From Wikipedia, the free encyclopedia. Low float short squeeze potential play at its finest. Among Witter's original partners were his brother Guy and their cousins Jean C.
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Reynolds was incorporated in as Reynolds Securities in advance of an initial public offering. By early , there was speculation that Merrill Lynch would sell shares to the public. Reynolds initial public offering and shortly thereafter Dean Witter's IPO was part of a rush of Wall Street firms to sell an interest in their privately held businesses to public investors, following Merrill Lynch's initial public offering.
Meanwhile, the firm was continuing its expansion, acquiring its first international offices in Lugano and Lausanne, Switzerland. DWRO in what was then the largest securities industry merger in U. The resultant company, Dean Witter Reynolds, was the fifth largest broker in the U. One year later Dean Witter Reynolds became the first securities firm to have offices in all 50 U. Sears' core retail business was facing several challenges, and the company decided to diversify into new businesses, including financial services.
Sears, which was already in the financial services business through its ownership of the Allstate Insurance Company announced a major acquisition initiative in financial services. In addition to the acquisition of Dean Witter, Sears also acquired Coldwell Banker, the real estate brokerage company in Sears named Philip J. At the time of the Sears acquisition, Dean Witter Reynolds had a retail broker force of over 4, account executives in over locations with over 11, employees in total.
Under Sears ownership, in , the firm launched the Discover Card , a new brand of credit card outside the well established Visa , MasterCard and American Express networks. It carried no annual fee, which was uncommon at the time, and offered a typically higher credit limit than similar cards. Discover offered merchant fees significantly lower than those of other widely accepted credit cards. Eventually Discover grew to become one of the largest credit card issuers in the U.
Sears' financial services initiative proved highly successful as Discover grew through the late s and early s. Furthermore, the substantial investment in the Discover business also began to pay off, with the business becoming highly profitable. The early s were also a period of rapid growth for Dean Witter Reynolds as its strategy of focusing on the distribution of proprietary mutual funds through its extensive retail brokerage network began to bear fruit.
Dean Witter Reynolds and Discover Card. Dean Witter was one of many tenants whose offices were evacuated as a result of the World Trade Center bombing , which took place during the firm's spinoff from Sears. Following, the firm's merger with Morgan Stanley, the firm's headquarters would be moved to Broadway on the edge of New York's Time Square.
Dean Witter was the first big brokerage company to get into the online trading business when it bought a small San Francisco-based outfit called Lombard Brokerage in In , Morgan Stanley Group, Inc. Although Morgan Stanley was the more prominent partner, Dean Witter's focus on retail investors, mutual funds and credit cards which were seen by the stock market as generating more stable cash flows than Morgan Stanley's investment banking business, had by the time of the merger made it the more valuable partner in terms of market capitalization.
Instead, they combined the names of the two firms and put the Morgan Stanley Dean Witter brand on almost all of its operations. Eventually, to foster brand recognition and marketing, the Dean Witter name was dropped from the retail services division in , leaving the current name Morgan Stanley. The following is an illustration of the company's major mergers and acquisitions and historical predecessors:.
The House of Morgan est. From Wikipedia, the free encyclopedia. This is NOT a good look no matter what their excuse is. And the timing is right when the shorts are piling up. Should see a dead cat bounce soon though As part of the acquisition, the crypto company will bring on Earn's founder and CEO as its first-ever chief technology officer.
Earn allows you to send and receive crypto similar to what PayPal does for monies. It is about The year to date change is Price of BMY have changed It have changed Those moving average will be very helpful most of time. Looks like one to take a look at!
INTC stock rode a wave of investor keenness for technology shares last week, posting a weekly share price gain of 6. The second-best performer among the Dow 30 so far this year is Cisco Systems Inc. CSCO , which is up about That is followed by Boeing Co. BA , up NKE , up 7. The world, and markets, are waiting to see what the Russian response will be. Should be a nice opportunity to take positions.
The two men were arrested after an employee called the police to report them as having trespassed. In the clips, however, you can hear other patrons calling the arrests uncalled for and protesting as the men are escorted out of the shop. I expect more upward moves ahead. Will be centered on new approaches to info security, discover the latest technology and interact with top security leaders and pioneers.
Love the future of this company! BTW, if interested in trading crypto and want a deal on the trades, use this link to open an account. It has just about all the coins that you can ever want to trade. According to this agreement, effective since the beginning of the season, the AMD logo is visible on the nose of the SF71H F1, as well as on the arm of the pit-crew overall and the official trucks. As part of the collaboration AMD will also be making available their technology portfolio to Scuderia Ferrari.
Nice exposure and a nice dip Friday presents a great long entry here in my opinion. The earnings release is expected at approximately 4: ET with a conference call to follow at 6: The DGX-2 delivers 2 petaflops of compute power and offers significant cost and energy savings relative to traditional server architectures.
Nvidia seems to be at the right place at the right time with its projects. Very promising company here for sure!
Her heart was beating at about beats per minute. Hendershot's watch alerted her of a rapid heartbeat every 10 minutes, she told the Topeka Capital-Journal, and her heartbeat reached as high as beats per minute.
The alert caused her to go to the hospital and in essence saved her life. Consumers cutting the cable cord and therefore slicing the amount of cash Disney receives for its sports programming.
Yesterdays highest volume Options- https: Yesterdays Most Active Change- https: Schusser may provide the missing link between Apple's ambitions in television, music and artificial intelligence, by bringing all of these elements under one leader. Very good news for the ever increasing services division of Apple.
In other AAPL news-A patent recently filed by Apple seeks to use advanced sensors on a newly designed Apple Watch band to evaluate sports performance when using third-party equipment, such as golf clubs, baseball bats, footballs or barbells. More volatility means greater profit or loss.
He also thinks Silicon Valley needs more oversight. Muller is now on borrowed time according to many. Verifone PAY up Energous WATT up Seagate STX up 2. Nvidia NVDA up 1. Top headlines and a preview of the day ahead delivered to your inbox every weekday by 6: These offerings are being made by means of separate preliminary prospectus supplements and are not contingent on each other.
Sempra Energy expects to use the net proceeds from these offerings and the related sale of shares of its common stock pursuant to the forward sale agreements referred to below to repay outstanding commercial paper, to fund working capital and for other general corporate purposes.
Morgan are acting as joint bookrunners of the equity offerings and representatives of the underwriters. In connection with the common stock offering, Sempra Energy expects to enter into forward sale agreements with an affiliate of Citigroup and an affiliate of J.
If, however, the forward purchasers determine in good faith, after using commercially reasonable efforts, that the forward sellers are unable to borrow and deliver to the underwriters any such shares of common stock, or that the forward sellers are unable to borrow, at a stock loan rate not greater than a specified rate, and deliver to the underwriters any such shares, or if the forward sellers elect not to borrow such shares of common stock because specified conditions are not satisfied, Sempra Energy will issue and sell to the underwriters a number of shares of common stock equal to the number of shares that the forward sellers did not borrow and deliver.
Sempra Energy will not initially receive any proceeds from the sale of common stock sold by the forward sellers to the underwriters. Instead, subject to its right to elect cash settlement or net share settlement subject to certain conditions, Sempra Energy intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Sempra Energy occurring no later than December 15, , an aggregate number of shares of its common stock to the forward purchasers equal to the number of shares sold by the forward sellers in the common stock offering, in exchange for cash proceeds per share equal to the applicable forward sale price per share, which will initially be equal to the public offering price per share in the common stock offering less underwriting discounts and commissions.
The initial forward sale price is subject to subsequent adjustment from time to time as provided in the forward sale agreements. Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically convert into a variable number of shares of Sempra Energy's common stock on the mandatory conversion date, which is expected to be July 15 , The number of shares of Sempra Energy's common stock issuable on mandatory conversion will be determined based on the average volume-weighted average price of Sempra Energy's common stock over the trading day period commencing on and including the 21st scheduled trading day prior to July 15 ,