Selling at about 50% of tangible book value, Morgan Stanley (MS) is fending off pressure to...

|By:, SA News Editor

Selling at about 50% of tangible book value, Morgan Stanley (MS) is fending off pressure to return capital to shareholders as the firm husbands resources to purchase the rest of Smith Barney from Citigroup (C). And then there's Europe: the company's CDS are off of their October peak, but still among the highest of U.S. financials, suggesting credit markets don't believe the company is overcapitalized.