Merrill Lynch (MER) CEO Stanley O’Neal should start packing up his office. O’Neal on October 5 issued an earnings warning, today reported that losses from CDOs and subprime mortgages came in $3.4B higher after market values were “re-examined”.
As I have stated in previous posts and the past three Weekly Summary stockmarket entries, Mercury retrograde* would be a time the Street would admit to more write-downs than they had previously disclosed.
CEO O’Neal will be leaving MER by November 15. Mars (action) in Cancer will station retrograde on that day. Mars will simultaneously challenge O’Neal’s natal Sun in Libra and natal Uranus (sudden surprises) in Cancer. Also, O’Neal’s progressed** Saturn is coming into alignment with his Sun, representing a loss of career status.
Eliminating O’Neal will not end MER’s problems as the stock chart will continue to be under pressure, particularly for the rest of the year and into the first quarter of 2008.
Stanley O’Neal: October 7, 1951 time unknown Roanoke, Alabama
* See my post Looking Beneath the Surface: Mercury in Scorpio (10/4/07) in the Predictions section.
**A mathematical method of prediction that calculates the birth planets movement ahead in time.
Wall Street Journal: “Merrill Lynch Posts Wide Loss, Discloses Bigger Write-Downs” http://online.wsj.com/article/SB119321271755269627.html?mod=hpp_us_whats_news