NEW YORK (AP) — Investment bank Morgan Stanley says that its third-quarter earnings almost doubled as the firm's equity sales and trading revenue rose.
The bank earned $1.01 billion from July to September after stripping out an accounting charge. That compares with earnings of $560 million year earlier.
That profit works out to 50 cents a share before the charge, compared with 28 cents a share in the same period a year earlier. Financial analysts polled by data provider FactSet predicted earnings of 40 cents. Analysts generally strip out one-time items.
Equity sales and trading revenues climbed to $1.7 billion from $1.3 billion in the period.
Total revenue amounted to $8.1 billion, up 6.5 percent from $7.6 billion a year earlier.
The bank's stock rose 77 cents, or 2.7 percent, to $29.70 in pre-market trading
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