Morning Surprise: Morgan Stanley Reports Losses

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The first-quarter bloodshed continues: Morgan Stanley reported a loss of $177 million — but that's not including the $401 million lost in dividends tied to the government bailout, so ultimately shareholders were presented with a net loss of $578 million. On the bright side, Wells Fargo (a bank one of your Daily Intel editors once joined simply because her dad thought the name was "cool") posted a $3.05 billion profit, with a net revenue of $21.02 billion. [Fortune, Reuters]