Intern season is underway.

Across Wall Street, interns are trying to adjust to the demanding and fast-paced work environment of finance.

If you're one of those Wall Street interns, then you've probably got tons of questions. Of course, you might be worried about asking them without seeming clueless. 

Morgan Stanley went ahead and did the dirty work for you. Last summer, the bank collected questions from its interns and brought them to a group of managing directors and recruiters.

It shared the answers on its website.

We've got the nine most frequently asked questions and answers for you below.

Portia Crowe contributed to an earlier version of this article.

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How do I differentiate myself from equally qualified summer analysts?

"A key differentiator is how well you work in a team, as teamwork is an integral part of our firm's culture.

"Another is how much of a self-starter you are. It's important to complete an assigned task thoroughly, but it's differentiating if you go the extra mile.

"For example, do more analysis than your manager expects for the project and an additional task no one asked you to do but that you think could help the team.

"This demonstrates your interest, understanding of the product, how you can fit into the team, and how useful you can be."

Is there a fine line between being helpful and being overly eager and annoying? How can you know if you've crossed that line?

"Yes, there is a fine line, but not to worry — there are ways to help keep it in balance.

"Firstly, be mindful of other people's time. Email and ask your manager if you can chat at some point about an idea you think might add value, or pick a time when he or she doesn't look too busy.

"Another tip is to prep yourself before you talk to a manager. For example, write down the points you want to get across ahead of time so you know what you want to get out of that meeting."

When should I speak up at a meeting and when is it just better to pull my manager to the side and quietly ask a question or offer an idea?

"Tough question — the answer differs very much from business to business and group to group.

"The best thing is to spend the first few weeks of your internship observing and getting a feel for how the team works. Many of our businesses actively seek out summer analysts' views because they benefit from having a fresh set of eyes looking at a process, or coming from a totally different angle.

"But if you're just not sure, then err on the side of caution and pull your manager aside after the meeting to offer up an idea."

A week after Amazon announced its deal to buy Whole Foods, analysts are beginning to brainstorm about how the “Amazon Effect” will disrupt other parts of the food industry, especially delivery.

In a report published Sunday night, Morgan Stanley downgraded GrubHub’s stock from overweight to equal weight, slashing the price target from $47 to $43.

“GRUB competition is starting to bud,” write analysts at the bank. “Particularly Amazon, with 26% of Amazon Prime members reported having tried Amazon Restaurants in the past six months.”

Chicago-based GrubHub is by far the market leader for food delivery. But, as Morgan Stanley notes, Uber Eats and Amazon are ready to begin their siege on GrubHub’s customer base. 

"To be clear, we are not saying that Amazon’s restaurant business is as large as GRUB’s yet (as this does not capture order frequency or average check),” Morgan Stanley said in a note. “But rather that Amazon has shown an ability to grow quickly in this industry."

Last week, Wedbush senior tech analyst Aaron Turner made the case for an Amazon buyout of GrubHub. With a similar geographic layout and customer demographics, GrubHub's roughly $4 billion market value as of Monday would be small change for Amazon, which closed Monday with a market cap of close to $480 billion. 

"Grubhub is well-positioned for sustained growth in the coming years," a GrubHub spokesperson told Business Insider. "We turned in our best company results in the first quarter of 2017 and haven't seen competition hurt our ability to grow."

GrubHub stock closed down 6.42% on Monday, at $44.64, and is up 55% over the last 12 months.

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Morgan Stanley analyst Adam Jonas has lately been more bullish on General Motors, even as traditional car companies have seen their stock prices hammered while investors rush into upstarts such as Tesla, whose shares have surged almost 80% this year.

Morgan Stanley was involved with GM's recent proxy battle with Greenlight Capital's David Einhorn, so Jonas wasn't commenting on the carmaker.

But in a note published Wednesday, he resumed coverage with an "overweight" rating and a $40 price target (GM is now trading at $35).

Jonas also articulated a "bull case," however, which would see GM rising to $50. But that would depend on some aggressive business moves.

"While GM management in our view appear highly aware and attuned to the challenges and opportunities facing OEMs, they have not commented on specific subsequent transactions to exit, monetize or spin any of its specific businesses," he wrote.

"We believe that during this formative time of technology and business model change investors may show a willingness to value GM on the basis of some of its more valuable assets over the next 12-18 months."

You don't have to read between the lines there to realize what Jonas is suggesting. And this isn't the first time he's argued that GM could be broken up. He raised the issue earlier this year, months before Greenlight proposed that GM offer two new classes of shares, one for capital appreciation and growth, the other for dividend investors (the plan was shot down at GM's annual meeting this month).

Auto 1.0 to Auto 2.0

The last major spinoff in the auto industry, Fiat Chrysler Automobiles' IPO of Ferrari in 2015, has returned 119% over the past 12 months, making it the best-performing stock in the sector. That's certainly influencing Jonas' thinking, something that's been confirmed by his questions for FCA and Ferrari CEO Sergio Marchionne about additional spinoffs (namely, Jeep).

For GM, Jonas wants to fit the automaker into his "Auto 1.0-to-Auto 2.0" thesis.

"Quite simply, we believe GM has a number of assets and businesses that are of potentially high strategic value to outside players or partners who are keen on entering the global mobility space," he wrote.

"We also believe there are steps that, hypothetically, can be taken to unlock hidden tech value at GM while maintaining some degree of benefit to the remaining business ... through commercial or ownership arrangements."

A few years back, GM would have balked at the idea of selling off chinks of itself. But under the leadership of CEO Mary Barra, the company has focused on maximizing its return on investment and has been ruthless about shedding underperforming assets, most recently in nearly 100-year-old European division, Opel/Vauxhall, which is sold to Peugeot for about $2 billion.

GM has also established a new brand, Maven, to market car-sharing and mobility to younger, urban customers, and the company is rolling out a ride-hailing initiative with Lyft after investing $500 million in startup. Either of these businesses could grow more rapidly than the legacy business and be a candidate for a spinoff. 

SEE ALSO: Morgan Stanley's top auto analyst suggests GM could be broken up

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A former Morgan Stanley banker who helped the bank make $100 million in fees in a single year is suing the bank for a more than $1 million bonus.

Bernard Mourad worked for the New York-based investment bank until 2015. On Monday, Mourad told an employment tribunal in Paris that Morgan Stanley owes him $1.5 million for his role in a $23 billion merger deal, according to reporting from Bloomberg's Gaspard Sebag.

Mourad brought in $100 million for the bank while he advised Patrick Drahi, the Moroccan-born founder of Netherlands-based Altice, a telecom conglomerate, in an acquisition. Mourad left Morgan Stanley in 2015 to work for Drahi. 

During the tribunal, Morgan Stanley's lawyers said the bank constructed Mourad's compensation package to "reward loyalty." As such, Mourad's departure from the bank disqualified him for the bonus. 

Mourad's lawyer argued that such a set up is illegal under French law because Mourad did not give "express consent."

“It’s a bit like saying that your salary for July will only be paid if you’re still working at the company four years later," Eric Manca, Mourad's lawyer said. 

Mourad filed the lawsuit soon after he quit, according to Bloomberg, to become the chairman of Altice Media Group, a division of Drahi's Altice. More recently, he worked on French President Emmanuel Macrons's presidential campaign. 

Read the full story on Bloomberg. 

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Film studio profits have been suffering in recent years, and the "desperation level in Hollywood" has reached new highs, according to a new research note from Morgan Stanley. 

Hard times and thin margins could result in a major push toward a service called "premium video on demand"— streaming newly released movies at home for a higher fee in lieu of visiting the cinema — that may boost profits at studios but would likely harm movie theater operators, according to the bank.

Just how bad is it for film studios right now? Despite the gaudy, billion-dollar global box office figures, most of Hollywood isn't earning huge profits, thanks in part to the onslaught of streamable, high-quality TV content.

Apart from Disney, which in 2016 pulled in $1.8 billion in EBITDA (earnings before interest, taxes, depreciation, and amortization), the studio industry generated a combined EBITDA of just $1 billion. Paramount and Sony suffered losses. 

One solution to juice those margins that Morgan Stanley says is "inevitable" is premium video on demand.

The idea is to make home viewing available when consumers are most aware of a movie — during the theatrical release when buzz and marketing are at a peak. Right now, people have to wait several months to rent or buy a new release.

Studios would charge $30 to $50 for the early access, compared with the $5 to $7 it currently costs to watch a movie on demand months after the theatrical release. 

Premium video wouldn't necessarily attract hordes of new customers, since it would likely cannibalize sales from people who visit theaters.

Market research conducted by Morgan Stanley's suggests that 25% of consumers would be interested in the product, but those who expressed interest already go to the movies. If you pay extra to watch a new release at home, you probably won't also go see it at the local Regal theater. 

"There is no evidence in our work that P-VOD is going to bring new consumers into the market," the bank's research note said. 

But, given a higher price point, this service could still amount to a significant increase in sales. Morgan Stanley estimates Hollywood studios could reap $2 billion in additional annual revenue, assuming a price point of $35 per premium rental. 

This scenario doesn't bode as well for movie theater owners, which could see attendance dip by 8% within a few years if consumers take to the service. Regal and Cinemark, two of the largest theater operators, could see EBITDA decline by 25% and 15%, according to the research note. 

That's a potentially dark future for theater owners, but it's still entirely hypothetical at this point, Morgan Stanley acknowledges. 

Studios and theater operators have contractual agreements that would have to be sorted out, and the theater owners could end up negotiating a slice of the revenue generated from premium video. Disney, which is still generating massive profits from its theatrical releases, has a vested interest in the continued health of cinemas like Regal and Cinemark.

It's also possible that people find the notion of paying $35 to watch a movie at home objectionably high and the service sputters without leaving much of an impact. 

But, given the current movie-studio malaise, Morgan Stanley thinks it's all but certain that Hollywood will give it a shot. 

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From electric vehicles to residential solar panels, sustainable trends are sweeping markets across the world.

Morgan Stanley has taken note, and picked 8 US stocks that are best prepared to solve global problems—and deliver a punchy return to shareholders while doing so.

"There are multiple sustainability mega trends that pose environmental and social challenges," the bank said in a note. "But the solutions can present financial opportunities for corporates and investors alike."

For its report, the bank focused on seven key areas: climate change, water scarcity, waste management, food availability, health & wellness, improving lives and demographics.

Here are the 8 US companies that Morgan Stanley says are best positioned to take advantage of these opportunities and have a price target more than 10% above the current share price. 

Sunrun Inc

Sunrun is the largest maker of solar panels in the United States and is involved with every aspect of residential installation, from design and installation to financing, insurance and maintenance.

Morgan Stanley says the company is better prepared to face the challenges in the tricky sector because of its purely residential focus.

Morgan Stanley price target: $8

Get the latest stock price here. 

Daqo New Energy

Daqo is one of the largest producers of polysilicon “wafers” for semiconductors, but is now transitioning into photovoltaic manufacturing for solar panels—a solid bet, considering China’s new focus on renewable energy. 

Morgan Stanley price target: $28.30

Get the latest stock price here. 

Symantec

Symantec is one of the most well-known cybersecurity companies, offering  products for both businesses and consumers. Recent partnerships with LifeLock and the acquisition of Blue Coat gives Morgan Stanley to believe the stock will continue to grow, with a revised price target of $37 (almost $10 above its price on July 5, 2017).

Morgan Stanley price target: $37

Get the latest stock price here.  

After US president Donald Trump decided to pull the country out of the Paris Climate Agreement, many expected a reduction in the nation’s efforts to transition to clean and sustainable energy.

That hardly seems the case now, however, as a number of US states and even private institutions have decided to pursue initiatives that reinforce those outlined in the international climate deal.

In "Renewable Energy: What Cheap, Clean Energy Means for Global Utilities," a report published Thursday by financial services firm Morgan Stanley, analysts confirm that renewable energy is fast becoming the cheapest option.

"Numerous key markets recently reached an inflection point where renewables have become the cheapest form of new power generation," the report noted. "A dynamic we see spreading to nearly every country we cover by 2020." The report continued:

By our forecasts, in most cases favorable renewables economics, rather than government policy, will be the primary driver of changes to utilities’ carbon emissions levels. For example, notwithstanding president Trump’s stated intention to withdraw the US from the Paris climate accord, we expect the US to exceed the Paris commitment of a 26-28% reduction in its 2005-level carbon emissions by 2020.

A cheaper, better alternative

Indeed, the cost of renewables — particularly solar — has recently decreased significantly, with the price of solar panels dropping by 50 percent in just two years, according to the report.

This certainly makes reaching the carbon emission limits set by the historic climate accord much easier, and the increased affordability is helping major polluters like India and China step up their renewable energy efforts.

The impact of renewable energy adoption extends beyond the environment — it also benefits the economy.

Renewables are providing better investment opportunities for utility companies while lowering costs for consumers.

"The ability to lower customer bills from utilizing low-cost renewables can improve utilities’ regulatory environment and provide related investment opportunities in grid modernization initiatives," the analysts wrote. Aside from this, renewables are also generating more jobs than their fossil fuel counterparts — in the US, they account for even more jobs than tech giants Google, Apple, and Facebook combined.

So, despite the US officially withdrawing from the Paris Climate Agreement, the Morgan Stanley analysts believe that industries in the country will continue to see renewable energy as the more economically attractive and environmentally sound alternative to fossil fuels. Not even politics can stop this trend.

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Shares of Snap are hitting new lows Tuesday morning, after another bank — this time Morgan Stanley — cut its price target on the stock. 

Snap's fallen to $16.26 in early trading, below its $17 IPO price and a new low.

The losses come as the drumbeat of pessimism from Wall Street grows louder. Several banks, including some of the deal's underwriters of the IPO have cut their price targets on the stock. 

Morgan Stanley lowered its price target on Tuesday from $28 to $16, according to Bloomberg. Morgan Stanley was an underwriter of Snap's IPO. JPMorgan, another of Snap's underwriters, has been bearish on the stock since shortly after the company became public.

The cut comes a day after Credit Suisse recently lowered its price target from $30 to $25.

The slate of downgrades and downward stock price trend comes even as Snap is opening new advertising channels and releasing new features for users. Many of the banks have pointed to what they expect to be a disappointing second quarter earnings report, which is set to be released next month.

Click here to watch Snap's stock price in real time...

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"We have been wrong..."

That was the bombshell line leading off a note on Snap from Morgan Stanley on Tuesday morning.

Snap's lead initial public offering underwriter downgraded the company to a neutral and lowered its price target by 42% to $16. The bank's bear case for the stock is $7. 

"We have been wrong about SNAP's ability to innovate and improve its ad product this year (improving scalability, targeting, measurability, etc.) and user monetization as it works to move beyond 'experimental' ad budgets into larger branded and direct response ad allocations," Brian Nowak, an analyst at Morgan Stanley, wrote in a note to clients Tuesday.

Morgan Stanley's equity research team has a complex history covering Snap. As Business Insider reported in April, the bank issued a correction on it's first research note on Snap, changing a range of important metrics in its financial model but not the original $28 price target.

Nowak is not giving up hope on the company. Most of his reasons for the downgrade are related to a slower than expected schedule of improvements. Snap has been sluggish in attracting new users, releasing new features and satisfying advertisers.

"We move to [neutral] and will monitor four areas of innovation which could improve SNAP's ad product and advertiser demand," Nowak wrote. "For now, though, we are 9%/12% below Street '17/'18 revenue and 16%/76% below on adj EBITDA."

The note included four distinct areas that are holding Snap's growth back. They are as follows:

1. Poor ad completion rates: The initial draw of Snapchat was that advertisers could place their ads in between content created by its users. This felt more personal than many other platforms, and Snap promised advertisers access to the desirable millennial consumer bracket. The problem is, Snap has failed to deliver on those promises. Completion rates for ads on Snapchat have been lower than expected, according to Morgan Stanley. This has made advertisers hesitant to continue advertising on the platform when rivals like Instagram and Facebook offer higher completion rates.

2. Lower return on investment: When an advertiser spends money on an ad, they are hoping to see a tangible benefit to buying said ad. On Snap's platform, advertisers are seeing a lower return on their investments than rival platforms. According to Morgan Stanley, this means advertisers are not increasing ad budgets on the platform.

3. Snap's delay in bidding platform rollout: Snap has developed an automated bidding platform for advertisers to place ads within Snapchat, but the product has been rolling out slower than expected. Nowak doesn't expect the technology to be fully operational by the end of 2017, or early 2018. This is delaying advertisers' ability to buy ads on Snap's platform easily.

4. Increased competition: Instagram and Facebook have been replicating new features of Snapchat faster than investors expected. Both of the rival platforms, both owned by Facebook, have copied Snap's flagship "stories" feature. Instagram has been offering advertisers free lens, according to Nowak. The free ad placements are eating into Snap's main source of revenue. Sponsored lenses account for 50% of Snap's revenue according to Nowak.

Those four problem areas, if improved, don't have to hold Snap's growth back forever.

"It is important to remember that this isn't the first time we have seen developing ad platforms struggle and need to evolve and improve their offerings. Google Search, YouTube, Facebook, and Twitter, among others have all gone through growing pains...as the key now is SNAP's ability to execute and improve its ad offering," Nowak said.

Snap's stock price has fallen 34.85% since opening for trading. Shares have dropped below Morgan Stanley's price target briefly on Tuesday, but are currently trading around $16.00.

Click here to watch Snap's stock price move in real time...

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After surging toward $400 a share this year and topping the market caps of both Ford and General Motors, Tesla has declined by over 18% in just a few weeks.

Tesla's stock has always been volatile, and the volatility is back.

But the enthusiasm for Tesla's wildly overstated disruptive potential hasn't faded at all. The former Apple analyst Gene Munster — who's now an early-stage venture capitalist but is still analyzing companies as he did at Piper Jaffray — has been vigorously pushing the idea that Tesla is the new Apple.

The key to that argument is not just that Tesla will become larger and vindicate a $50 billion-ish market cap by selling many, many more cars than it does now. It is underpinned by the view that Tesla will dominate markets.

"Consensus thinking is the Model 3 expanded Tesla's addressable market from about 1 million cars a year to 4 million cars a year," Munster wrote, as my colleague Danielle Muoio reported. "However, based on our cost of ownership work, we believe the Model 3 expands Tesla's addressable market to about 11m vehicles per year in North America alone."

For starters, Tesla's "addressable market" for its pre-Model 3 vehicles, the Model S and Model X, stands at about 100,000 per year, one-tenth of what Munster is talking about. That might have expanded somewhat, but $100,000 all-electric luxury cars would most likely tap out on demand well below that level.

That Model 3-Model S-Model X combined market of 4 million isn't completely nuts, but electric cars would need to move massively upward in market share globally from the current level of only about 1%.

The 11 million annual number is borderline nonsense, however, and the best way to understand that is to consider this: If Tesla were to sell 11 million vehicles annually in the US, it would control 65% of the 2017-level market.

At its peak in the 1950s — when it had only two major domestic competitors in Ford and Chrysler — General Motors captured just over 50% of the market; it now leads all US sales with less than 20%.

Tesla selling that many vehicles every year would be a near-monopoly, putting a half-dozen established automakers out of business and devastating the existing US auto industry, including car companies, plant workers, and dealers.

But that's the way Muster and the tech crowd likes it: Monopolies are good. Looking at the existing US market, however, you see an antimonopoly situation, rich in consumer choice and with abundant competition.

Luckily, we have the Morgan Stanley analyst Adam Jonas offering a corrective to Munster's comical boosterism. In a research note published Tuesday, Jonas, one of Wall Street's most reliable Tesla bulls, wrote:

"In recent months, as Tesla gets closer to launching the Model 3, we increasingly hear the view that Tesla may soon reach a near monopolistic position in EVs and that it could flood the market with very high volumes of its vehicles (even millions per year by early or middle of next decade).

"While we are respectful of the ability for a new entrant to disrupt a 100-year-old industry, we only point out that the political sensitivity around a nation's automobile industry far exceeds that of, say... its mobile phone industry."

It's not hard to read between the lines of that analysis, and it's worth it to do so.

Over and over again, for the past decade, Silicon Valley has had to be reminded that cars aren't computers or iPhones. And over and over again, Silicon Valley makes another run at the argument.

It will simply never make sense.

SEE ALSO: Here's why Tesla is not the next Apple

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The price of bitcoin is up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined.

A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said "bitcoin acceptance is virtually zero and shrinking," despite its impressive appreciation. 

According to the bank, last year bitcoin was accepted at five of of the top 500 online merchants. Today, only three of the top 500 merchants accept bitcoin as a form of payment. 

"The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking," the analysts wrote. 

The investment bank outlined three reasons for the decline in bitcoin acceptance among merchants. 

The first reason has to do with the appreciation of bitcoin. Most owners of the cryptocurrency are unwilling to let go of their holdings to pay for goods because they expect the price of bitcoin to go up. This point underpins the bank's thesis that bitcoin mainly functions as an investment vehicle rather than fiat currency that you could spend on goods and services.

Issues with bitcoin's scalability, which has made transactions slow and expensive, is another reason the bank thinks merchants find bitcoin unappealing as a form of payment.  

Finally, there has been a lack of pressure from the people who run the bitcoin infrastructure, according to the bank, to push merchants to accept bitcoin as a form of payment. 

"The ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance - way easier to trade speculatively than convince new merchants to accept the cryptocurrency," the bank said.

The bank notes that, while many merchants are uninterested in accepting bitcoin as a form of payment, many find the technology that underpins the cryptocurrency as a tech they could use to improve their infrastructure.

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Netflix is building one of the most substantial treasure troves of video in Hollywood, and the value of its content has more than doubled in the last two years, according to new research by Morgan Stanley.

The firm's analysis shows Netflix's content library is currently worth around $12 billion in net assets for the first quarter of this year.

By comparison, Netflix's library was worth a total of $5.7 billion in net assets at the end of Q1 in 2015.

And that's not just old shows and movies Netflix is licensing from established players.

The streaming service's original content (including acclaimed shows like "GLOW" and "Stranger Things") has become central to its growth.

According to Morgan Stanley, at the end of 2015, original content made up less than 5 percent of the company's net assets. In Q1 of this year, however, the ever-expanding, original-video trove now counts for 14 percent, or $1.7 billion, of Netflix's assets. 

Netflix's original programming began in 2013 with its release of the first season of "House of Cards." The move was spurred by the realization that streaming rights for traditional TV and movie content would become increasingly expensive in the coming years, making production of original content a more profitable and cost-effective way forward for the service.

Since then, Netflix has poured billions into a rapidly expanding reservoir of original shows, movies, and standup specials.

But that has required a lot of cash up front.

In 2017, Netflix expects to have a negative free cash flow of $2 billion to accommodate its continued investment in original content. While such a large negative short-term FCF has raised eyebrows on Wall Street, Netflix CEO Reed Hastings has insisted that front-loaded costs for the content will breed positive results in the long term.

Hastings has also shown signs of refining the expansion of the service's original programming by taking the axe to absurdly expensive shows like "Sense8" and "The Get Down."

According to Morgan Stanley's research, Netflix in 2017 will outspend its closest streaming competitor on original content by over $2 billion. Netflix has said it will shell out around $6 billion on content this year. Amazon will spend around $4 billion for its own content, while Hulu will spend roughly $2.5 billion, according to Morgan Stanley. 

In the end, according to a recent statement from Netflix content boss Ted Sarandos, the service's investment in original shows remains "pretty consistent" with the amount of hours people spend watching them, and "efficient" compared to licensing shows and movies from others.

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Wall Street investors have been slow to embrace bitcoin, even as the cryptocurrency has soared. 

John Mack, the former CEO of Morgan Stanley who led the bank through the doldrums of the financial crisis, wants to change that.   

The 72-year-old banker — along with other members of investment fund Venture One — has invested in Omega One, a Brooklyn-based startup that wants to act as a middleman between  investors trading volatile cryptocurrencies like bitcoin. The news was first reported by Bloomberg News’ Matthew Leising. 

As an agency broker, Omega One serves as counterparty, allowing clients like Wall Street banks to avoid the risks that come with these emerging assets while still serving clients who are interested in the space. To avoid crashing a single exchange with a large transaction, Omega claims it can split big trades across platforms. 

“We’re the bridge between the traditional capital markets and the crypto markets,” Omega One CEO Alex Gordon-Bradner told Bloomberg. “We will provide everything from balance sheet intermediation to a trusted counter party.”

Banks seem to be more bullish on bitcoin’s underlying technology, blockchain, than they are on actual currency. BNY Mellon, for example, has set up a blockchain ledger that mirror’s the bank’s traditional system. Even Mack's former employer isn’t convinced bitcoin can function as a currency, saying it's more of a value-holding asset.

Bitcoin’s price skyrocketed earlier this year to a price of over $3,000 a coin, but has fallen recently to $2,300.

“I have been watching and investing in the cryptocurrency market over the last several years, and as a Venture One portfolio company, I find Omega One to be an important next step in the emergence of this new economy,” Mack said in a statement to Bloomberg. 

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2018 is shaping up to be a great year for Apple stock, Morgan Stanley analyst Katy Huberty wrote in a note distributed to clients on Monday.

According to the research, there is "increasing evidence OLED iPhone launches in October, rather than September."

If Apple launches a new iPhone with an OLED screen in October, none of the sales would be counted in its September quarter, which could be weaker than what Wall Street is expecting. But the delay would only drive sales estimates for 2018 higher, Huberty writes.

Huberty's new forecast suggests Apple could have big December and March quarters after the anticipated launch this fall of the redesigned iPhone, which is expected to come with a higher price tag.

Some reports have suggested Apple is still working out the kinks in the device ahead of producing millions.

"In light of the most meaningful feature and technology upgrades in iPhone's history — including OLED displays, wireless charging, and 3D sensors for AR — we believe it's reasonable to assume the new, higher-priced OLED iPhone ships in October rather than September," Huberty wrote.

Depending on its desirability, a new OLED iPhone could spur a "supercycle" of sales, as there is a buildup of current iPhone users waiting for a compelling new model before they upgrade. Huberty says the iPhone supercycle hasn't been fully priced into other analysts' estimates.

Morgan Stanley rates Apple stock a "buy" and raised its price target to $182 from $177.

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The next iPhone is set to be announced later this year, but according to rumors, it will launch a bit later than normal.

The next iPhone is rumored to have a bezel-less OLED screen that will put it in line with the Samsung Galaxy S8's edgeless AMOLED panel. The next iPhone is expected to launch later than normal in part because Apple has reportedly had trouble incorporating its fingerprint reading technology with the new screen.

Despite the delay, investors are still bullish on the company. Katy Huberty, an analyst at Morgan Stanley, expects lower fourth quarter sales of the iPhone thanks to the delayed launch, but raised her price target by 2.8% to $182 in a recent note.

"While our September quarter Revenue and EPS is 12% and 20% below consensus, our revised FY18 estimates are 13% and 11% above consensus, pushing our PT to $182, from $177," Huberty said.

Demand for the new iPhone is not expected to be lower even with delays, according to Huberty. People will simply upgrade later in the year, which will push the bump from new iPhone sales further into 2018.

Huberty thinks the new iPhone will be huge for Apple. It's the first phone in three years that will have a new form factor which will drive a "supercycle" according to Morgan Stanley. The newest phone is also expected to increase the average sale price of the iPhone, as the flagship model is rumored to be priced above $1,000.

Previous form factors have driven prolonged growth for Apple shares after launch and other analysts aren't considering the supercycle potential for the new iPhone, according to Huberty.

Apple's shares are up 29.44% this year, and have risen around 0.85% after Morgan Stanley's note on Monday. Shares are currently trading at $150.22.

Click here to watch Apple's stock price in real time...

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Every year, Morgan Stanley analysts comb through their wealth of research to find the stocks they're most bullish on for the next year. 

Last year's list posted a return of 11.38%—roughly 1% behind the S&P 500's total return for the same period.  

The team just released their eighth annual "vintage value" list for next year based on the following criteria: 

We focused on stocks rated Overweight by our analysts that also were favored by our US Equity Strategy Team's “BEST” model, which ranks stocks by expected market-relative performance on a 24-month horizon.

We then narrowed our focus to stocks with a favorable risk/reward profile, paying close attention to the skew of the analysts’ Bull and Bear Case valuation estimates.

We then also considered the sector weighting recommendations of our US Equity Strategy team, led by Chief Strategist Michael Wilson.

Finally, we conferred with the analysts to confirm their conviction that each of these stocks is an attractive one-year buy-and-hold investment opportunity.

Here are the best stocks to own over the next 12 months, according to Morgan Stanley. 

Alexion Pharmaceuticals (AXLN)

Current price: $126

Morgan Stanley price target: $141

Bank of America (BAC)

Current price: $24

Morgan Stanley price target: $26

Cisco Systems (C)

Current price: $31

Morgan Stanley price target: $39

Morgan Stanley beat Wall Street estimates for second-quarter earnings, following the trend set by its peers.

The bank delivered earnings of $0.87 a share, up from $0.75 in the second quarter of 2016 and ahead of the $0.76 expected by analysts.

"Our second-quarter results demonstrated the resilience of our franchise in a subdued trading environment," CEO and chairman James Gorman said in a statement.

Each of the key business lines at the bank posted increased revenue, with revenue more broadly holding remarkably steady.

In particular, the bank posted only a small drop in fixed-income trading revenue, in contrast to sharp declines at Goldman Sachs and elsewhere.

Here's what you need to know:

• The bank delivered net revenue of $9.5 billion, up from $8.9 billion a year ago.
• Net revenue increased in each of the three key business lines: institutional securities, wealth management, and investment management.
• Institutional securities, which houses sales and trading and investment banking, generated $4.8 billion in revenue, up from $4.6 billion a year ago, driven by a strong performance in investment banking and in equities trading. Net income for the unit fell slightly to $1.4 billion. Equity sales and trading revenue tipped up, while fixed-income trading revenue dropped slightly.
• Wealth management posted $4.15 billion in revenue, up from $3.8 billion. The unit had a pretax margin of 25%, delivering net income of $1.1 billion, up from $859 million.
• Investment management revenue increased to $665 million, up from $583 million. Net income for the unit increased to $142 million.

Morgan Stanley's results follow a generally strong showing from its peers. Each of the big banks beat estimates, with JPMorgan hauling in record earnings from its commercial banking and asset- and wealth-management units. On Tuesday, Bank of America Merrill Lynch bested Wall Street estimates, with record quarters in global banking and wealth management, while Goldman Sachs beat estimates despite a sharp drop in trading revenue.

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• Morgan Stanley beat Wall Street estimates for second quarter earnings, with the sales and trading business posting a strong quarter.
• The US bank's $1.24 billion in fixed income trading revenues topped Goldman Sachs' performance. 
• That performance is especially impressive, given Morgan Stanley slashed the size of its fixed-income unit in late 2015. The bank has managed to cut costs and staff while boosting revenues.

That makes two quarters in a row.

Morgan Stanley beat Wall Street estimates for second quarter earnings on Wednesday, following the trend set by its peers. Each of the key business lines at the bank posted increased revenues, with revenues more broadly holding remarkably steady. 

In particular, the bank posted only a small drop in fixed income trading revenues, dropping 4% year-on-year to $1.24 billion. Given a sharp decline in fixed income revenues at rival Goldman Sachs, where revenues fell 40% to $1.16 billion, the results mean that Morgan Stanley bested Goldman Sachs in fixed income for the second quarter in a row. 

The bank has delivered $2.95 billion in first half fixed income revenues, up 36% from the same period a year earlier. In contrast, Goldman Sachs delivered $2.8 billion in FICC revenue in the first half, down 19% from the same period last year.

In equities sales and trading meanwhile, Morgan Stanley's $2.2 billion topped Goldman Sach's $1.9 billion in revenues, extending a run that goes back to early 2015. And in equity underwriting, Morgan Stanley's $405 million in fees topped Goldman Sachs' $260 million. 

To be sure, Morgan Stanley's FICC business is small in comparison to the giant units housed at money center banks like Citigroup, JPMorgan and Bank of America Merrill Lynch. Still, the 4% year-on-year decline also compares well against those banks. Here's a breakdown:

• JPMorgan FICC revenue — $3.2 billion — down 19% year-on-year
• Citigroup FICC revenue — $3.4 billion — down 6% year-on-year
• Bank of America Merrill Lynch FICC revenue — $2.1 billion — down 14%

Still, the comparison with Goldman Sachs is striking, and encapsulates two very different trends. 

The business is proving a challenge for Goldman Sachs. On a call with analysts after Goldman Sachs' earnings, CFO Marty Chavez said rates revenue was down significantly, while the commodities business had its worst quarter on record. "It was a difficult quarter on all fronts," Chavez said.

"We didn't navigate the market as well as we aspire to or as well as we have in the past," he added.

Morgan Stanley in contrast slashed the size of its fixed-income unit in late 2015, and has delivered improved revenues with lower costs since then. The second quarter performance in fixed income garnered praise from analysts on the bank's earnings call. 

"Morgan Stanley appears to be on a much stronger footing," Octavio Marenzi, CEO of capital markets management consultancy Opimas, said. 

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LONDON — US lender Morgan Stanley has become the latest major bank to choose the German city of Frankfurt as its new EU base once the UK leaves the bloc, according to media reports.

Morgan Stanley is expected to apply for a licence with German regulators that will allow it to continue the sale of products and services across the EU regardless of Britain's exit, with around 200 new jobs being created in the financial centre. That means effectively doubling the number of staff based there.

That represents a doubling of the number of employees based there.

Morgan Stanley has not confirmed the plans, which were first made by the Press Association. Business Insider has contacted Morgan Stanley for comment.

"Come 2019, we might not be able to service [EU] business out of London. To do that we need a European hub, a regulated entity with capital and risk management. We need to establish a second main hub to London in Europe,"a source told the Guardian newspaper.

Financial centres across the EU — including Frankfurt, Paris, Dublin, and Luxembourg — are battling to attract financial services work moving out of London as a result of Brexit as a result of expected legal changes that will make operating in the EU out of London tricky.

Britain is expected to lose financial passporting rights, which allow banks with a base in the UK to sell products and services to customers and financial markets across the EU.

As well as several Japanese lenders, Morgan Stanley's US counterpart Citigroup is also believed to have chosen Frankfurt for its new base, with Sky News reporting earlier this week that Citi plans to use the German financial centre as "the location for a major new trading operation."

News of Morgan Stanley's impending move came on the same day it beat Wall Street estimates for second-quarter earnings. The bank delivered earnings of $0.87 a share, up from $0.75 in the second quarter of 2016 and ahead of the $0.76 expected by analysts.

"Our second-quarter results demonstrated the resilience of our franchise in a subdued trading environment," CEO and chairman James Gorman said in a statement.

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Earnings season is here, and traders everywhere are betting on how companies have done over the last four months.

Morgan Stanley is no exception, but its analysts have a couple standout ideas. In a list the bank recently released, Morgan Stanley put together what it calls its "high conviction" stocks.

"For each of these stocks, our analyst has high conviction in a view that diverges from the Street’s, and expects a near-term event to drive the stock as the market’s view moves closer to ours," Morgan Stanley wrote in a recent note.

"High conviction" stocks are ones that the bank's analysts think the rest of Wall Street is underestimating. Earnings are coming soon for most of them, and Morgan Stanley's analysts believe other analysts have crunched the numbers wrong.

To compile the list, Morgan Stanley gathered its analysts' notes, price targets and earnings estimates and compared them to the rest of Wall Street. Some of the companies are expected to have higher profits, others are expected to have stronger sales numbers.

Morgan Stanley is convinced it is seeing something others are missing. If the bank is right, it's expecting the stock price of these companies to pop after Wall Street realizes its mistakes.

Each of the companies below is listed with their sector, stock price and reason Morgan Stanley thinks the company is set to pop.

Read below to find out which stocks made the list...

Priceline.com (PCLN)

Sector: Technology

Price Target: $2,100

Justification: The number of rooms Priceline is booking, along with a strong performance of Bookings.com in the US and better return on investment for advertisements, all lead to a higher beat on earnings than Wall Street is expecting.

All data is provided via Morgan Stanley

Servicenow (NOW)

Sector: Technology

Price Target: $124

Justification: A new CEO is bringing good changes to the company, and new products can expand the market opportunities for Servicenow.

All data is provided via Morgan Stanley

Agilent Technologies (A)

Sector: Healthcare

Price Target: $75

Justification: Wall Street isn't taking into account the cyclical nature of the stock, according to Morgan Stanley. Cyclical recovery is set to help revenues and organic growth this quarter, which could make it one of the company's strongest quarters in the last five years.

All data is provided via Morgan Stanley