Citi Updates 2Q Estimate On Morgan Stanley

According to Citi, Morgan Stanley MS 2Q estimate is updated. Citi said that it updates its 2Q11 EPS estimate to comply with anticipated consensus convention to reflect the $1.7 bil ($1.17/shr) charge for the 75 mil share concession offered to close the MUFG convertible preferred conversion. “Our 2Q estimate moves from a gain of $0.56 to a loss of $0.61 (vs an estimated pro forma adjusted consensus of a loss of $0.66).” Morgan Stanley closed yesterday at $23.00.