INSTANT VIEW: Morgan Stanley loss narrows

NEW YORK (Reuters) - Morgan Stanley reported its second loss in five quarters on Wednesday as the worsening credit crisis generated more losses on its assets while also slashing investment banking and brokerage fees.

The New York-based bank said its loss from continuing operations for the quarter ended November 30 narrowed to $2.20 billion, or $2.24 a share, from a loss of $3.59 billion, or $3.61 a share, a year earlier. Analysts on average expected a loss of 33 cents a share, according to Reuters Estimates.

The following is reactions from industry analysts and investors:

JON FISHER, PORTFOLIO MANAGER AT FIFTH THIRD ASSET

MANAGEMENT

"They missed expectations just like Goldman Sachs did."

"There's just nothing going on in the business. The key areas of the Wall Street business model -- there's just nothing going on there."

"The first fiscal quarter is going to be just as tough for them -- there's nothing going on across the planet right now."

"We are in a global recession. They need growth and leverage on that growth to work and right now they don't have that...So it's tough for them to report earnings and earnings growth with this kind of model."

BRAD HINTZ, ANALYST AT SANFORD C. BERNSTEIN IN NEW YORK

"These are poor quality results-- $5.9 billion came from their own debt, either lifting hedges on their debt or marking their debt to market. I'd love to make money marking my own credit card debt."

SAL ARNUK, CO-MANAGER OF TRADING AT THEMIS TRADING IN

CHATHAM, NEW JERSEY

"The numbers are not good.

"The loss is great. They're cutting back on many, many different business lines so it calls into question what is the return on equity going to be down the road."

"All the brokerage firms are undergoing the same transformation - are they banks and do the expectations of the Street have to be adjusted?"

(Reporting by Leah Schnurr, Elinor Comlay and Dan Wilchins)