Morgan Stanley Earnings Beat As Wall Street Trading Mixed

Morgan Stanley (MS) topped second-quarter forecasts early Thursday, joining other top Wall Street banks in reporting uneven trading results. MS stock fell.


Morgan Stanley Earnings

Estimates: Zacks Investment Research analysts expect Morgan Stanley earnings to decline 20% to $1.63 per share. They see revenue rising about 4% to $13.92 billion.

Results: EPS of $1.85 on revenue of $14.8 billion. Investment banking revenue grew 16% to $2.4 billion. Fixed income trading fell 45% to $1.7 billion, while equity revenue rose 8% to $2.8 billion. Wealth management revenue jumped 30% to $6.1 billion. Investment management revenue soared 92% to $1.7 billion.

Last month, Morgan Stanley said it’s doubling its dividend to 70 cents a share and plans to buy back up to $12 billion in shares.

Stock: Shares slipped 0.7% to 91.83 on the stock market today. MS stock is closing in on a buy point of 94.37 from a flat base, according to MarketSmith chart analysis. Its relative strength line is ticking upward and near all-time highs.

Wall Street Trading

After scoring huge Q1 gains amid high volatility and the meme stock boom, trading desks at top banks saw more normalization.

JPMorgan Chase’s (JPM) fixed income revenue fell 44% to $4.1 billion, while equity trading rose 13% to $2.7 billion.

Goldman Sachs (GS) reported fixed income trading revenue leapt 45% to $2.3 billion, while equity trading fell 12% to $2.6 billion.

Bank of America (BAC) said fixed income trading revenue sank 38% to $2 billion, while equity trading jumped 33% to $1.6 billion.

Citigroup (C) saw fixed income trading revenue tumble 43% to $3.2 billion, while equity trading jumped 37% to $1.06 billion.

Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.


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