Morgan Stanley Profit Falls for 6th Time
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Morgan Stanley Dean Witter & Co.’s profit fell 16% in its fiscal first quarter, the sixth straight drop.
Net income in the quarter ended Feb. 28 fell to $848 million, or 76 cents a share, and revenue fell 16% to $5.3 billion as fewer mergers and debt sales cut fees for the firm.
Debt trading and stock sales rose as merger advising tumbled and the company cut jobs.
Some analysts and investors said business has bottomed, citing the increase in trading and commission revenue from the previous quarter.
Morgan Stanley’s shares rose 94 cents to $55.79 on the New York Stock Exchange.
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