Morgan Stanley LOSES Advisers and 4 Heavily Traded Shares on the Street
Morgan Stanley (NYSE:MS): A few dozen Morgan Stanley Smith Barney advisers managing tens of billions of dollars of client money are considering leaving the firm, claiming that widespread technology problems have caused it to be difficult for them to do their jobs, according to those familiar with the matter. The group hired a lawyer to argue that they should have the ability to keep lucrative retention payments even if they quit, and they have also drafted a letter to Morgan Stanley CEO James Gorman which outlines their concerns, although the letter has not yet been sent, the sources stated.
Bank of America Corp (NYSE:BAC) dropped 1 percent as one of the financial stocks in the Dow Jones Industrial Average.
Facebook Inc (NASDAQ:FB) shares dropped over 4 percent to $18.31, in early morning trading. This represents an all-time low for a stock that has steadily lost ground since its high-profile IPO in May, with the company’s market value now below half the level set by its debut price of $38 per share. Over 24 million shares traded hands within the first hour of trading, in comparison to the stock’s three-month daily average of 36.8 million.
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Nokia Corporation (NYSE:NOK): Amazon’s (NASDAQ:AMZN) upcoming Kindle Fire is predicted to include mapping services via a collaboration with Nokia, two sources inform Reuters. Also, Amazon is predicted to add location capabilities to the new Fire, the sources add.
Sirius XM Radio Inc (NASDAQ:SIRI): Several investors have been believing that if Liberty is aggressively purchasing Sirius XM stock at prices higher than $2.50, it must be going higher. Liberty’s Chairman John Malone, who sits on the Sirius XM board, is a billionaire and if he is buying, then he must realize that the stock is a bargain.
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