Article: Wall Street Brokerage Morgan Stanley's Profits Hit by World Market Turmoil.

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 ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!