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发帖数: 462 | 1 从CEO人品看股票
CEO is former GS Chief exeutive, and New Jersy governor, who blamed a
volatile market over the summer, which he said was “as difficult as I have
experienced in my 30 years” in the business – though he noted he was
governor of New Jersey and not in finance during the turmoil of 2008
http://www.ft.com/cms/s/0/75e8b628-ff13-11e0-9b2f-00144feabdc0.
Shares in MF Global, the broker-dealer run by former Goldman Sachs chief
executive Jon Corzine, dived by almost half on Tuesday, after the company
reported an unexpected second-quarter loss and on worries its debt could be
downgraded to “junk” status.
MF Global had brought forward its earnings by two days, after Moody’s on
Monday night downgraded its long-term debt from Baa3 to Baa2 and said it was
considering a further downgrade, which would give the company a non-
investment grade rating. The rating agency said it was worried about MF
Global’s earnings power, leverage and risk management – the latter because
of exposure to European sovereign debt.
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Shares in the company fell $1.69, or 47.6 per cent, to $1.86.
“If market volatility stays elevated, we question how the firm is going to
achieve the earnings necessary to avoid a downgrade of its debt to junk
status, which in turn could materially impact its ability to act as a
counterparty as well as raise MF’s cost of debt,” said Patrick O’
Shaughnessy, analyst at Raymond James in a note to clients.
MF Global reported an adjusted net loss of $0.09 per share for the second
quarter compared with earnings per share of $0.02 in the same period last
year. Analysts had expected earnings per share of $0.05.
Including restructuring costs, retiring debt and deferring tax assets, the
loss was $1.16 a share or $191.6m compared with a loss of $94.3m last year.
Net revenues for the three months to the end of September fell from $240.3m
to $205.9m.
“We make no excuses – these results must be reversed,” said Mr Corzine,
MF Global chairman and chief executive. He blamed a volatile market over the
summer, which he said was “as difficult as I have experienced in my 30
years” in the business – though he noted he was governor of New Jersey and
not in finance during the turmoil of 2008.
Principal trading revenues in the quarter fell 90 per cent compared with the
first quarter to $12m, which MF Global said was a deliberate retrenchment
from the wild markets.
Worries over Europe – as for the larger Wall Street investment banks –
hurt trading. But MF Global was also hit by specific concerns that it has
too large an exposure to European debt. It said that it had $6.3bn in short-
term debt exposure to Italy, Spain, Belgium, Portugal and Ireland.
Meanwhile, CIT Group, the small-to-medium sized business lender run by
another Goldman alumnus, John Thain, reported a quarterly loss of $16m
compared with a net profit of $116m a year ago. Pre-tax profit was $14m. |
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