Wednesday, June 20, 2007

MS 2Q earning commentary

-Theme diversification does matter 60% exposure to U.S and 50% revenue exposure to FI -Revenue related sell and trading FI securities increasd. drivers: Interest rate and currency trades. -Growth across all business lines except Discover. Revenue at Discover division dropped, company will spin off the division next week. 10% revenue. more like other four brokers.

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