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Morgan Stanley (MS -0.1%) and Goldman Sachs (GS -0.2%) each have their Q2 earnings estimates cut...

Morgan Stanley (MS -0.1%) and Goldman Sachs (GS -0.2%) each have their Q2 earnings estimates cut by Atlantic Equities' Richard Staite. He thinks volumes have slowed of late and the banks may have suffered losses on their fixed-income inventories. FICC revenue at Morgan should be $1.25B in Q2, a big gain from a year ago, but short of the company's $1.5B-$2.5B target. He sees Morgan's Q2 EPS at $0.42 vs. $0.48 consensus, and Goldman's at $2.70 vs. $2.94 consensus.
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