It's Thursday, February 20th.

Welcome to Market Fullry.

I'm Chris Hill with me in studio.

Mr. Bill Barker.

Thanks for being here.

Thanks for having me.

The news fairy showed up. The news fairy was busy this morning and

we'll get to Domino's earnings and holy cow it was that impressive but let's start

with the big deal of the day and that is Morgan Stanley buying E-Trade.

This is an all-stock deal.

It is valued at $13 billion and this shouldn't be super surprising, I guess, when you think about the ripple effects of last year when Schwab said,

yeah, we're going to cut our trading commissions to zero and cut to however many months later.

And E-Trade's like, yeah, yeah, we'll let ourselves be acquired for that price.

Yeah, E-Trade has grown into a large company with plenty of money in it and plenty of assets and accounts but having

really built its model around take control of your finances by trading stocks and you know that that portion of the business being

making money off of every single one of those trades gone they needed sort of a new

business model to to marry up to and they found one

I was a little surprised to see right at the open this morning shares at Morgan Stanley

were down like four or five percent. I just you know in my limited

analysis I thought I'm I'm not sure you know that's not a huge drop and it is it has come back up from there. I think right before the we walked in the studio I checked it was like maybe only down 1.5% but you know it seems like a good deal from Morgan Stanley.

They think they can get half a billion dollars out of quote unquote synergies over the next

three years.

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