Down 20% at the moment.
As far as I can see, no specific news (what a thing to say on a day like today!).
So down to:
Lehman counterparty costs
Lehman firesale ABS prices
Lehman equity unwind
AIG counterparty costs
AIG firesale equity prices
The end of the Investment Bank?
Probably more effect than cause, but the CDS jumped from 500 bps to 628 bps. And some of their notes due in 2017 fell from 53 cents in the dollar to 23 cents.
Rumour on tickerforum that they are being bought, but no details on by whom. Less a rumour, more a wave in the dark…
Preannouncing earnings this evening.
Just did, blow out EPS numbers - *MORGAN STANLEY 3Q EPS $1.32; ANALYST EST. 78C