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

(MS) - Get Morgan Stanley (MS) Report

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

Wells Fargo

(WFC) - Get Wells Fargo & Company Report

reported revenue higher than its original forecast.

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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


(BA) - Get Boeing Company Report

missed analysts' profit and revenue expectations and lowered its full-year forecast, but shares still stayed positive.

Continental Airlines

(CAL) - Get Caleres, Inc. Report

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

Fast-food giant


(MCD) - Get McDonald's Corporation (MCD) Report

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

News about


(T) - Get AT&T Inc. Report

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

General Motors

(GM) - Get General Motors Company (GM) Report

was a hot stock after


reported midday that the nation's largest automaker may skip its next bond payment.


(F) - Get Ford Motor Company Report

joined GM as a hot ticker.

Gilead Sciences

(GILD) - Get Gilead Sciences, Inc. (GILD) Report

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.

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General Electric

(GE) - Get General Electric Company (GE) Report

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.