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Morgan Stanley: Earnings Loser (Update 1)

Updated from 1:59 p.m. ET with market close information, total returns and stock ratios.

NEW YORK (TheStreet) -- Morgan Stanley (MS) was the loser on Thursday among the largest U.S. financial names, with shares sliding more than 5% to close at $20.31.

The broad indices were all showing declines, after the Department of Labor said first-time unemployment claims for the week ended April 13 rose 4,000 to 352,000, from the previous week's revised figure of 348,000. Economists polled by Thomson Reuters had expected jobless claims to come in at 350,000. The four-week moving average for first-time unemployment claims increased by 2,750 to 361,250.

In its economic commentary early on Wednesday, Deutsche Bank's research team said Thursday's unemployment claims numbers would "take on added significance," because a spike in claims the previous week was caused by the Easter holiday, which came early this year.


UBS economist Maury Harris early on Thursday forecast the unemployment claims number would be little changed and also that the Federal Reserve Bank of Philadelphia's index of regional factory activity would increase to a reading of 5.0 for April from 2.0 in March. A reading above zero indicates expansion.

The Philadelphia Fed later announced that the index reading for April was just 1.3. "The indicator for overall activity remained slightly positive this month," the bank said in a statement "but other broad indicators were mixed. Indicators for new orders and employment were weaker this month." The consensus among economists is for the Philadelphia Fed's index of current activity to come in at 3.3.


The KBW Bank Index (I:BKX) was down 1% to 54.20, with 17 of the 24 index components showing afternoon declines, including Bank of America (BAC), which was down over 2% to $11.44, following a 5% decline on Wednesday.

Morgan Stanley

Morgan Stanley early on Thursday reported first-quarter earnings from continuing operations -- excluding debit valuation adjustments -- of $1.177 billion, or 61 cents a share, compared to $1.343 billion, or 71 cents a share, in the first quarter of 2012.

Net revenues excluding DVA were $8.457 billion in the first quarter, increasing from $7.477 billion the previous quarter, and $8.902 billion a year earlier.

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