New York—Morgan Stanley Investment Management has sold its 7.2% stake in the New York Times Co., a source close to Morgan Stanley confirmed. The move is seen as a vote against newspaper stocks. In an unrelated move, Morgan Stanley has dismissed Lisa Monaco, a newspaper analyst, as part of Wednesday’s layoff of 300 employees worldwide, The New York Times
reported Thursday. The Times
reported that several people familiar with the company’s thinking said Morgan Stanley did not plan to continue its coverage of the newspaper industry.