Earnings bomb from Morgan Stanley
Well, Lehman Brothers got the earnings derby off to a decent start. That raised hopes for other investment banks. Morgan Stanley, however, posted 3Q earnings that were 10 cents shy of already reduced earnings estimates. The credit crunch took a toll. John Mack, CEO, noted the "impact" on "credit products, leveraged lending and quantitative strategies businesses." Investment banking offset the losses somewhat. But the real differentiator may be that Morgan hedges didn't work out quite like Lehman Brothers' did. Here's an AP article. More will dribble out about this all day. Stay tuned for more earnings news.
- Jim
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