Χάθηκαν €6,8 δισ. από τις τράπεζες
Tα πυρά δέχονται οι τραπεζικές μετοχές με τις ρευστοποιήσεις να κορυφώνονται και οι αξίες να πέφτουν σε χαμηλότερα επίπεδα. Τα τραπεζικά επιτελεία βρίσκονται σε συναγερμό καθώς βλέπουν μέρα με τη μέρα η κεφαλαιοποίηση των τραπεζών τους να συρρικνώνεται. Από την αρχή του χρόνου οι τρεις κυπριακές τράπεζες έχουν χάσει περίπου €6,8 δισ. από τη χρηματιστηριακή τους αξία. Τράπεζα Κύπρου, Marfin Popular Bank και Ελληνική Τράπεζα βρίσκονται αντιμέτωπες με τη διεθνή κρίση και τις διαθέσεις των ξένων επενδυτών να ρευστοποιήσουν μέρος των τοποθετήσεών τους προκειμένου να αντλήσουν κεφάλαια σε μια δύσκολη περίοδο δανεισμού.
Αν και οι μαζικές πωλήσεις των τελευταίων ημερών χαρακτηρίζονται από χρηματιστηριακούς παράγοντες υπερβολικές η κατάσταση που επικρατεί στις αγορές δεν αφήνει ανεπηρέαστες κυρίως τις δυο μεγάλες κυπριακές τράπεζες. Η τιμή της μετοχή της Τράπεζας Κύπρου από την αρχή του έτους χάνει 41,2% ενώ η κεφαλαιοποίησή της έχει υποχωρήσει κατά €2,9 δισ. Η ίδια κατάσταση επικρατεί και για τη Μarfin Popular Bank η τιμή της οποίας υποχωρεί κατά 45,4% και η χρηματιστηριακή της αξία της είναι μειωμένη κατά €3,3 δισ. Το κλίμα των ημερών δεν έχει αφήσει ανεπηρέαστη την Ελληνική Τράπεζα. Η μετοχή της υποχωρεί 46,2% και η κεφαλαιοποίησή της έχει υποχωρήσει κατά €646 εκατ. Η αποχώρηση των μεγάλων επενδυτών από τα περιφερειακά χρηματιστήρια όπως είναι το ελληνικό, λόγω της άμεσης ανάγκης ρευστοποίησης, δεν φαίνεται πότε θα κλείσει ενώ δημιουργείται ένας φαύλος κύκλος αρνητικού κλίματος. Η μηνιαία δημοσκόπηση της Merrill Lynch στο περιβάλλον των διαχειριστών κεφαλαίου δείχνει δυναμική στροφή στην ρευστότητα και ακόμη πιο δυναμική απομάκρυνση από τις μετοχές. Στη δημοσκόπηση η οποία διεξήχθη πριν την εξαγορά αγορά της Bear Stearns από την JPMorgan, οι 193 διαχειριστές κεφαλαίων που συμμετείχαν προχώρησαν σε στάση underweight (μείωση θέσεων) απέναντι στις μετοχές, εν μέσω ανησυχιών για το ότι η διεθνής οικονομία βρίσκεται ήδη σε ύφεση.
PHILELEFTHEROS
Economy | Business | Social | Leaked | Opinions
Saturday, March 29, 2008
Citi says Lehman has ample liquidity
Citi says Lehman has ample liquidity
Lehman Brothers Holdings Inc has ample liquidity to run its business and will generate positive earnings and grow book value per share this year, said Citigroup analyst Prashant Bhatia, who upgraded the stock to "buy" from "hold" on valuation.
"With $34 bln in liquidity at the parent company, the ability to get access to over $200bln in liquidity from the Fed's primary dealer credit facility, and its ability to tap the term auction facility, access to liquidity is a non-issue," Bhatia wrote in a note to clients.
He has a price target of $65 on the stock, which was up nearly 7% Friday to $41.40 in trading before the bell. Shares of the fourth largest U.S. investment bank closed at $38.71 Thursday on the New York Stock Exchange.
The analyst, who views current valuation of the stock as an extremely attractive entry point for the stock, said he sees 70 % upside in Lehman shares.
"The recent profitable quarter in a tough environment, the coordinated actions taken by the Fed and Treasury to provide meaningful liquidity, and Lehman's management team's excellent track record of creating value and managing risk all serve as excellent downside protection," Bhatia said.
On March 18, Lehman posted better-than-expected first-quarter results, helped by strong revenue in merger advisory and asset management. The bank had also said it has more than enough capital to do business in the current environment.
FINANCIAL MIRROR
Lehman Brothers Holdings Inc has ample liquidity to run its business and will generate positive earnings and grow book value per share this year, said Citigroup analyst Prashant Bhatia, who upgraded the stock to "buy" from "hold" on valuation.
"With $34 bln in liquidity at the parent company, the ability to get access to over $200bln in liquidity from the Fed's primary dealer credit facility, and its ability to tap the term auction facility, access to liquidity is a non-issue," Bhatia wrote in a note to clients.
He has a price target of $65 on the stock, which was up nearly 7% Friday to $41.40 in trading before the bell. Shares of the fourth largest U.S. investment bank closed at $38.71 Thursday on the New York Stock Exchange.
The analyst, who views current valuation of the stock as an extremely attractive entry point for the stock, said he sees 70 % upside in Lehman shares.
"The recent profitable quarter in a tough environment, the coordinated actions taken by the Fed and Treasury to provide meaningful liquidity, and Lehman's management team's excellent track record of creating value and managing risk all serve as excellent downside protection," Bhatia said.
On March 18, Lehman posted better-than-expected first-quarter results, helped by strong revenue in merger advisory and asset management. The bank had also said it has more than enough capital to do business in the current environment.
FINANCIAL MIRROR
Paulson: Stimulus plan to create up to 600,000 jobs
Stimulus plan to create up to 600,000 jobs: Paulson
U.S. Treasury Secretary Henry Paulson said on Friday that an economic stimulus program that will put $168 bln into consumers' hands this year and next could help create hundreds of thousands of new jobs.
"We know they're going to be helpful," Paulson said on CNN television. "These (tax rebate) checks should be a big part of adding 500,000 to 600,000 additional jobs this year."
Some 130 mln Americans are to get tax rebate checks up to about $600 for individuals and $1,200 for couples, with the first of the checks to start flowing in early May.
On other issues, Paulson said it was important to maintain stable, orderly financial markets and said the Treasury was trying to help mortgage-holders who are in difficulty voluntarily work out repayment options with lenders.
Treasury announced earlier this week that the Internal Revenue Service will keep about 320 offices open on Saturday to encourage an estimated 20 mln Americans who do not normally file a tax return to do so.
Only people who file returns will be eligible for rebate checks.
Paulson turned aside a question on whether the government should become more directly involved in helping mortgage holders who face trouble keeping up their payments and are facing foreclosure in growing numbers.
"We've been doing a lot to reach out to the average homeowner," Paulson said, pointing out that only 2% of homeowners were facing foreclosure. "We have an effort to help all those who can avoid foreclosure do so."
He said more than one million people had been helped through a voluntary alliance of lenders and servicers, representing 90% of so-called subprime mortgage lenders, who are helping homeowners find new payment options.
FINANCIAL MIRROR
U.S. Treasury Secretary Henry Paulson said on Friday that an economic stimulus program that will put $168 bln into consumers' hands this year and next could help create hundreds of thousands of new jobs.
"We know they're going to be helpful," Paulson said on CNN television. "These (tax rebate) checks should be a big part of adding 500,000 to 600,000 additional jobs this year."
Some 130 mln Americans are to get tax rebate checks up to about $600 for individuals and $1,200 for couples, with the first of the checks to start flowing in early May.
On other issues, Paulson said it was important to maintain stable, orderly financial markets and said the Treasury was trying to help mortgage-holders who are in difficulty voluntarily work out repayment options with lenders.
Treasury announced earlier this week that the Internal Revenue Service will keep about 320 offices open on Saturday to encourage an estimated 20 mln Americans who do not normally file a tax return to do so.
Only people who file returns will be eligible for rebate checks.
Paulson turned aside a question on whether the government should become more directly involved in helping mortgage holders who face trouble keeping up their payments and are facing foreclosure in growing numbers.
"We've been doing a lot to reach out to the average homeowner," Paulson said, pointing out that only 2% of homeowners were facing foreclosure. "We have an effort to help all those who can avoid foreclosure do so."
He said more than one million people had been helped through a voluntary alliance of lenders and servicers, representing 90% of so-called subprime mortgage lenders, who are helping homeowners find new payment options.
FINANCIAL MIRROR
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