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Wednesday, 11/14/2001

MWD - Morgan Stanley Dean Witter & Co.

Company Description

Morgan Stanley & Co. (NYSE:MWD) is a preeminent global financial service firm with well recognized brand names including Morgan Stanley and Discover® Card, among others. Morgan Stanley combines the strength of innovative financial products and services with a powerful distribution capability to individual and institutional clients. Morgan Stanley's products and services include underwritten public offerings of securities, mergers and acquisitions and other financial advisory services, securities sales and trading, research, consumer credit and investment, and asset management services. Morgan Stanley's services and products are provided to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals around the world. Morgan Stanley maintains leading market positions in each of its three businesses - Securities, Asset Management and Credit Services.

(Source: Morgan Stanley)

Reasons To Invest

Earnings of the major brokers have been weak in the past several quarters due to the slumping economy. The underwriting businesses of many investment banks have been weak as fewer initial public offerings (IPOs) were offered. And transaction revenues have been down as trading activity dwindled.

By all accounts, the brokers are currently in a tight spot. But it may be the bottom of the cycle. The historically low level of the Federal Funds rate and added liquidity in the financial system should lead to an economic rebound sometime in 2002. Early signs point to that end. Public offerings are slowly increasing in frequency and size. Trading activity is picking up and a few mergers and acquisitions are springing up.

With its dominant position in several markets, shares of Morgan Stanley are poised to trade higher if in fact the economy rebounds next year. The broker has taken steps to cut costs and boost profitability recently, which should add to earnings when its primary businesses rebound. That rebound may begin to materialize over the next six to nine months. Long-term investors in search of exposure to a solid financial might consider a closer look at shares of Morgan Stanley.

DRIP Information:
Shares to Qualify = 1           Accept Foreign Accounts: No
Auto-reinvestment = Yes         Temper Enrollment Serv:  Yes

Min/Max Investment = $100 to $40,000/year
Reinvestment Fees: 
Dividend: 0   Cash: 0   Auto ReInvest: 0

Transfer Agent:

M.S. Dean Witter Trust FSB


Industry Group:    Broker/Dealer  52-week high=$90.49
Annual Dividend Per Share= $0.92  52-week low =$35.75
Last earnings 11/01     est=1.29  actual=1.06
Next earnings 02-15     est=0.68  versus=3.08
                                  P/E = 16.25
Analyst Ratings:
Strong Buy    = 5
Moderate Buy  = 7
Hold          = 7
Moderate Sell = 0
Strong Sell   = 0


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