Morgan Stanley Shares Advance After Upbeat Q2 Earnings Report
Shares of Morgan Stanley jumped more than 2 percent in per-market trading on Wednesday after the U.S. bank reported second-quarter earnings results that beat expectations. The company was the last of the five biggest U.S. banks to report results for the three-month period ending June.
Morgan Stanley posted reported net revenues of $9.5 billion in the June quarter, up from $8.9 billion recorded one year ago and topping analysts’ forecast for $9.1 billion of revenue. Earnings per share hit 87 cents, compared with 75 cents per share in the year-ago quarter. That beat estimate of 76 cents per share.
Although sales and trading declined to $3.2 billion from $3.3 billion in the same quarter in 2016, revenues from institutional securities, wealth management, and investment management were all higher than a year ago.
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