Morgan Stanley rallied 12% today, but mostly it’s been tanking furiously lately in market behaviour that’s reminiscent of the bad old days in 2008.
Susanne Craig at Dealbook has a good mini tick-tock of what’s been going on at the bank, starting with a report on ZeroHedge about its French bank exposure, which helped send the stock into a tailsping.
Refuting that story has been hard since they’re in quiet period (sound familiar), but Gorman has been telling employees to remain focused (agian, familiar) and reaching out to partial owner Mitsubishi Financial to assure them that everything’s OK, and to discuss putting out a statement of confidence (again, very very familiar!).
The report also has a hint of the company’s imminent earnings announcement:
The company is expected to report third-quarter results in two weeks. Those results, these people said, are solid in light of the recent stock market rout. Analysts polled by Thomson Reuters estimated that the bank would report a profit of 36 cents a share.
It’s all very deja-vuey.
What’s next, a bank pulls forward their earnings announcement to end the quiet period sooner?