Skip to main content

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 after

Morgan Stanley


reported a first-quarter loss due to a rebound in its bond prices and

Wells Fargo


reported revenue higher than its original forecast.

Image placeholder title

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.

Continental Airlines


was also a heavily typed ticker after it said its revenue fell 17%, but it posted a narrower-than-expected loss.

Fast-food giant



beat the top and bottom line in the first quarter as profit increased 3.5%.

News about



was also in demand after the company reported a better-than-expected profit on sales that were slightly light.

General Motors


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.

Gilead Sciences


jumped onto's most searched Wednesday after the company reported a 21% boost in first-quarter profit as demand for its HIV treatments continued growing.

Image placeholder title


General Electric


was a hot ticker after CEO Jeff Immelt told investors that "2008 was tough and 2009 is also going to be tough."

Before joining, 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.