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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Math Junkie who wrote (24918)	10/5/1998 10:17:00 PM
From: Gottfried	Respond to of 70976

Richard, to give you something to chuckle about - after you get the foam out - AND ANOTHER UPDATE ON THE MERRILL BEAR-O-METER.... Our bearish broker downgraded all its brokerage brethren on worries about slow underwriting and low trading volumes. Thanks a bunch! Merrill cut J.P. Morgan, Lehman, and DLJ, and the stocks plummeted. Merrill did remain positive on Morgan Stanley, but it didn't help. Morgan fell $3 1/16 (that's the same amount in dollar terms as Merrill lost; think there's some sort of karma at work there?), to $40 13/16. Nor does it help that the U.S. Supreme Court denied an appeal by Merrill, PaineWebber, and Dean Witter in a class-action lawsuit charging securities fraud in NASDAQ trading. To top off the agony, CIBC delivered an additional kick by downgrading Chase, Travelers, Merrill, Morgan, Citicorp, and Bear Stearns. Ouch!! BTW, AJC also says the banks are undervalued... This from fortune.com AJC is Abby Cohen GM