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Wednesday, June 18, 2008 --- 80 days ago http://feeds.feedburner.com/~r/clusterstock/~3/314681274/morgan_stanley_ms_q2_co
 Morgan Stanley (MS) reported a slightly weak Q2 this morning, missing revenue estimates but beating on EPS thanks to one-time gains. Profits were down 60% year-over-year, but the quarter wasn't nearly as bad as it could have been given the slow-motion trainwrecks that have unfolded at some of the other big financial firms. MS will be hosting a conference call at 11:00 Eastern, and we'll be covering it live below. CEO and Chairman John Mack will have a complex juggling act on his hands as he tries to both assure investors of the strength of Morgan's balance sheet and convince analysts that Morgan has been, and will continue to be, fully transparent. Conference Call Notes 10:57: Hold music playing... awaiting call. 11:01: Call begins, usual introductions and disclaimers about forward looking statements. 11:03: Strong client flows characterized first quarter, second quarter "severely disrupted by Bear Stearns Situation." Client activity improved in March, but remained "subdued." Few attractive investment opportunities, "continue to be prudent in our use of capital." 11:05: "Theme of deleveraging continue." "Strength of our balance sheet will be evident when we disclose our tier 1 ratio in 10-Q. "We feel we have navigated through this difficult quarter." 11:08: Several businesses "performed well," including prime brokerage, cash equity trading, and foreign exchange. 11:10: Headcount decreased 4% reflecting desire to "resize" several ... |
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