Morgan Stanley Beats Estimates on Accounting Gain, Stock Trading |
| BusinessWeek - Oct 19, 2011 |
Morgan Stanley, owner of the world's largest brokerage, reported profit that beat analysts' estimates on a $3.4 billion accounting gain and higher revenue from stock trading.
Net income was $2.2 billion, or $1.15 a share, compared with $131 million, or a loss of 7 cents a share after preferred dividends, a year earlier, the New York-based company said today in a statement. Earnings beat the 30-cent average estimate of 25 analysts surveyed by Bloomberg.
Morgan Stanley's 20 percent gain in year-over-year equities-trading revenue was the biggest among the largest U.S. banks, excluding the accounting benefit. Fixed-income fell 17 percent. Chief Executive Officer James Gorman, 53, is trying to stem a 39 percent decline in the firm's shares this year through yesterday that left the stock trading at a level last seen during the financial crisis in January 2009.
Read Full Article from BusinessWeek
- Posted: 2011-10-19 14:18:10
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
