Corporate Webpages Morgan Stanley
Our company president asked us, "Why in the world are you
reviewing Morgan Stanley (MS)?" It is definitely not one of our
favorite companies, although it has been reviewed on Zenith's
site before. We were more sympathetic to it then than now. It
seems organizations like Morgan Stanley and Goldman Sachs don't
like to have a suffix after their company name, like "Inc.,
Corp., Company, LLC, S.A., or anything... just "Morgan Stanley"
without any suffix, so reluctantly we have complied although we
prefer to try to get the right suffix for each company we review.
It's just one of very many odd things about this company.
To understand Morgan Stanley's place in Zenith's trading, one
must understand that Zenith does not hesitate to buy long or go
short any stock based upon short-term technical
considerations, even though it may be extremely liked or
disliked. Once that is understood, this behemoth organization
provides a certain stability just because of its sheer size. It
is almost "too big to fail," as they say lately about some bank stocks.
Morgan Stanley is an archtype of why we feel bankers should not
be brokers and brokers should not be bankers, but this
distinction (or restriction) was removed during the Reagan
"deregulation" era, when troubles really began for the American
economy. The seeds of our recent sub-prime lending crisis were
sown at that time by efforts at deregulation by the Reagan Administration.
(Sorry, Republicans, but President Reagan did fail badly when it came
to regulating telecommunications, air traffic, banks and brokers, oil companies,
and the rights to collective bargaining so painfully obtained over the century
by the American labor movement. Perhaps Regan was better at foreign
affairs, but he raised the national debt more than any other president
up until that time. Companies like Morgan Stanley benefitted
enormously under him.
The reason we picked it for review is Zenith's recent reawakened
interest in options trading. MSNBC's "Option Action" program
recently recommended this stock for option trading, and we
couldn't agree more.
Morgan Stanley started as a spinoff from J.P. Morgan in 1935.
It has been the target of several U.S. Government investigations
for illegal trading activities. It is heavily involved in real
estate loans contributing to the sub-prime lending crisis. It
has branches and interests in holdings all over the world. It
acquired Dean Witter from Sears & Roebuck in the 1990's, and
also the Van Kampen mutual fund. It also acquired Discover
Financial Services. It has brokerage offices in the richest
communities all over the U.S., catering to people with a lot of
money who don't know what to do with it (or perhaps we should
say, don't know what they are doing with it if they are Morgan
Stanley customers.)
Morgan Stanley, in our opinion, is one of the worst managed
companies in the brokerage, lending, institutional fund and
banking businesses, with executives drawing unconscionably large
asset-plundering salaries, perqs, bonuses, and golden parachutes
for undeserved what we call "good old boy" sit back and do
little management.
We were rather shocked and surprised at Morgan Stanley's SEC
required filings and annual report, and this is the first time
we have rated a company's management reporting a "zero" except
for foreign-based companies that don't report at all. This
company made it about as hard as we have ever encountered to
understand exactly what its financial situation really is, and
we found some support from other reviewers unrelated to us
drawing the same conclusion. You can get a taste of this in
our "Management's Discussion" section. MS has a terrible Zenith Index,
and would probably make an excellent short sale candidate.
So who would buy Morgan Stanley stock? It actually has a
positive insider trading situation! It turns out one
organization by itself based in Japan, Mitsubishi Financial, is
buying enough to give the company a positive insider and
institutional stock acquisition rating. Mitsu enjoys a "special
relationship" with MS, and why not, as it owns about $6 billion
worth of company shares, or 23% of the outstanding shares. That
number pales in comparison with the $280 billion under asset
"management" (and we use the term loosely) controlled by MS.
Many of MS's assets are what we call "toxic." Perhaps the one
which is most toxic is MBIA Insurance Co., about which you can
read more in the "Research Report" section in the article
prepared by Credit Suisse, another bank which likes banks and is
the only researcher we could find that liked Morgan Stanley.
MBIA is the division most responsible for recent MS losses.
We were unable to pursue to the extent we would have liked the
part MS played in the government bailouts of banks. We believe
MS received some TARP money, used to pay huge salaries to
unscrupulous executives. But MS pours out a huge stream of
public relations media news items, making it very difficult to
cull out of the past news it has dumped into the media, stories
that go back far enough to detail its involvement. News on this
company consists mainly of endless upgrading and downgrading of
various other company stocks (in its brokerage advisory role),
or its participation with other large entities in IPO's, and the
stories are so many and so overwhelming that the really
important ones are often hard to find. That's the beauty of
being so huge, one can bury the overall true picture in a sea of
facts, or even fiction.
Our conclusion is that Morgan Stanley is too big to fail, but it
can slowly erode away, very slowly, under mediocre management.
01-04-2012: Morgan Stanley (MS): Big Enough Not To Fail and for Options Trading
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
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Comparison with Peers
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Financial Statements
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Research Reports
Analysts' Opinions
Insider Activity
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Sentiment
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Stock Report
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Moving Average Chart
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Company Profile |
Company History |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is consider strong and > 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.
Morgan Stanley (MS ) Sector: Financial
1585 Broadway Industry: Investment Brokerage - Nation
New York, NY 10036 Exchange: NYSE
Morgan Stanley, a financial holding company, provides various financial
products and services to corporations, governments, financial
institutions, and individuals worldwide. It operates in three segments:
Institutional Securities, Global Wealth Management Group, and Asset
Management. The Institutional Securities segment offers financial advisory
services on mergers and acquisitions, divestitures, joint ventures,
corporate restructurings, recapitalizations, spin-offs, exchange offers,
and leveraged buyouts and takeover defenses, as well as shareholder
relations, capital raising, corporate lending, and investments. This
segment also engages in sales, trading, financing, and market-making
activities, including equity trading, commodities, and interest rates,
credit, and currencies, as well as financing services, such as prime
brokerage, consolidated clearance, settlement, custody, financing, and
portfolio reporting services. The Global Wealth Management Group segment
provides brokerage and investment advisory services covering various
investment alternatives comprising equities, options, futures, foreign
currencies, precious metals, fixed income securities, mutual funds,
structured products, alternative investments, unit investment trusts,
lending products; cash management services; retirement services; and trust
and fiduciary services. The Asset Management segment offers products and
services in equity, fixed income, and alternative investments, such as
hedge funds, fund of funds, real estate, private equity, and
infrastructure to institutional and retail clients through proprietary and
third party distribution channels. This segment also involves in
investment and merchant banking activities. The company was founded in
1935 and is headquartered in New York.
Last Trade: 15.13 52-Week Range: 31.04 - 11.58
Trade Date: 01-02 Avg. Volume: 35,661,100 Shares
Index Membership: Employees: 62,648
Corporate Governance:
Audit (Low Concern), Board (Low Concern), Compensation (Low
Concern), Shareholder Rights (Low Concern).
EPS: 1.53 Dividend Amount: $ 0.20 Yield: 1.30%
Ex-Dividend Date: Oct 27, 20 Mkt Cap: $ 29,160,000K
Payout Ratio: 11.00%
Last Split Factor (new for old): 2:1 Split Date: Jan 27, 20
Key Statistics:
Enterprise Value: $%-207,410,000K Revenue (ttm) : $ 34,690,000K
Gross Profit: $ 31,620,000K
Earnings before Income Tax, Depreciation and Amortization: $ 0K
Enterprise Value/Revenue (ttm): -5.98 Revenue per Share: $ 22.36
Enterprise Value/EBITDA (ttm): 0.00 Qtrly Rev Growth (y to y): 46.40%
P/E Ratio (fwd projected): 7.49 P/E Ratio (current): 9.92
P/E Growth Ratio (5 yr expected): 1.36 Operating Margin: 29.90%
Price/Sales Ratio: 0.85 Profit Margin: 14.98%
Price/Book Value: 0.49 Book Value: $ 31.29/sh.
Return on Assets: 0.72% Net Income Avl to Common: $ 2,960,000K
Return on Equity: 8.69% Diluted Earnings/Share: $ 1.53
Qrtly Earnings Growth (yoy): 1.00%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $652,750,016K Operating Cash Flow:$ 24,690,000K
Total Debt: $415,080,000K Lvgd Free Cash Flow:$ 0K
Total Debt/Equity: 592.18
Total Cash/Share: $338.67
Current Ratio: 1.66
Share Statistics: Stock Price History:
Shares Outstanding:1,930,000K Stk 52-Week Change: -46.86%
Float:1,340,000K S&P 500 52-Wk Chng: -1.12%
Sh. Short % of Float: 1.60% 50-Day Moving Avg: 14.99
Short Ratio: 0.60 200-Day Moving Avg: 17.37
% Held by Institutions: 69.20% Beta: 1.19
% Held by Insiders: 9.95%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Dec 11 Mar 12 Dec 11 Dec 12
Average Earnings Estimate -0.15 0.49 1.21 2.02
Average Revenue Estimate 480M 8,620M 33,190M 33,410M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 7.667 EPS Growth (Qrtly YoY): 0.000
PEG Ratio (ttm, 5 yr expected): 118.122 P/E Ratio (ttm): 16.221
Revenue Growth (Qrtly YoY): 14.636
Annual Income Statements: All numbers in thousands)
Period Ending Dec31,2010 Dec31,2009 Nov30,2008
Total Revenue 31,622,000 23,434,000 62,262,000
Cost of Revenue 0 0 1,659,000
Gross Profit 31,622,000 23,434,000 60,603,000
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 25,420,000 22,451,000 20,793,000
Non-Recurring Expenses 0 0 0
Other Operating Expenses 0 0 0
Total Operating Expenses 0 0 0
Operating Income or Loss 6,202,000 983,000 39,810,000
Income from Continuing Operations:
Total Other Income/Expenses Net 7,278,000 7,477,000 0
Earnings Before Interest & Taxes 12,616,000 7,688,000 39,810,000
Interest Expense 6,414,000 6,705,000 37,523,000
Income Before Taxes 6,202,000 983,000 2,287,000
Income Tax Expense 739,000 -341,000 480,000
Minority Interest -999,000 -60,000 0
Net Income from Continuing Op.s 5,463,000 1,324,000 1,807,000
Non-recurring Events:
Discontinued Operations 239,000 82,000 -100,000
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 4,703,000 1,346,000 1,707,000
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 3,594,000 -907,000 1,588,000
Quarterly Income Statements: All numbers in thousands)
Period Ending Sep30,2011 Jun30,2011 Mar31,2011 Dec31,2010
Total Revenue 9,892,000 9,282,000 7,635,000 7,807,000
Cost of Revenue 0 0 0 0
Gross Profit 9,892,000 9,282,000 7,635,000 7,807,000
Operating Expenses:
Research & Development 0 0 0 0
Selling, General & Adminis. 6,214,000 7,338,000 6,763,000 6,624,000
Non-Recurring Expenses 0 0 0 0
Other Operating Expenses 0 0 0 0
Total Operating Expenses 0 0 0 0
Operating Income or Loss 3,678,000 1,944,000 872,000 1,183,000
Income from Continuing Operations:
Total Other Income/Expenses Net 0 0 0 0
Earnings Before Int. & Taxes 5,287,000 3,973,000 2,725,000 2,875,000
Interest Expense 1,609,000 2,029,000 1,853,000 1,692,000
Income Before Taxes 3,678,000 1,944,000 872,000 1,183,000
Income Tax Expense 1,410,000 542,000 -256,000 86,000
Minority Interest -94,000 -213,000 -162,000 -230,000
Net Income from Continuing Op.s 2,268,000 1,402,000 1,128,000 1,097,000
Non-recurring Events:
Discontinued Operations 25,000 4,000 2,000 -31,000
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 2,199,000 1,193,000 968,000 836,000
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 2,147,000 -548,000 736,000 623,000
Annual Balance Sheets: All Numbers in Thousands
Period Ending Dec31,2010 Dec31,2009 Nov30,2008
Current Assets:
Cash & Cash Equivalents 195,868,000 175,199,008 137,742,000
Short Term Investments 0 0 72,777,000
Net Receivables 73,330,000 68,189,000 45,587,000
Inventory 0 0 0
Other Current Assets 0 0 0
Total Current Assets 0 0 0
Long-Term Investments 268,726,016 255,864,000 379,164,000
Property, Plant & Equipt 6,154,000 7,067,000 5,057,000
Goodwill 6,739,000 7,162,000 2,243,000
Intangible Assets 4,667,000 5,054,000 895,000
Accumulated Amortization 0 0 0
Other Assets 13,290,000 16,845,000 15,347,000
Deferred Long Term Asset Charges 0 0 0
Total Assets 807,697,984 771,462,016 658,812,032
Current Liabilities:
Accounts Payable 414,340,992 380,484,000 120,950,000
Short/Current Long Term Debt 182,470,000 183,536,992 231,828,992
Other Current Liabilities 63,812,000 62,215,000 42,755,000
Total Current Liabilities 0 0 0
Long Term Debt 192,456,992 193,374,000 196,002,000
Other Liabilities 93,414,000 85,304,000 16,445,000
Deferred LT Liability Charges 0 0 0
Minority Interest 8,196,000 6,092,000 0
Negative Goodwill 0 0 0
Total Liabilities 750,486,976 724,774,016 607,980,992
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 9,597,000 9,597,000 19,155,000
Common Stock 16,000 15,000 12,000
Retained Earnings 38,603,000 35,056,000 38,096,000
Treasury Stock -4,059,000 -6,039,000 -7,926,000
Capital Surplus 13,521,000 8,619,000 1,619,000
Other Stockholder Equity -467,000 -560,000 -125,000
Total Stockholder Equity 57,211,000 46,688,000 50,831,000
Net Tangible Assets 45,805,000 34,472,000 47,693,000
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending Sep30,2011 Jun30,2011 Mar31,2011 Dec31,2010
Current Assets:
Cash & Cash Equivalents 223,731,008 231,736,992 215,531,008 195,868,000
Short Term Investments 0 9,020,000 9,068,000 0
Net Receivables 85,494,000 83,996,000 80,862,000 73,330,000
Inventory 0 0 0 0
Other Current Assets 0 0 0 0
Total Current Assets 0 0 0 0
Long-Term Investments 253,795,008 475,344,992 258,471,008 268,726,016
Property, Plant & Equipt 6,511,000 6,399,000 6,366,000 6,154,000
Goodwill 6,709,000 6,744,000 6,743,000 6,739,000
Intangible Assets 4,370,000 4,474,000 4,581,000 4,667,000
Accumulated Amortization 0 0 0 0
Other Assets 13,109,000 13,032,000 13,558,000 13,290,000
Deferred LT Asset Charges 0 0 0 0
Total Assets 794,939,008 830,747,008 836,185,024 807,697,984
Current Liabilities:
Accounts Payable 443,912,992 448,553,984 437,455,008 414,340,992
Current Portion LT Debt 127,969,000 24,307,000 21,371,000 182,470,000
Other Current Liabilities 66,184,000 65,525,000 63,495,000 63,812,000
Total Current Liabilities 0 0 0 0
Long Term Debt 211,248,992 218,582,000 209,094,000 192,456,992
Other Liabilities 93,147,000 225,791,008 251,520,992 93,414,000
Deferred LT Liab. Charges 0 0 0 0
Minority Interest 8,266,000 8,436,000 8,322,000 8,196,000
Negative Goodwill 0 0 0 0
Total Liabilities 733,110,976 771,040,000 777,998,976 750,486,976
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 1,508,000 1,508,000 9,597,000 9,597,000
Common Stock 20,000 20,000 16,000 16,000
Retained Earnings 40,710,000 38,637,000 39,269,000 38,603,000
Treasury Stock -2,498,000 -2,484,000 -2,455,000 -4,059,000
Capital Surplus 22,501,000 22,346,000 12,185,000 13,521,000
Other Stockholder Equity -413,000 -320,000 -426,000 -467,000
Total Stockholder Equity 61,828,000 59,707,000 58,186,000 57,211,000
Net Tangible Assets 50,749,000 48,489,000 46,862,000 45,805,000
Annual Cash Flow: All Numbers in Thousands
Period Ending Dec31,2010 Dec31,2009 Nov30,2008
Net Income 4,703,000 1,193,000 1,707,000
Operating Activites:
Depreciation 1,419,000 1,224,000 794,000
Adjustments to Net Income 1,052,000 59,000 -2,592,000
Changes in Accounts Recv'bls -9,568,000 -2,445,000 54,531,000
Changes in Liabilities 18,001,000 -20,276,000 -114,500,000
Changes in Inventories 0 0 0
Changes in Other Op'ing Actv's 0 -25,919,000 133,477,000
Total Cash Flow fr Operations 40,307,000 -45,951,000 73,417,000
Investing Activities:
Capital Expenditures -1,201,000 -2,877,000 -1,400,000
Investments -28,001,000 0 0
Other Cash Flows fr Investing 0 -1,595,000 2,129,000
Total Cash Flows fr Investing -29,157,000 -4,472,000 729,000
Financing Acitivies:
Dividends Paid -1,488,000 -1,732,000 -1,227,000
Sale or Purchase of Stock 5,179,000 -4,830,000 17,566,000
Net Borrowings -1,130,000 -1,376,000 -47,468,000
Other Cash Flows fr Financing 0 10,962,000 12,585,000
Total Cash Flows fr Financing 4,163,000 3,024,000 -18,544,000
Effect of Exchange Rate Change 311,000 720,000 -2,546,000
Change in Cash & Cash Equiv.s 15,624,000 -46,679,000 53,056,000
Quarterly Cash Flow: All Numbers in Thousands
Period Ending Sep30,2011 Jun30,2011 Mar31,2011 Dec31,2010
Net Income 2,199,000 1,193,000 968,000 836,000
Operating Activites:
Depreciation 428,000 380,000 379,000 -418,000
Adjustments to Net Income 258,000 379,000 1,014,000 -543,000
Changes in Accounts Recv'bls 2,282,000 1,146,000 -7,417,000 -3,487,000
Changes in Liabilities -2,847,000 -19,007,000 -1,244,000 8,596,000
Changes in Inventories 0 0 0 0
Changes in Other Oper'g Acts 0 11,844,000 4,816,000 15,841,000
Total Cash Flow f Operations 8,812,000 -3,852,000 -1,322,000 21,055,000
Investing Activities:
Capital Expenditures -363,000 -316,000 -409,000 -401,000
Investments -2,772,000 2,659,000 2,954,000 -4,905,000
Other Cash Flows fr Investing 0 0 0 26,000
Total Cash Flows fr Investing -3,135,000 2,343,000 2,545,000 -5,033,000
Financing Acitivies:
Dividends Paid -456,000 -438,000 -309,000 -601,000
Sale or Purchase of Stock -120,000 47,000 -184,000 -28,000
Net Borrowings -2,433,000 -1,707,000 3,597,000 -3,399,000
Other Cash Flows fr Financing 660,000 2,030,000 -288,000 2,611,000
Total Cash Flows fr Financing -2,349,000 -68,000 2,816,000 -1,417,000
Effect of Exchange Rate Chg 0 0 0 -228,000
Change in Cash & Cash Equiv. 3,160,000 -1,861,000 4,993,000 14,500,000
MS Morgan Stanley [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 2.8226 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 2.0800 Forward P/E Ratio < 28? 3.0000
Sales Tests:
Price/Sales Ratio < 2.3? 2.7059 Inventory/Sales < 5%? 1.0000
Sales < $1 billion? 0.0316 Operating Margin < 7.5%? 0.2508
Balance Sheet Tests:
Debt/Equity < 0.40? 0.0007 Long-Term Debt Service: 0.2973
LTD Being Reduced? 1.8000 Short-Term Debt Service: 0.0000
Current Ratio > 2? 0.8300 Working Capital >= 1.5? 1.0000
Leverage Ratio < 20%? 0.7145 Debt / Assets < 1? 3.0000
Quick Ratio > 1? 1.0000 Inventory Turnover > 1? 1.0000
Shares Out Decreasing? 1.8000 Market Cap.> 1.5 Billion? 0.0514
Profit Margin > 7.5%? 1.9973
Income Tests:
Dividend Yield > 2.0%? 3.0000 EPS Annual Growth > 10%? -3.0000
Enterprise Value/Revenue: -3.0000 EPS 5-yr Growth > 20%? -3.0000
Enterprise Value/EBITDA: 0.0000 EPS Growth Consistent? 1.8000
EPS Qrtly Growth > 10%? 0.1000 Collection < 45 days? 0.0532
Rev. Qtrly Growth > 15%? 3.0000 Gross Pft/Cur. LTD < 1? 0.1019
EPS Annual Growth > 10%? -3.0000 Borrowing Int. Rate< 6%? 3.0000
Stock Performance Tests:
Volatility > 25%? 3.0000 % Held by Insiders < 5%? 0.5025
Beta > 1.25? 0.9520 % Held by Institut. < 50? 0.7225
50 Da MA > 200 Da MA? -0.4719 % Held by Institut. > 30? 2.3067
52-Wk Change vs. S&P 500: -0.0747 Short Ratio > 5? 0.1200
Price/Book Value < 3? 3.0000 Short % of Float > 20? 0.0800
Return on Assets > 17%? 0.0424 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 1.0000 Positive Free Cash Flow? 0.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 0.0000
Cash Flow / Assets >.10? 0.0000
MS Morgan Stanley Overall Zenith Index: 0.9335
Financial Statements |
Income Statement:
Balance Sheet:
Cash Flow Statement:
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value (DCF) |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value (PEG) |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Right Time Study |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for Morgan Stanley:
Symbol? MS
Total Months Available: 79
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
31.04 25.32 26.49 15.21 19.67 11.58
RANGE = 31.04 TO 11.58 Close = 15.24
CHANNEL = 25.32 TO 19.67 Degree = 3
Volatility = 37.09% Index = 11
Intraday Chart |
2 Days:
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The "ultimate systems" are inconclusive, giving no clear confirmed signals.
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | - 1 |
| Comparison | + 1 |
| Industry | - 1 |
| Bond Issue | 0 |
| Zenith Index | - 1 |
| Non-GAAP vs. GAAP Earnings < 1% | + 1 |
| Cash Flow | + 1 |
| Ratios | + 1 |
| Market Grader | - 1 |
| Intrinsic Value DCF | - 1 |
| Intrinsic Value DDM | + 1 |
| Stock Scout | + 1 |
| Projected Earnings | + 1 |
| Research Reports | - 1 |
| Analysts | - 1 |
| Executive Perquisites | - 1 |
| Insider Activity | + 1 |
| Institutional Activity | + 1 |
| Management Reporting | - 1 |
| Short Interest | + 1 |
| Sentiment | - 1 |
| Standard & Poor's | - 1 |
| Moving Average | - 1 |
| Right Time Study | + 1 |
| Stock Fetcher | 0 |
| Point & Figure | - 1 |
| Wall Street Analyzer | - 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | - 1 |
| Neural Network | - 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | 0 |
| Total | - 3 |
Place 1,980 shares of Morgan Stanley (MS) on the Active List.
