Wall Street is moderately lower in early trading as investors nerously await further news about the government's plan to buy $700 billion in banks' mortgage debt.
Investors are also digesting a mix of corporate news. Microsoft Corp. says it plans to repurchase its shares. And Morgan Stanley says it is working to sell up to a 20 percent stake to Japan's Mitsubishi UFJ Financial Group Inc.
Late Sunday, the Federal Reserve granted Morgan Stanley and Goldman Sachs, the country's last two major investment banks, approval to change their status to bank holding companies.
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