It’s Friday, October 24th and news in the U.S. this morning is interesting. HSBC Holdings Plc declined the most since Sept. 11, 2001, after Morgan Stanley cut its share price estimate for the company by 25 percent. The FTSE 100 Index lost 291.61, or 7.1 percent, to a five- year low of 3,796.22 at 12:28 p.m. in London, headed for a 6.6 percent decline this week. Elsewhere we see that credit card companies and auto finance may have hard times ahead. HSBC is involved with both, although word has it that HSBC is exiting the auto finance business.
Checking the price quote for HSBC moments ago, it is down to 683.500, and the change is therefore -121.500. I like to remind our readers that Household – HSBC Watch volunteers own no shares of HSBC or their affiliates. To run a consumer advocacy and watchdog website while holding shares would not be fair. Some say our monitoring of HSBC is not fair, but everyone has an opinion.
You and I probably have an opinion about Morgan Stanley, just as Morgan Stanley seems to have an opinion about HSBC. The difference is that Morgan Stanley may be part of the financial problem. It seems like manipulation to me, but would we better or worse without the current rating system?
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