Investment bank stocks gained with the broader market Monday, as a Wachovia Capital Markets analyst said that trends for initial public offerings and mergers and acquisitions are improving.
Wachovia Capital Markets analyst Douglas Sipkin said last week international IPOs had their best week since the end of February, with $3.4 billion in deal value. The total was 44 percent higher than the trailing four week average.
Sipkin said the M&A environment has also improved during the second quarter. Announced deals totaled $51.1 billion for the week, 29 percent above the 2008 weekly average of $39.7 billion.
The analyst also said investment grade debt totaled $42 billion for the week, 16 percent above the trailing four week average and 92 percent above the 2008 weekly average.
How shares of some major investment banks were performing Monday afternoon:
Goldman Sachs Group Inc., up $3.99, or 2.1 percent, $192.08.
Lehman Brothers Holdings Inc., up $1.18, or 2.7 percent, to $44.72.
Merrill Lynch & Co., up 70 cents to $49.15.
Morgan Stanley, up $1.69, or 3.7 percent, to $47.65.
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