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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