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发表于 2010-9-23 12:03 PM
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Weak trading results at Jefferies Group(JEF_) sparked a selloff in shares of other securities firms Wednesday, but investors appeared to be making finer distinctions on Thursday.
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Goldman Sachs Group Inc.| GS DOWNJ.P. Morgan Chase & Co.| JPM DOWNCitigroup Inc.| C UPWhile the Jefferies selloff continued for a second straight day, shares of other securities-oriented companies were mixed. While both Morgan Stanley(MS_) and Goldman Sachs(GS_) opened lower Thursday, Morgan Stanley shares climbed higher during the morning and were up 1.36% to $25.29 just before noon. Goldman shares, on the other hand, remained underwater and were down 1.45% to $145.93 at the same time. Such distinctions, though, may not mean much, since Morgan Stanley shares took a bigger hit on Wednesday.
Trading results are notoriously difficult to predict for investors and analysts who follow securities firms and banks like JPMorgan Chase(JPM_), Bank of America (BAC_) and Citigroup(C_). Those hoping to gain insight into what the results will be typically rely on informal guidance from management and the assumption that industry trends will be broadly similar.
Nonetheless, it is not unusual for one or two companies to post surprising results from their trading operations.
Last quarter, for example, Goldman's equity derivatives unit tripped up, while UBS(UBS_) traders proved more adept in that department.
Still, the comments from Jefferies Chairman and CEO Richard Handler left little hope that another firm could show anything but relative strength.
Calling trading activity "painfully slow," Handler said the traditional inactivity of the summer months "was exacerbated by continued concerns over the state of the global economy." |
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