Morgan Stanley appear to be doing well. But for how long ?
Morgan Stanley said on Thursday that it swung to a profit in the second quarter, but its revenue fell as the firm contended with the doldrums that have descended on the banking industry.
The firm said it earned $563 million from continuing operations in the second quarter. That amounted to about 28 cents a share, missing analysts’ estimates. On average, analysts expected the company to earn 43 cents a share, according to Thomson Reuters.
Excluding certain one-time gains, the company reported that revenue fell to $6.6 billion from $9 billion in the period a year earlier. Including adjustments, revenue fell to $6.95 billion from $9.2 billion in the year-ago quarter.
- Morgan Stanley misses estimates (finance.fortune.cnn.com)
- Goldman, Morgan Stanley Profit Estimates Slashed (nadernazemi.com)
- Morgan Stanley “maniacally” focused on cost cuts: CEO – chicagotribune.com (nadernazemi.com)
- Morgan Stanley Downgrades RIM on ‘Deteriorating’ Outlook – Bloomberg (bloomberg.com)
- Former Morgan strategist Biggs dies at 79 (seattlepi.com)