Update 1: Morgan Stanley and Bear Stearns crashed finance sector
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Morgan Stanley, the second-biggest US securities firm, on Wednesday reported lower-than-expected third-quarter profit on lower fees from trading stocks and bonds.
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Bear Stearns Cos. said yesterday its profit plunged 62 percent in the third quarter as turbulence in the debt market and wrong-way bets on mortgages crunched the investment bank's credit portfolio and bond business.
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Stocks fell sharply on Thursday, with the Nasdaq and S&P both losing more than 1 percent as concern mounted that more financial services companies would report big losses from the credit crisis.
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Global stocks tumbled on Wednesday as fears about the impact of U.S. home owners falling behind with mortgage payments hit financial shares, prompting money to flow into safe-haven government bonds.
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Morgan Stanley and Bear Stearns posted drops in quarterly profit yesterday, surprising some investors one day after two other big investment banks reported a rise in earnings.
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Bear Stearns reported its first quarterly loss ever, stung by the mortgage crisis that has swept markets across the globe.
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Morgan Stanley MWD.N and Bear  Stearns Cos. Inc. BSC.N, two of Wall Street's biggest  securities firms, on Tuesday said their fourth-quarter profits  rose as a flurry of mergers and a year-end stock rally boosted  investment banking fees.
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Morgan Stanley  on Wednesday posted a stunning fourth-quarter loss after recording a bigger-than-expected $9.4 billion of write-downs and said it sold a $5 billion stake to China Investment Corp to bolster its capital.
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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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U.S. stocks slumped on Wednesday, as a drop in oil prices dragged down energy shares, and a possible collapse of two big hedge funds hit investment banks, overshadowing Morgan Stanley's  strong profit.
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Barclays claims Bear Stearns loaded one of its hedge funds with about $500 million in troubled assets just weeks before it and another of its fund collapsed.
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Morgan Stanley  on Wednesday  posted a stunning fourth-quarter loss after recording a  bigger-than-expected $9.4 billion of write-downs and said it  sold a $5 billion stake to China Investment Corp to bolster its  capital.
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China has agreed to pump $5 billion into Morgan Stanley as the U.S. investment bank reported a stunning fourth-quarter loss fueled by $9.4 billion of losses in subprime mortgages and other assets.
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Investment bank Bear Stearns Cos. Inc. , one of the nation's largest mortgage bond underwriters, said on Thursday quarterly earnings fell by a third as trouble in the mortgage market hurt bond trading revenue and it wrote down assets at a stock trading venture.
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Two Wall Street investment banks had dramatically different success in weathering market turbulence triggered by a subprime mortgage meltdown, as results at Goldman Sachs Group Inc  easily exceeded expectations, while Bear Stearns Cos Inc  fell far short.
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Morgan Stanley MWD.N and Bear  Stearns Cos. Inc. BSC.N, two of Wall Street's biggest  securities firms, on Tuesday said their quarterly profits rose  as a flurry of mergers and a year-end stock rally boosted  investment banking fees.
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Stocks tumbled on Friday, wrapping up their worst week since a global sell-off in February amid fears that trouble at two Bear Stearns hedge funds may signal worse problems lie ahead for credit markets.