Morgan Stanley boasts strong earnings
The bank giant reported net income of $2.2 billion, or $1.27 a share. That includes a tax benefit of $89 million, or 10 cents per share.
The bank’s third-quarter earnings exceeded expectations, stock rallies
Stocks impacted: Morgan Stanley (MS)
Revenues were $10.0 billion for the third quarter ended September 30, 2019 compared with $9.9 billion a year ago. Revenue from wealth management was $4.36 billion, while net asset inflows were healthier at $15.5 billion. Morgan Stanley delivered strong quarterly earnings despite the typical summer slowdown and volatile market, which shows the stability of their business model. Meanwhile, investment revenue plummeted to $33 million from $340 million, as Morgan Stanley swallowed heavy losses from stakes in companies that went public. The company’s shares were up 2.7% in the pre-market and gained another 1.52% during the session. The stock gained over 8% this year.
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