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A report today in The Wall Street Journal (subscription required) states that Morgan Stanley (NYSE: MS) is on the verge of a major hiring push. Sources close to the bank holding company said that Morgan Stanley is planning to expand its ranks by as many as 400 new positions in the trading and sales departments, with the hires to be evenly split between the two areas.
Reportedly, Morgan Stanley is embarking on the hiring spree as it attempts to rebuild its position in fixed-income trading, emerging markets, and foreign exchange. So far this year, the banking issue has added approximately 200 employees to its payroll.
Morgan Stanley's conservative approach in the wake of the financial crisis has been criticized by some, with the firm continuing to swallow losses while its bolder rivals are beginning to rake in profits. Nevertheless, the stock's performance speaks for itself.
Year to date, Morgan Stanley is up more than 83%. The equity is cresting higher along support at its 10-week and 20-week moving averages, which could help propel the shares through short-term resistance in the $32 region.
However, with this being expiration Friday, there's a good chance we'll see the shares pinned near $30 throughout the session. This strike is home to peak call open interest of 36,584 contracts in the August series.
Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.
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