[R]1:45 PM New York – MSCI plunged after reporting weak earnings and Morgan Stanley divesting more stock in the index management services provider.[/R]

MSCI Inc a provider of investment tools to financial institutions said that total operating revenues for the fiscal first quarter ended February 29 increased 20.5% to a record $105.0 million compared to $87.1 million a year ago.

Net income decreased 17.1% to $17.9 million in first quarter from a year ago the net income margin decreased to 17.1% from 24.9%. Earnings per share declined to 17 cents from 26 cents a year ago.

The press release from the company added, “While we experienced strong growth in first quarter 2008 compared to first quarter 2007, we were negatively impacted by lower growth in revenues from ETF fees, which resulted in operating revenues increasing 3.2% in first quarter 2008 compared to fourth quarter 2007.”

The company added 54 new clients in the quarter with a total of 2,980 clients and nearly 98% of clients renewed the services.

Revenues related to equity indices increased 26.4% to $58.4 million in first quarter 2008 compared to a year ago, and increased 4.2% compared to fourth quarter 2007. Revenues from equity index subscriptions were up 17.1% to $38.8 million in first quarter 2008.

The increase reflects growth in subscriptions to our MSCI Global Investable Market Indices with notable growth in global small cap indices. In addition, the company increased demand for equity index subscription products as clients continue to expand their operations globally.

Operating expenses increased 22.2% to $70.3 million in first quarter 2008 compared to first quarter 2007. Excluding expenses related to the founders grant (as described below), operating expenses increased 13.9% to $65.5 million in first quarter 2008, with increases in compensation and non-compensation expenses of 2.8% and 38.6%, respectively.

The compensation expense increase reflects higher compensation costs for existing staff, offset, in part, by a movement of personnel to lower cost locations. The non-compensation expense increase reflects expenses associated with being a public company and expenses related to replacing services provided by Morgan Stanley. In addition, higher marketing and product development costs contributed to the increase.

MSCI (MXB: chart) plunged 17% or $5.27 to $25.52.

International Speedway Corp motorsports track operator reported revenue for first quarter ended February 2008 increased to $193.9 million, compared to revenues of $184.9 million in the prior-year period.

Net income in the quarter was $36.2 million or $0.71 per diluted share compared to net income of $35.8 million, or $0.67 per share a year ago.

International Speedway (ISCA: chart) stock increased 19 cents to $42.76.

Merix Corporation electronics manufacturing contractor said third quarter ended 1st March 2008, revenue declined 6% compared to a year ago.

The Company reported a loss from continuing operations of $12.5 million or $0.59 per diluted share on revenue of $94.3 million for the third quarter of fiscal 2008, which compares to income from continuing operations of $1.8 million or $0.09 per diluted share on revenue of $100.3 million a year ago.

Merix’ overall gross margin averaged 11.1% of revenue for the third quarter of fiscal 2008 compared to 17.6% and 11.6% in the third quarter of fiscal 2007 and second quarter of fiscal 2008, respectively.

On a sequential quarterly basis, third quarter revenue declined 3% when compared to the second quarter of fiscal 2008. North American quarterly revenue declined 8% on a sequential basis to $48.6 million while Asian revenues grew 3% to $45.6 million. This is the third quarter in a row in which Merix Asia reported record revenues.

For the fourth quarter, Merix forecasts revenue of $88 million to $92 million resulting in a net loss, excluding severance and restructuring charges, of $3 million to $5 million.

Merix stock fell 6 cents to $2.12.

The Greenbrier Companies manufacturer of railroad freight car equipment reported revenue increased 8% or $260 million for fiscal second quarter ended February 2008 compared to $240.0 million for the same quarter of last year.