Now Here Comes A Ton Of Stories About How Morgan Stanley Is The New King Of Wall Street

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Morgan Stanley earnings are out and the bottom line is this: The company’s net loss of $.38/share was well ahead of estimates of a loss of $.61 per share, and its trading revenue .

The loss was only due to a previously announced charge relating to the conversion of preferred shares owned by Mitsubishi Financial.

The key storyline: FICC trading wasn’t a total disaster like it was at Goldman Sachs — in fact revenue grew.

So everyone will be talking today about how

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