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Shares of Morgan Stanley rose sharply late Friday after a television report said the Wall Street firm's board of directors was holding an emergency meeting today to determine the fate of embattled Chairman and Chief Executive Phil Purcell.

Business news channel CNBC reported that the board would meet today and could either strip Purcell of one of his two titles, CEO or chairman, or that the board would move to dismiss Purcell.

Morgan Stanley climbed $2.18, or 4.3 percent, to $52.62 on on the New York Stock Exchange. The stock experienced a late surge in volume on rumors of Purcell's departure.

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