Diamonds and Dogs
Morgan Stanley (MS) buying E Trade (ETFC) for $13 billion. E Trade is up 26% as Morgan looks to modernize its brokerage business and tilt it more towards the retail customers. Morgan Stanley is also acquiring E Trades RIA business 's revenue currently comes from institutional clients. Very little of its brokerage business is self-directed. It has no digital banking for individuals, and much of its wealth management business is full-service. This will bring Morgan Stanley's total AUM to just under $3.5 trillion, about 10% of which will be from E*Trade.
More cord cutting at ViacomCBS (VIAC). The merged Viacom and CBS is down 16% to a new low after missing estimates by 46 cents as revenues fell 3.1% to $6.87 billion. The company is putting a positive spin on the earnings saying the company is making significant progress integrating and transforming Viacom and CBS, but investors don't seem to be too convinced.