Is Merrill Lynchs CEO Packing His Box?
Merrill Lynch & Co.’s CEO Stan O’Neal has started rumors that he will likely be forced to resign from his position in the next few days. O’Neal’s suggestion of a possible merger of Merrilly Lynch and Wachovia Corp. rattled his board of directors, especially since he had not yet sought their approval. O’Neal has been on the hotspot in the past after encouraging Merrill Lynch to be involved in the subprime mortgage market. This, unfortunately, led to subsequent losses for Merrill. Merrill Lynch & Co., Inc. (MER) closed this week at $66.09. Oil Prices Lead to Turbulence in the Air Airline stocks had a brief lift after the news of cheaper oil prices but then quickly sank after subsequent news followed of record prices in oil. Crude oil for December climbed this week to $92 a barrel, up from $91.65. United Airlines’ parent UAL Corp.’s shares fell 2.4% while AMR, American Airline’s parent, lost 3%. Alaska Airlines was hit the hardest, falling 7.8%. There were only a few gainers, one of which
