Morgan Stanley suffers $2.3 billion loss

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Morgan Stanley suffers $2.3 billion loss
« Thread Started on Dec 17, 2008, 11:35pm »

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Morgan Stanley suffers $2.3 billion loss
Posted: 01:18 PM ET
By David Ellis
CNNMoney.com

NEW YORK (CNNMoney.com) — Morgan Stanley reported a massive $2.3 billion quarter loss Tuesday that surpassed even the most dire predictions by analysts.

The nation’s No. 2 investment bank posted a net loss of $2.24 a share, during the fourth quarter — a period defined by the collapse of Lehman Brothers and unprecedented market turmoil. Including results from discontinued operations, the company said it lost $2.34 a share.

Either way, the results were far worse than what analysts were anticipating. Consensus estimates were for a loss of $298 million, or 34 cents a share, according to Thomson Reuters.