Morgan said it plans to use the funds to help pay off its government TARP debt. The banking giant received $10 billion in federal funds during the credit crisis last year.
Exactly when the government will allow banks to pay off their TARP debt remains a mystery. Morgan said it hopes to be able to pay back the money by the end of June.
Morgan Stanley shares fell $1.07, or -3.6%, in Tuesday morning trading.
We removed shares of MS from our "recommended" list back on Aug. 12, when the stock was trading at $45.39. The company has a dividend yield of .90%, based on last night's closing stock price of $29.89.
The stock has technical support in the $22-$25 price area. If the shares can continue their recent ascent, we see the next level of overhead resistance around the $35 price mark. We would remain on the sidelines for now.
Morgan Stanley is not recommended at this time, holding a Dividend.com DARS Rating of 3.3 out of 5 stars.
Walgreen Says Same-Store Sales Rose 1% in May
Drug store chain
said Tuesday that May same-store sales rose 1%, helped by higher pharmacy sales.
The Deerfield, Ill.-based company said that overall same-store sales rose 1% last month. Same-store sales are considered a key indicator of a retailer's health, since they measure the performance of stores open at least one year.
Walgreen also said that total pharmacy rose 6.3% in May, with same-store pharmacy sales rising 1.5%. Overall, pharmacy sales represented about 65% of the company's total sales revenue.