Wednesday, April 22, 2009
What Goes Up......
Morgan Stanley's earnings were a bit of a disappointment to the market. Part of the issue was that they had to take a hit to their revenue because their credit spreads improved. Yep, the reverse is true too. John Mack made specific mention of that fact; Morgan Stanley would have made a profit otherwise. Funny, they never mention it when it works in their favor.
MS is down about $2.00 in the pre market session and S & P futures are down abut 1%.
Posted by MK at 9:05 AM