It is significant because it expands J.P. Morgan's distribution capability without forcing the company to buy anything. It also allows Fidelity into the new issue game without becoming an underwriter.
More Quotes from Richard Bove:
It's not an international bank. It doesn't have an international reputation. It's not a core business.Richard Bove
It's a significant amount of stock coming to market. But it's a pretty liquid stock and they've been buying back shares over time. We don't think the impact will be that significant over the long run.
Richard Bove
It's a grand-slam home run. They wind up getting rid of the high-cost, labor-intensive delivery systems and get in return a business which has a faster secular growth rate with a higher rate of return.
Richard Bove
I wouldn't own any bank stocks in the Midwest. They're exposed to the problems of the auto industry and the Ford layoffs today are just the latest example.
Richard Bove
It would have been difficult for Goldman not to do well. Goldman is more oriented to equities than debt, and stocks rose throughout the period.
Richard Bove
These brokerages are going to say about the quarter that just ended, 'It never happened,' because basically all of the core businesses you look at were flat or down somewhat, ... Depending on the company and the nature of its earnings base, earnings will be weak to very weak.
Richard Bove
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