Afternoon Market Roundup Palm (NASDAQ: PALM), Moody's (NYSE: MCO), Goldman (NYSE: GS), Morgan Stanley (NYSE: MS), Citigroup (NYSE: C)
Palm loses a suitor. Taiwan's HTC, which was reviewing the company books of Palm (NASDAQ: PALM), has reportedly decided not to place a bid for the company. The source close to HTC said that "there weren’t enough synergies to take the deal forward." This leave PALM with Lenovo (OTC: LNVGY.PK), which is so far the last major Asian bidder expected to show interest in the company.
A former Moody's (NYSE: MCO) analyst has told a Senate committee that the ratings firm was unaware of the fact that the Paulson hedge fund, which was betting against Goldman (NYSE: GS) Abacus product, was also part of the fund. The inquiry is shedding light on rating firms that are accused by the panel chairman of getting too influenced by Wall Street firms and of doing it “for the money."
Morgan Stanley (NYSE: MS) may need to close an additional 120 offices and shrink its US outlets to around 750. This is because its joint venture with Citigroup’s (NYSE: C) Smith Barney is overlapping “in just about every market in the country." MS aims to now expand its footprints outside the country.
Read more from Benzinga's Markets.
