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Market breaks MacBank

Discussion in 'Finance & Banking' started by Tropo, 19th Sep, 2008.

  1. Tropo

    Tropo Well-Known Member

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    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
     
  2. Sacko

    Sacko Well-Known Member

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    It doesn't look that broken today after a 30% rise....
     
  3. austing

    austing Well-Known Member

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    At one stage when I looked it was 51% up. Lots of shorters running for cover no doubt.
     
  4. Enough Tax

    Enough Tax Member

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    market is up 180 points, I wonder if it will match Wall Street
     
  5. AsxBroker

    AsxBroker Well-Known Member

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    They've got to fill the newspapers with something...