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The major indices are modestly lower, but financial stocks are showing strength, despite Morgan Stanley's huge loss. The Fed injected $20 billion into the banking system, and Larry Summers, former treasury secretary, called for the government to deliver tax-cuts and a spending package in the region of $50 - $75 billion to help prevent a deep recession.
Morgan Stanley (MS | Quote | Chart | News | PowerRating) reported a fourth quarter loss of $3.59 billion, due to mortgage related write-downs. The company also announced it was receiving a $5 billion cash infusion from China Investment Corp. (read more).
Shares of Palm (PALM | Quote | Chart | News | PowerRating) are trading lower after the company reported a Q2 loss yesterday (read more).
Hovnanian Enterprises (HOV | Quote | Chart | News | PowerRating) is also declining after reporting a Q4 loss yesterday (read more).
TD Ameritrade (AMTD | Quote | Chart | News | PowerRating) is higher after the company raised guidance for Q1 (read more).
Union Pacific (UNP | Quote | Chart | News | PowerRating) is lower after cutting its Q4 and full-year outlook (read more).
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