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Article: Wall Street Brokerage Morgan Stanley's Profits Hit by World Market Turmoil.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- September 25, 1998
- Author:
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Sep. 25--Morgan Stanley Dean Witter said yesterday its third-quarter profits tumbled 4.9 percent to $645 million, or $1.05 per share, as its money management business got hit by tumbling world markets.
The Wall Street brokerage giant beat analysts' estimates, but didn't keep pace with last year's results of $678 million.
Despite the better-than-expected numbers, investors pummeled Morgan Stanley stock. Shares tumbled 5 11/16 to $51.56.
The main reasons: the firm said it was among the 16 investment and commercial banks that agreed to help the multi-billion dollar rescue of hedge fund Long-Term Capital ...