Morgan Stanley's stock surges after profit, revenue rise well above expectations
Published: Jan 16, 2020 7:29 a.m. ET
Shares of Morgan Stanley MS, +5.80% surged 2.5% toward a 20-month high in premarket trading Thursday, after the investment bank and broker reported fourth-quarter profit and revenue that rose well above expectations. Net income increased to $2.90 billion, or $1.30 a share, from $1.53 billion, or 80 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.02. Total revenue grew 27% to $10.86 billion, above the FactSet consensus of $9.71 billion. Institutional securities revenue rose 32% to $5.05 billion, beating the FactSet consensus of $4.46 billion. Within trading, equity sales and trading revenue slipped 0.5% to $1.92 billion, just shy of the FactSet consensus $1.93 billion, while fixed income r ...