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Devin Ryan of JMP Securities asks for some additional color on the fair value mark within the energy book. $MS CFO Jon Pruzan replied that 40% is both fair value and held for sale. He added that the held for sale will run through other revenues and the fair value will run through sales and trading line items, and $MS does mark-to-mark it daily.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.