Pete’s Brewing Orders Up Morgan Stanley

Pete’s Brewing Co. said it hired Morgan Stanley, Dean Witter, Discover & Co. to help the beer maker boost its stock price amid falling earnings, high expenses and weak sales. Palo Alto-based Pete’s also reported a loss of $1.4 million, or 13 cents a share, in the fourth quarter, compared with net income of $6,000, or break-even on a per-share basis, a year ago. Sales fell 21% to $15.1 million from $19.1 million. The company did not say what options it is considering. Since Pete’s initial public offering of 3 million shares at $18 each in November 1995, the stock has plunged more than 75%. Shares rose 63 cents to close at $4.50 in Nasdaqs trading.