Morgan Stanley talks to China's CIC, Wachovia: sourcesSeptember 18, 2008 4:47 PM ET NEW YORK (Reuters) - Morgan Stanley , its shares and debt battered by anxious investors, is in talks to sell a larger equity stake to China Investment Corp at the same time it is in merger talks with Wachovia Corp and other banks, two people familiar with its plans said on Thursday. Morgan Stanley, one of the two major Wall Street firms still independent after unprecedented upheaval this past week, is pursuing multiple tracks to help it weather a worsening storm in financial markets, the sources said. The first priority remains staying independent by riding out the storm and urging regulators to address short selling activity. Mack blamed short sellers for hammering the firm's share price this week after Morgan Stanley reported stronger-than-expected earnings and progress bolstering the balance sheet. http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date=20080918&id=9161621
Damn I feel stupid. If only my co-worker had dragged me away from my desk right after I submitted the buy order, instead of after I submitted the sell order.
MS is noticeably weak, even as XLF held above 21.95 after 4.30pm. I don't think this story is finished quite yet