Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Allied Irish Banks
So What: Ireland's banking industry -- and Allied Irish Banks in particular -- has been a mess lately. The Irish government has had to step in to keep the bank afloat even as the bank scrambles to find ways to shore up its balance sheet. Allied Irish Banks had hoped to get a better price for its M&T Bank shares and was even in talks with Banco Santander
Now What: The sale of the M&T Bank stake does tie up one of Allied Irish Banks' loose ends and will give its balance sheet some additional liquidity. However, it still doesn't change the fact that the government is stepping in to take a controlling stake in the bank because the situation is so bleak. The stock is little more than a speculation -- a speculation that I'm steering clear of.
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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his Motley Fool CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookies were harmed in the making of this article.
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