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Morgan Stanley revenue slumped 62% to $3.04 billion. The company also announced it was slashing its dividend by 81%. It’s about time. Analysts were expecting a loss of 8 cents a share on revenue of $5 billion.
I am not sure how the recent financial stock cheerleaders are going to paint this into a positive, but I’m sure they’ll find a way. I’d be hard pressed to call this earnings release anything other than horrible and the stock is actually trading lower in pre-market trading. On the other hand, with results like these, spreads on MS debt are likely to widen back out, helping the investment bank post a profit next quarter.
By Mock The Market http://mockthemarket.blogspot.com/
Posted April 22nd, 2009 by Armen Hareyan
