Morgan Stanley profit falls 17% after credit squeeze |
| MarketWatch - Sep 19, 2007 |
Wall Street investment bank and broker Morgan Stanley said Wednesday third-quarter net income declined 17% after the company wrote down bad loans and posted big losses at some of its hedge funds amid one of the most difficult market environments for brokers in years.
The combined losses from the writedowns and hedge funds totaled more than $1 billion and resulted in the firm missing Wall Street's earnings estimates.
Morgan Stanley shares rose 1.3%, to $69.08.
Morgan Stanley's results come as something of a surprise, because analysts and investors had expected that Lehman would show more damage from the credit problems, as its business was more focused on the fixed-income markets.
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- Posted: 2007-09-19 10:03:08
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