Writedowns Push Morganâs Profit Lower
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Morgan Stanley, hurt by tight credit markets and adverse trading conditions, reported a 17 percent drop in its third-quarter profit today.
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Morgan Stanley follows Lehman Brothers' lead and reports a small fall in three-month profits.
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Morgan Stanley  on Wednesday said its third-quarter earnings fell, reflecting damage caused by the broad sell-off in mortgage and corporate loan markets this summer, though revenue rose on strong investment banking and stock trading.
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J.P. Morgan Chase & Company, the nation's second-largest bank, surprised Wall Street today with a sharp drop in third-quarter earnings.
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Morgan Stanley posted its first quarterly loss after taking an additional $5.7 billion write-down related to subprime mortgages, and said it would sell a $5 billion stake to Chinaâs sovereign wealth fund.
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Oil and gas producer Kerr-McGee Corp. (KMG.N: Quote, Profile, Research) on Wednesday reported a fall in quarterly profit, citing a writedown related to a pigment plant and higher environmental charges.
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Another bank took an ax to its asset valuations Friday, as the parade of markdowns induced by the recent credit crunch continued. The latest ten-digit chop came from Wachovia Bank, which said it wrote down loans and other securities by a total of $1.3 billion in the third quarter, contributing to an overall profit decline [...].
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The sluggish bond market took a toll on another Wall Street behemoth, as JPMorgan Chase reported a 13per cent drop in third-quarter earnings, far worse than Wall Street analysts had expected.
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J.P. Morgan Chase & Co. , the No. 2 U.S. bank, said  on Wednesday profit fell in the third quarter, missing analyst expectations, as a result of costs from its July merger with Bank One Corp. and lower fixed-income revenues.
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NEW YORK - Stocks tumbled Wednesday as investors saw a surge in oil prices and disappointing earnings from Morgan Stanley as a reason to collect profits from gains of the last month.
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Morgan Stanley and Bear Stearns Cos. said fiscal third-quarter earnings fell, their first declines in more than a year. The results sparked concern that Wall Street profits are slowing, and shares of many securities firms dropped.
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Disappointing earnings from Morgan Stanley and a new spike in oil prices sent stocks lower in early trading Wednesday as investors&#39; worries over third-quarter earnings increased.
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WALL Street is said to be a bit rattled at the Federal Reserveâs latest quarter-point rise in American interest rates. Yesterdayâs one-third drop in quarterly profit announced by investment bank Morgan Stanleyâs will not help the jitters.
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J.P. Morgan Chase & Co.  posted lower third-quarter earnings on Wednesday, missing analysts' forecasts, on costs from its &#36;58 billion purchase of Bank One Corp. and lower bond trading revenue.
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Quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in the bankâs investment banking unit.
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Morgan Stanley  on Wednesday said third-quarter profit fell as the summertime freeze in mortgage and corporate loan markets forced the bank to mark loans down by $940 million, but shares held their own on optimism that financial markets may be starting to revive.
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NEW YORK - Disappointing earnings from Morgan Stanley and a new spike in oil prices sent stocks sharply Wednesday as worries over third-quarter earnings increased and investors decided to cash in some recent profits. The Dow Jones industrial average was down more than 100 points...