U.S banks continued to shower investors with their fourth quarter earnings reports, this time the global financial services, Morgan Stanley, taking the front seat as it announced that the firm’s earnings have beaten economists’ expectation, prompting its shares to end in the positive territory.
The banking heavyweight reported that its earnings per share, for the past three months ending December, settled at 84 cents, beating expectations of just 77 cents while the firm’s quarterly revenue ended at $9.5 billion, slightly higher compared to the $9.2 billion forecast.
With the impressive figures coming from Morgan Stanley, investors towed the company’s shares in the stock market to the bullish zone as it tacked on 0.9% advancement, adding 49 cents, to close at $55.84 per share.
It has been a great performance for Morgan Stanley in Wall Street as it has outperformed the broader S&P 500 with a 4.1% advancement so far this year, compared to the index’s 3.9%.
The firm’s revenue in wealth management jumped by more than 10% on a year prior, which covered the losses in its trading revenue. Its CFO, Jonathan Pruzan, lauded the company’s great performance, saying that it has established a “very good momentum in the business.”
But just like the Goldman Sachs, Morgan Stanley suffered a heartbreaking loss on its fixed income, commodities, and currencies trading, down 46%.