David Trone
David Trone
thinking
When they say more than half, we're thinking most.
begins both company core effect expenses partial quarter realize result revenue rise
The partial quarter effect of the two acquisitions should result in a 17% sequential revenue lift, while core expenses (excluding any one-time restructuring charges) should rise about 23%, as the company only begins to realize both expense and revenue synergies.
account adds asset both strong terms trading
This was a very strong report, both in terms of asset flows, account adds and trading activity.
coming position power recent
Fink is coming from a position of power because of his recent success.
deal earnings estimate few impact next seems ultimate
Financially, the deal seems to be of little impact. We estimate ultimate earnings impact as flattish for Merrill over the next few years.
capital game gives risk
It gives them a way to get in the game without having to put capital at risk.
buzz capital effective exploring few fuller large last looking means media normal reports
Full-service firms are awash in capital and looking at means of effective deployment. Over the last few weeks, media reports have been fuller than normal with buzz of these firms exploring large deals.
low relatively risk
There are substantial synergies and relatively low integration risk.
balance billion bought early lately pace per quarter sheet since
Merrill has consistently bought back about $1 billion per quarter since early 2004, a pace that lately has been insufficient in offsetting balance sheet growth.
becoming bit industry online
The online brokerage industry is becoming a bit of an oligopoly.
case core increases quite rate
The rate increases have been going on for quite some time, and it really hasn't had an impact. And in the case of Goldman, you still have sustainable core revenues up very strong.
believe businesses compared core higher improvement income investment previous quarter reflecting sensitive slightly wealth
We believe core income should be slightly higher in the first quarter compared to the previous quarter, excluding one-time charges, reflecting improvement in capital-markets sensitive businesses (trading, investment banking, and wealth management).
negative product results strength third
On a year-over-year basis, Lehman's results are outstanding, while the negative sequential comparisons are a product of the strength of the 2005 third quarter.
assets discover improve improved last needs value
It's in last place with no real assets to improve their position. Discover desperately needs to have an improved value proposition for the cardholders. That's where it all begins.