MarketBeat (Free subscription) | 08/18/2008
... expects to see $2.1 billion in third-quarter write-downs for Goldman. Meanwhile, UBS analyst Glenn Schorr says that Goldman and fellow credit-crunch survivor J.P. Morgan Chase are showing signs of being “mortal.” He advised clients to trim their exposure to the two firms in the near term while cutting his third-quarter estimates for both houses. He also cut estimates for Citigroup...
DealBreaker (Free subscription) | 07/25/2008
Charlie Gasparino reports that Lehman Brothers may be taking UBS analyst Glenn Schorr's advice to sell at least part of its Neuberger Berman asset management unit (which, and swear I'm not making this a Holocaust thing, I always hear in my head as "Nuremberg" and I know you do too). Selling the entire thing could make Lehman around $8 billion, which would be nice for the cash but would...
Seeking Alpha (Free subscription) | 07/25/2008
FP Trading Desk submits: The pressure facing Lehman Bros Holdings Inc. (LEH) these days could be alleviated by the sale of some of the broker's riskier assets, says UBS analyst Glenn Schorr in a detailed note to clients on Thursday. Although Mr. Schorr said he doesn't see Lehman facing a massive liquidity crisis that would force a fire sale to liquidate assets, he did tell clients...
DealBreaker (Free subscription) | 07/23/2008
UBS analyst Glenn Schorr laid out today what he thinks are Lehman's only options for survival. According to Glenn, LEH must (choose one): Offload a "sizable slug" of its risk assets to a distressed buyer, sell Neuberger Berman, sell the firm outright, go private, enter a strategic partnership with a "credible partner," or buy back its shares. Unfortunately, due to time constraints...
DealBook (Free subscription) | 07/23/2008
The firm, led by longtime chief Richard Fuld Jr., pictured above, continues to hold a mountain of risky, hard-to-value securities tied to mortgages, real estate and buyout loans, and its clients are watching carefully for signs of distress. That’s why analysts at UBS, led by Glenn Schorr, say they believe Lehman needs to take steps quickly — they talk about “weeks, not months” — to unload...
