Financially, the deal seems to be of little impact. We estimate ultimate earnings impact as flattish for Merrill over the next few years.
More Quotes from David Trone:
It's in last place with no real assets to improve their position. Discover desperately needs to have an improved value proposition for the cardholders. That's where it all begins.David Trone
Merrill has consistently bought back about 1 billion per quarter since early 2004, a pace that lately has been insufficient in offsetting balance sheet growth.
David Trone
It's not likely a firm would double its revenue in a sequential comparison. One should assume that some of that's proprietary trading.
David Trone
Asset management acquisitions are safer, in our view, given the predictability of earnings, although they will likely be more expensive than banks or consumer finance companies.
David Trone
The online brokerage industry is becoming a bit of an oligopoly.
David Trone
The partial quarter effect of the two acquisitions should result in a 17 sequential revenue lift, while core expenses (excluding any one-time restructuring charges) should rise about 23, as the company only begins to realize both expense and revenue synergies.
David Trone
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I confess, I do not believe in time.
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