Stocks in New York hugged the flatline Wednesday as investors combed through the latest batch of corporate earnings. Bank stocks were heavily searched again on TheStreet.com after
reported a first-quarter loss due to a rebound in its bond prices and
reported revenue higher than its original forecast.
Morgan Stanley shares were down around 6% on Wednesday. The company also is cutting its quarterly dividend 81% to 5 cents a share.
Wells Fargo shares, on the other hand, were gaining 2% after its quarterly report. The bank posted a profit of $3.05 billion, in line with its prior forecast, as rising credit losses were offset by a surge in mortgage banking and benefits from the
acquisition. Revenue came in slightly higher than forecast at $21.02 billion.
Elsewhere, aircraft and defense products manufacturer
missed analysts' profit and revenue expectations and lowered its full-year forecast, but shares still stayed positive.
was also a heavily typed ticker after it said its revenue fell 17%, but it posted a narrower-than-expected loss.
beat the top and bottom line in the first quarter as profit increased 3.5%.
was also in demand after the company reported a better-than-expected profit on sales that were slightly light.
was a hot stock after
reported midday that the nation's largest automaker may skip its next bond payment.
joined GM as a hot ticker.
jumped onto TheStreet.com's most searched Wednesday after the company reported a 21% boost in first-quarter profit as demand for its HIV treatments continued growing.
was a hot ticker after CEO Jeff Immelt told investors that "2008 was tough and 2009 is also going to be tough."
Before joining TheStreet.com, Gregg Greenberg was a writer and segment producer for CNBC's Closing Bell. He previously worked at FleetBoston and Lehman Brothers in their Private Client Services divisions, covering high net-worth individuals and midsize hedge funds. Greenberg attended New York University's School of Business and Economic Reporting. He also has an M.B.A. from Cornell University's Johnson School of Business, and a B.A. in history from Amherst College.