Colon screws up (again)
By: patch1313
Date: 9/2/00 6:14 pm
The article below comes from Smartmoney,
as it shows Colon Devine has
all the financial connections and insight of
a brick.
One bad prediction after another...
and still with a price target of $5 on CNC
despite
his own earnings figure of $1.
I hope the severance deals are good at SSB...
not long now, Colon.
Of course, I think he will fit in well at
those financial goliaths
Nutjob Securities and
Gimmeabreak Credit,
Patch
**************************
The call:
Colin Devine of Salomon Smith Barney wasn't
too keen on the idea of
AXA Financial (AXF),
which is majority owned by French conglomerate AXA (AXA),
trading at a 50% price-to-book premium
compared with the U.S. life insurance group.
So on Aug. 16, he downgraded the company's
shares to Outperform from Buy .
He especially wasn't sold on the notion that
AXA warranted the richer valuation
because of its 72% stake in American
brokerage Donaldson Lufkin & Jenrette (DLJ) —
which Wall Street has seemingly always seen as
a no-brainer of a take-out target.
-----------------------------------------------
" The company's shares, "
wrote Devine,
"have recently benefited over speculation
regarding the sale of...Donaldson, Lufkin and Jenrette.
We do not regard this as likely, as we believe
that DLJ's financial services group,
which produces roughly one-third of its earnings,
has evolved into a core component of the
overall AXF Group and central to AXF CEO
Ed Miller's financial planning oriented
business strategy.
If a DLJ sale were to occur,
we would in fact anticipate
a negative re-valuation on AXF's shares back
to their U.S. life peer group average. "
-----------------------------------------------
The reality:
Wrong...and wrong again.
In yet another surprising show of investment-bank lambada,
Credit Suisse Group, Switzerland's No. 2 bank,
agreed on Wednesday to take DLJ off AXA's hands —
and pay it a spicy $13.7 billion for the
trouble of having to dance alone.
DLJ will now link up with Credit Suisse's
investment banking arm,
CS First Boston —
a resounding response to No. 1 Swiss house
UBS AG's (UBS) acquisition of PaineWebber
(PWJ) two months ago.
When all was said and done,
shares of AXA Financial soared to $52,
a full 13% above where they stood when Devine
downgraded the stock.
=====================================================
I replied
patch1313:Time to FIRE Colin Devine For
Incompetene??? I ask. Please comment.
cheers
ta_56@http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7081488&tid=cnc&sid=7081488&mid=70411
|
