Investing

Trouble At Morgan Stanley (MS) With Net Losses Of $436 Million In Mortgage Proprietary Trading

Wall St. is selling off Morgan Stanley (MS) before the open on weak earnings. Shares are down over 3%

MS reported income from continuing operations for the second quarter ended May 31, 2008 of $1.026 billion, or $0.95 per diluted share, compared with $2.363 billion, or $2.24 per diluted share, in the second quarter of last year.

Net revenues were $6.5 billion, 38 percent below last years second quarter. Non-interest expenses of $5.1 billion, including severance expense of approximately $245 million related to staff reductions.

Equity sales and trading net revenues of $2.1 billion decreased 11 percent from last years second quarter

Fixed income sales and trading net revenues were $414 million, down 85 percent from last years second quarter primarily reflecting lower revenues in interest rate, credit & currency products and commodities, and net losses of $436 million in mortgage proprietary trading.

Investment banking delivered revenues of $875 million, down 49 percent from last years second quarter.

Listen to the earnings call here.

Douglas A. McIntyre

100 Million Americans Are Missing This Crucial Retirement Tool

The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.

Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.

A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.

Click here to learn how to get a quote in just a few minutes.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.