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Stocks firm...Oil drops...Visa's huge IPO
Wednesday, March 19, 2008
NEW YORK (AP) Even after yesterday's strong rally, stock prices have been firm in the early going. Investors are digesting better-than-expected earnings from Morgan Stanley and a drop in crude oil prices.
NEW YORK (AP) Investment banking giant Morgan Stanley reports the strength of its stock and bond trading business led to first-quarter earnings that were higher than forecast. It also reported write-downs of 2.3 billion dollars, some linked to troubled mortgage-backed securities.
SAN FRANCISCO (AP) Credit card processing giant Visa has pulled off the biggest initial public offering in U.S. history. It has sold more than 400 million shares at $44 each, raising nearly 18 billion dollars.
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