Morgan Stanley Follows In Rivals’ Steps With Upbeat Earnings Report
Shares of Morgan Stanley added 1.8% to trade at $44.60 per share in pre-trading hours on Tuesday after the bank announced that its quarterly earnings climbed and beat analyst expectations.
The New York-based firm saw its strongest fourth-quarter profit since the financial crisis with a profit of $1.67 billion, or 81 cents a share. Fueled by a surge of post-election trading activity, the bank’s last-quarter result surpassed the $908 million, or 39 cents a share reported in the same period a year earlier.
Morgan Stanley stated that revenue grew to $9.02 billion in the three-month period ending December from $7.74 billion a year earlier, beating expectations of 65 cents a share on revenue of $8.47 billion in the fourth quarter.
Buy Stop at 44.60, Take profit 45.50, Stop loss at 44.00