AMP - AMP Limited

[sptrawler]

AMP plotted against XFJ since it floated.

View attachment 102565

Absolutely horrid business, just keep trashing shareholder value, over and over. IMO

 

[Dona Ferentes]

Absolutely horrid business, just keep trashing shareholder value, over and over. IMO

All those policy holders waiting for any upside on their issued shares continue to be disappointed.

 

[sptrawler]

All those policy holders waiting for any upside on their issued shares continue to be disappointed.

I bought in after the U.K fiasco, I thought all the skeletons would have been dragged out of the closet, little did I know all they did was fill it back up again when the dust had settled.
IMO AMP should be used as an example of how not to run a company.

 

[Boggo]

I bought in after the U.K fiasco, I thought all the skeletons would have been dragged out of the closet, little did I know all they did was fill it back up again when the dust had settled.
IMO AMP should be used as an example of how not to run a company.

It seems to be tracking the XAO @sptrawler (XAO on the left below).

(click to expand)

 

[sptrawler]

It seems to be tracking the XAO @sptrawler (XAO on the left below).

(click to expand)
View attachment 102568

Thanks Boggo, I bailed out at about $2, I had enough of their crap behaviour.
You can only ride a pig for so long, before you have to jump off and look for a horse.

 

[basilio]

AMP up for another (well deserved) kick in the bollocks.
Labour and Liberal MPS have united in calling for an investigation into AMP's treatment of its financial planners.
AMP could face inquiry over its treatment of financial planners after Labor, Liberal MPs give backing
Key points:

• The enquiry into AMP's actions has the support of both the major parties
• The ABC understands a class action against AMP will be filed imminently
• AMP says it has the right to change the terms of its contracts with planners

https://www.abc.net.au/news/2020-07...over-behaviour-to-financial-planners/12455900

 

[Garpal Gumnut]

AMP would appear to have entered bogan territory from it's previous situation in a Flemington tent. It is possible it is headed for the breaker's yard. Large volume on Friday has seen it lose close to 13% in value.

A burning deck it is.

Perhaps a day trading stock for the brave over the next 3 months.

 

[Dona Ferentes]

AMP would appear to have entered bogan territory from it's previous situation in a Flemington tent. It is possible it is headed for the breaker's yard. Large volume on Friday has seen it lose close to 13% in value.

A burning deck it is.

Perhaps a day trading stock for the brave over the next 3 months.

View attachment 106807

There are a lot of very stale holders of AMP. They got a small allocation from the demutualisation way back when, in Issuer Sponsored form. Sitting in their portfolio, or as the only constituent of said 'portfolio', (maybe TLS as well), and now even unable to sell easily. (100 point check and all that, or set up broker acct)

 

[Garpal Gumnut]

Many instos here and overseas will be providing bandaids for their traders' fingers in an heroic effort to drag this dawg back up from it's open to the same close as last Friday.

And what will they do with the scrip. Probably turn it in to masks for selling at a profit tomorrow.

Today's chart.

gg

 

[Dona Ferentes]

AMP may face criminal lawsuits by the end of the year, according to the Australian Securities and Investments Commission, which has “more than five” current probes into the company.

ASIC deputy chair Daniel Crennan, SC, told a parliamentary hearing on Wednesday that the regulator had “a number of investigations that are ongoing internally” along with “a number of investigations that have been briefed with the CDPP [Commonwealth Director of Public Prosecutions]” in relation to AMP.

Under questioning from Labor MP Andrew Leigh, who asked if any matters would likely be filed in court by the end of the year, Mr Crennan said: “Yes, I would think so.”

https://www.afr.com/companies/finan...criminal-charges-by-christmas-20200805-p55iuw

In a note sent to clients on Wednesday, Macquarie Wealth Management said AMP was “caught between a rock and a hard place”.

While the company’s earnings missed consensus by about 20 per cent, the wealth management arm of AMP still had not yet migrated customers from “high-earning products” to more modern products, which foreshadowed even deeper earnings pressure ahead, Macquarie said.
“In our view, once this migration occurs, Australian Wealth Management will not make any operating earnings unless material cost-out is delivered,” the note said. “This announcement [of the profit warning] reinforces the ongoing downside earnings risk across all of AMP’s divisions over the medium term.”

 

[sptrawler]

The only saving grace IMO that AMP has is David Murray and I wonder how long that will last?

 

[Miner]

AMP may face criminal lawsuits by the end of the year, according to the Australian Securities and Investments Commission, which has “more than five” current probes into the company.

ASIC deputy chair Daniel Crennan, SC, told a parliamentary hearing on Wednesday that the regulator had “a number of investigations that are ongoing internally” along with “a number of investigations that have been briefed with the CDPP [Commonwealth Director of Public Prosecutions]” in relation to AMP.

Under questioning from Labor MP Andrew Leigh, who asked if any matters would likely be filed in court by the end of the year, Mr Crennan said: “Yes, I would think so.”

https://www.afr.com/companies/finan...criminal-charges-by-christmas-20200805-p55iuw

In a note sent to clients on Wednesday, Macquarie Wealth Management said AMP was “caught between a rock and a hard place”.

Thanks @Dona Ferentes for your update.

 

[Miner]

The only saving grace IMO that AMP has is David Murray and I wonder how long that will last?

David Murray of Commonwealthbank fame after a stint with Commonwealth Government.
Interesting connection for AMP.

 

[Garpal Gumnut]

AMP's Head of Wealth Management has resigned today.

I'm wondering if it may not be a t/o target, minus a few million set aside to pay out the unfortunate over the next ten years.

MQG comes to mind.

A bit of a long call.

gg

 

[Miner]

AMP's Head of Wealth Management has resigned today.

I'm wondering if it may not be a t/o target, minus a few million set aside to pay out the unfortunate over the next ten years.

MQG comes to mind.

A bit of a long call.

gg

GG - you are and have been always a brave person. I wished your speculation works to save existing investors and depositors from a sure disaster

 

[Garpal Gumnut]

GG - you are and have been always a brave person. I wished your speculation works to save existing investors and depositors from a sure disaster

Unfortunately many holders will lose out and depositors will lose the lot. Any t/o would need to shield the buyer from liability. It's happened before.

gg

 

[So_Cynical]

I'm wondering if it may not be a t/o target, minus a few million set aside to pay out the unfortunate over the next ten years.

MQG comes to mind.

Kind of makes sense.

 

[Knobby22]

The saviour David Murray has given up and resigned. What a mess.

 

[sptrawler]

The saviour David Murray has given up and resigned. What a mess.

My guess is that Murray will be the straw that breaks the camels back, I don't think long suffering shareholders will have to wait long, to be put out of their misery.
I wonder how many investors are still pouring money into AMP? my guess, not many.
It's really sad how a great brand name, can end up so tarnished, unbelievable IMO.

 

[over9k]

So are we all gonna buy the dip today or what lads?

XD