Oct. 10 (Bloomberg) -- Morgan Stanley dropped for a fifth day after Moody's Investors Service said it may reduce the U.S. investment bank's credit rating on concern the financial crisis threatens earnings and investor confidence. Morgan Stanley fell as much as 30 percent in New York trading after sinking 26 percent yesterday to the lowest level since 1996. Moody's put Morgan Stanley's A1 long-term rating on review for a possible downgrade and lowered its outlook for Goldman Sachs Group Inc.'s Aa3 long-term rating to negative. Goldman shares also sank today.
Oct. 10 (Bloomberg) -- Morgan Stanley dropped for a fifth day after Moody's Investors Service said it may reduce the U.S. investment bank's credit rating on concern the financial crisis threatens earnings and investor confidence.
Morgan Stanley fell as much as 30 percent in New York trading after sinking 26 percent yesterday to the lowest level since 1996. Moody's put Morgan Stanley's A1 long-term rating on review for a possible downgrade and lowered its outlook for Goldman Sachs Group Inc.'s Aa3 long-term rating to negative. Goldman shares also sank today.
