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18-7-2019 14:16:39

Morgan Stanley beats profit forecasts despite seeing the biggest stock-trading decline on Wall Street

Morgan Stanley reported second-quarter financial results on Thursday before the opening bell. The bank beat Wall Street estimates for earnings per share and revenue. However, investment-banking and sales-and-trading revenues fell by double-digits from the same period last year. That included a 14% decline in its stock-trading segment. Watch Morgan Stanley trade live. Morgan Stanley posted second quarter earnings on Thursday that surpassed Wall Street expectations for revenue and earnings per share. However, equities-trading revenue tumbled 14%, the worst of any major Wall Street bank. Overall sales-and-trading revenue dropped by 12% on a weaker quarter for Morgan Stanley’s financing business and lower client balances. Investment banking revenues fell by 13% from the same period last year due to fewer advisory deals and slower market volume. Here are the key numbers:Revenue: $10.24 billion, versus $9.99 billion expected Net income: $2.2 billion, versus $1.94 billion expected Earnings per share: $1.23, versus $1.14 expected Equities-trading revenue:$2.13 billion versus $2.27 billion expected. Fixed-income-trading revenue: $1.13 billion versus $1.29 billion expected Net interest income: $1.03 billion versus $991.6 million expected. Markets Insider is looking for a panel of millennial investors. If you’re active in the markets, CLICK HERE to sign up. The firm’s wealth management business posted a record pre-tax income of $1.2 billion on $4.4 billion in revenue. “We reported solid quarterly results across all our businesses,” James Gorman, the chief executive officer of Morgan Stanley said in a letter to shareholders. “Firmwide revenues were over $10 billion and we produced an ROE within our target range, demonstrating the stability of our franchise.” The bank also increased its dividend by $0.35 a share and announced it would buy back up $6 billion in stock by the second quarter of 2020. Morgan Stanley was up 10% year-t0-date through Wednesday.Now read more markets coverage from Markets Insider and Business Insider:10 companies Trump invited to the White House this week shared with us their thoughts on his recent racist commentsSpotify tumbles on reports Apple will fund its own original podcastsAn ‘icy’ ending: A Wall Street expert sees a critical market metric stretched to ‘extreme’ levels – and warns of a painful reckoning to comeFoto: sourceMarkets InsiderThe post Morgan Stanley beats profit forecasts despite seeing the biggest stock-trading decline on Wall Street appeared first on Business Insider Nederland.
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