U.S. Bancorp and SunTrust Banks Inc. slid at least 5 percent as Morgan said government measures to shore up banks may not help as much as expected and loan losses will exceed levels from the Great Depression. Sun Microsystems sank 22 percent as people familiar with the matter said talks with IBM fell apart. U.S. Steel Corp. and AK Steel Holding Corp. lost at least 4.8 percent as metals fell on concern over the slumping economy.
“Concern about the condition of the financial system will be here for a while, at least for the rest of the year,” continued Morgan, “It will take a while to put the pieces together.”
The Standard & Poor’s 500 Index retreated 1.5 percent to 829.56 as of 10:44 a.m. in New York. The Dow Jones Industrial Average slipped 99.8, or 1.2 percent, to 7,917.79. The MSCI World Index of 23 developed nations lost 1.2 percent. U.S stocks capped a fourth straight week of gains on April 3, the longest stretch since the bear market began in 2007, as the economy showed signs of improvement and Group of 20 world leaders agreed on measures to halt the recession. The S&P 500 Index has rebounded 23 percent from a 12-year low on March 9.
Hoffman Meyer Associates is Seattle's leading merger and acquisition, business brokerage firm. As a mergers & acquisition firm, our principals have completed scores of transactions of privately and publicly held companies during the past 25 years. Over the years, our firm has developed strong relationships with companies and individuals that are ancillary to the mergers & acquisition process including banks, mezzanine lenders, asset lenders, transaction attorneys, certified public accountants, and financial planners. We are also affiliate members of leading merger & acquisition, business valuation, accounting and brokerage associations.
