AGM, page-2

AGM is tommorrw.

I dont like to speculate on what their outcome will be, but:

a) It is an investment bank - With its core business located in this area, which is what the market will be looking at. Its other diversifed business, even though they will stand up well long term, have been put under the lens lately by the market in a negative way.

b) Its activities have similar distinctions with JB Were and Chase Manhattan-JP Morgan, who hva erecently pulled out pretty bad results. Why:
(i) There has been limited Merger and Acquisition Activity
(ii) Financial Market revenues will be down accordingly.
(iii) Put it this way, you know when the investment banking business is bad, when people say it hasn't been this slow since the 73-74 slowdown.

But on a brighter note, ABN Amro, did meet the market expectations. A Dutch Bank which has performed relatively well lately.

It has come off a lot though and is relatively close to par with the major 4 banks, so it would be interesting to see if it continues its slump further. It has bounced up lately and looking to keep hold of this mark, should see some kind of base being formed around $20. If the market isn't happy with the AGM, look forward to continual selling and maybe a further downgrade to become seen as a normal bank stocks, with lower growth potential.

No, i don't own Mac Bank, but will be keeping an eye it.