Morgan Stanley Quotes (14 Quotes)

Net interest margin and Net interest income were stronger than expected, as BAC kept a tight lid on deposit pricing, shrank the securities portfolio and delivered strong loan growth. This should help reduce investor concerns on the bank's ability to manage through the flat yield curve.

We must work out if one year of increased spending is enough to boost growth and brand positioning, or will 2007 guidance come under further pressure.

With this overlap in mind, (takeover) interest from third parties may well be limited.

While 2006 earnings targets appear achievable, we are concerned with the projected sustainability of volume and margins at the core Auto division. Fiat is not alone in lowering costs within its industrial base. Rival volume makers such as VW, Renault, Peugeot-Citroen, GM and Ford will also make significant restructuring improvements. In addition, Japanese and Korean market share gains are set to accelerate, putting manufacturers like Fiat on the hot seat.

We continue to struggle to find attractive valuations in the sector, and, in contrast to last October, we feel short term drivers are turning negative rather than positive.

(This) should lead to strong order intake and rising profit margins for European oil services firms.

We also recommend that investors with a 2- to 3-year investment horizon accumulate shares in the sector through a basket of mid-sized bank stocks because there could be a sharp uplift in value due to consolidation activity.

Without deferred tax credits, Hutchison needs to book exceptional gains this year to keep profits firmly in the black. We hope that this spurs the company into more corporate activity.

Urals claims to be considering a pipeline of 20-30 deals, and management expects to complete at least one substantial transaction by mid-year. We stress that, in our view, deal-flow expectations are absent from the current share price.

We recognize that this goes against powerful recent flows into emerging markets and Japan. However, in our view, flows are approaching the point of pushing Japan and emerging markets beyond fair value, creating the relative value opportunity in the U.S..

We have limited information on the disaster. Our immediate focus and concern are for the well-being and safety of Morgan Stanley employees.

In our opinion, the strategic rationale is sound and price paid is lower than what we would have anticipated.

Recent environmental disasters suggest that China needs to find a better balance between growth and environmental protection. The obsession with GDP has led to a neglect of growth quality issues.

While our forecasts are conservative and anticipate additional losses in the courtroom for MRK, our operating assumption is that MRK can handle a multi-billion settlement without a major impact on its fundamental business outlook.