Morgan Stanley Net Rises to Record on Trading Gains

Morgan Stanley, the world's second- biggest securities firm by market value, said first-quarter profit rose 70 percent to an all-time high on trading gains and a jump in investment-banking fees.

Net income climbed to $2.67 billion, or $2.51 a share, in the three months ended Feb. 28 from $1.57 billion, or $1.48, a year earlier, the New York-based firm said today in a statement. Profit exceeded the highest estimate of 16 analysts surveyed by Bloomberg, and the company's stock rose the most in almost nine months.

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- Posted: 2007-03-21 11:04:38

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