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Morgan Stanley -- one of the two last independent, U.S.-based investment banks -- is in advanced merger talks with Wachovia Bank, according to sources close to the company.
Seeking to avoid the kind of fate that led Lehman Brothers and Bear Stearns to collapse, John J. Mack, Morgan Stanley’s chief executive, made an unsuccessful effort to persuade Citigroup’s chief executive, Vikram S. Pandit, to enter into a combination, The New York Times reported.
Crazy bets on market volatility and a big move in Morgan Stanley ... That's what the options market seems to be looking for, according to Rebecca Darst of Interactive Brokers.
Uncertainty is likely to continue in the financial sector for at least another two weeks, causing more depression, Ralph Silva, research director at Tower Group, told CNBC on Thursday.
The storm hitting Wall Street ramped up to category 5, and it's not over. Wednesday's markets illustrated in every way the fears investors have been living with since the credit crises began a year ago.
Morgan Stanley is negotiating with the Chinese government for a fresh infusion of funds into the beleaguered investment bank, sources tell CNBC.
Will history repeat itself, but in a good way? Cramer thinks it might.
Find out what strategies the Fast Money traders are using to navigate this murderous market!
Wall Street tumbled to a three-year low on Wednesday after the rescue of AIG failed to calm a crisis of confidence in global markets, leaving banks scared to lend to each other.
"Panic" is breeding stock-buying opportunity, says Bill Quinn, chairman of American Beacon Advisors. He offered CNBC his investment advice amidst market turbulence.
Washington Mutual has put itself up for auction, people briefed on the matter told the New York Times.
Even as the money in your low-interest bearing savings account is probably making you more this week than the money in your trading account, the money in your brokerage account is actually probably safer from an insurance perspective.
The U.S. dollar dropped Wednesday against the euro and against the yen, after news that the Federal Reserve would bail out AIG. But CNBC's Matt Nesto reports that the Fed continuing to hold interest rates steady might make the greenback a good buy.
Wall Street suffered another beating Wednesday at the hands of investors panicking over the state of large banks, as they flocked from stocks and sent safe-haven areas like gold soaring.
But late news of possible deals involving Morgan Stanley and Washington Mutual might help ease market jitters on Thursday.
As the crisis on Wall St. continues, there continue to be a number of financials that are up over the past three days. Here is an updated list of the S&P Financials that are winning and losing in the aftermath.
For a solution, Cramer says, we need only study our past.
On Monday, for example, mutual fund investors panicked and pulled $10.9 billion out of the market (TrimTabs), with particularly large outflows ($4 b) from global funds.
Morgan Stanley is trading down 16 percent, despite several positive analyst comments on their earnings, as traders note that credit spreads are widening. The Reserve's Primary Fund, a money market fund, "broke the buck" (the net asset value of the fund fell below $1) because it owned Lehman paper.
The unprecedented government rescue of insurance giant AIG calms the market's angst, but the question is whether credit markets will cooperate with the Fed and what other shoes are there left to drop.