19/09/08 Market breaks MacBank Macquarie Bank shares followed the lead from Wall St where investment banks all lost value and fell 23 per cent to $26.05 yesterday, its lowest close since May 2003. “The direction of Macquarie's price is telling us Macquarie is broken." JPMorgan analysts Brian Johnson, Scott Manning and David Disney-Willis wrote in a note to clients. Hedge funds are believed to be short selling the banking and investment group. Macquarie's share price has fallen 65 per cent this year from a high of $97 in May 2007. Macquarie Infrastructure Group fell nearly 5 per cent and Macquarie Airports dropped nearly 14 per cent. Standard & Poor's cut Macquarie's rating outlook to negative on Wednesday while Moody's reaffirmed its rating but dropped its outlook from positive to stable. Source: Sydney Morning Herald
