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From the Blogosphere
Lazard's Wasserstein: Billions in losses ahead
Lazard Ltd. (NYSE: LAZ) CEO Bruce Wasserstein predicts that banks will take billions more in losses. This does not come as too much of a surprise. He sees more pain from mortgages, credit card debt, commercial real estate loans and other assets. And he thinks that the Troubled Asset Recovery Plan (TARP) is not big enough to cover the amount of troubled assets out there. <>Meanwhile, Wasserstein is doing a less than stellar job managing Lazard. It reported a net loss of $77 million, or $1.17 a share, compared with a profit of $40.3 million, or 73 cents, in the year-earlier quarter. It took a $1...
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Lazard trips up
Filed under: Goldman Sachs Group (GS), Morgan Stanley (MS)  In light of the failures like Lehman Brothers, the talk is that the investment-banking model is essentially broken. As a result, Goldman Sachs Group, Inc. (NYSE: GS) and Morgan Stanley (NYSE: MS) are now crusty-old bank holding companies.
<>But, there are still some investment banks left -- such as Lazard Ltd. (NYSE: LAZ). For the most part, the firm has weathered the financial storm pretty well. However, Q3 was still rough for Lazard; there was a net loss of $77 million or $1.17 per share (which compares to a profit of $40.3 million or...
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KKR sees big bucks in infrastructure
Filed under: Deals, Private equity  With its plans to become a public company in Q4, the folks at KKR have a lot on their plate. However, the company realizes it needs to keep bolstering the firm.
In light of the credit crunch and slowing economy, this is a tough thing. After all, much of KKR's business comes from its buyout business, which has been mostly frozen for the past year.
But, KKR understands that private equity is a long-term proposition, and there are certainly some great investment opportunities. One attractive area is infrastructure. In fact, in May KKR announced plans to raise a ...
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Earnings highlights: General Motors, Motorola, Disney, Sony, Visa, CBS and others
Filed under: Earnings reports, General Motors (GM), Motorola (MOT), Walt Disney (DIS), Sony Corp ADR (SNE), CBS Corp 'B' (CBS), Merrill Lynch (MER), Kellogg Co (K), Verizon Communications (VZ), Office Depot (ODP), Sun Microsystems (JAVA), Electronic Arts (ERTS)  Here are some highlights from this past week's earnings coverage from BloggingStocks:
<> Akamai Technologies Inc. (NASDAQ: AKAM) beat estimates but shares fell to a new 52-week low. Amgen Inc. (NASDAQ: AMGN) posted better-than-expected Q2 results and listed its guidance. <>CBS Corp. (NYSE: CBS) issued a lackluster Q2 earnings r...
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Lazard finds opportunities in this market
Filed under: Earnings reports, Deals, Anheuser-Busch Cos (BUD)  The credit crunch should be bad news for investment banks, right? Not necessarily. After all, strategic buyers have been aggressive lately, perhaps because there's not much competition from private equity operators.
One of the beneficiaries is Lazard (NYSE: LAZ), which reported its Q2 numbers. Eearnings came to $64.6 million, or 54 cents per share, which compares to $61.5 million, or 53 cents per share in the same period a year ago.
Simply put, Lazard has been snagging some choice client engagements. For example, Q2's revenues on m...
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