Through TheFLY's Eyes: Morgan Stanley
Morgan Stanley Makes It 4 for 4
Make that 4 for 4 for Wall Street. On the heels of strong quarterly earnings reports from Goldman Sachs (GS), Bear Stearns (BSC), and Lehman Bros (LEH), Morgan Stanley (MS) Wednesday continued the trend and reported Q2 earnings that more than doubled from a year earlier, and that substantially exceeded analysts’ estimates.
Morgan Stanley said Q2 EPS increased to $1.86, compared to 86c a year ago and the Reuters consensus estimate of $1.44. The company said Q2 revenue increased to $8.9B, up 48% from a year ago, and well ahead of the Reuters consensus estimate of $7.9B.
Morgan registered impressive revenue results in every key division, including: fixed income, up nearly 100%; institution securities net revenue, up 71%; trading, up nearly 50%; and equity underwriting, up 40%.
Wall Street was pleased by the report Wednesday, as shares of Morgan Stanley surged $2.60 to $59.62 in mid-day trading.