The broad indexes were relatively flat after Greece initiated a bond swap as part of its second European bailout, through which investors took losses of over 50%, as part of a plan to reduce Greece's debt burden of 350 billion euro by 100 billion euro.
The The KBW Bank Index (I:BKX) was down 1% to close at 44.70, with 21 out of 24 index components seeing declines.
Morgan Stanley's shares have now returned 22.21% year-to-date following a 44% decline in 2011.The shares now trade for 0.7 times the company's reported Dec. 30 tangible book value of $27.05 and for 10 times the consensus 2012 earnings estimate of $1.90 a share. The consensus 2013 EPS estimate is $2.36.
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
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