Moody’s Spares Morgan Stanley, Wise Move? – and Other News Told in Charts
Fifteen major banks had their Moody’s credit ratings slashed on Thursday. Although Citigroup (C) and Bank of America (BAC) sit now just two notches above junk status, Morgan Stanley (MS) was relieved to see its debt rating cut two notches, not three, reports the Wall Street Journal. That leaves its debt lower-rated than that of Goldman Sachs (GS) and JP Morgan (JPM), but higher than that of Bank of America and Citigroup. Wise move? Let’s consult the market:
Best Buy Holds One-Hour Annual Meeting. What, So Little To Discuss?
Best Buy (BBY) held its annual meeting yesterday, and the Associated Press reports that the meeting lasted for all of one hour, despite all that’s been going on. Former chief executive Brian Dunn resigned in April during a probe of his relationship with a female employee. Best Buy’s founder and chairman Richard Schulze decided to leave soon after. The company is struggling as shoppers use Best Buy stores to test equipment they go on to buy online. Interim chief Mike Mikan said the retailer plans to make changes, but he was light on specifics. Presumably they're holding some longer meetings when shareholders aren't present.
Commodities Now In Bear Market Territory
Stocks had a rough Thursday, but commodities are now in a bear market, reports Bloomberg. Between bearish commodities, downgraded banks, higher-than-expected jobless claims, and lowered growth forecasts from the Federal Reserve, it’s been a long week. Be happy it's Friday.
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