Is Morgan Stanley paying too much for E*Trade? [CNNMoney.com]
Stifel Financial Corporation (SF)
Last stifel financial corporation earnings: 7/30 06:00 am
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Source: CNNMoney.com
Is Morgan Stanley paying too much for E*Trade? London (CNN Business) A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . Since the financial crisis, Wall Street banks haven't been too keen on massive acquisitions. That changed this week. Morgan Stanley's $13 billion purchase of online broker E*Trade, announced Thursday, is a huge play that shows how serious the investment bank is about catering to everyday customers. With Morgan Stanley moving to prioritize wealth management, a more reliable source of income than the investment banking and trading operations that made its name, the play makes sense. But whether it will justify the massive price tag — Morgan Stanley is ponying up a premium of more than 30% — is an open question. E*Trade shares finished Thursday up nearly 22%, while Morgan Stanley's stock closed 4.6% lower. Read More What Morgan Stanley gains: E*Trade
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- 4/24/24 - Miss
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Sec Filings
- 4/26/24 - Form DEF
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- SF's page on the SEC website