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Published: January 16, 2024 7:41am ET
Morgan Stanley MS stock rose 1.3% in premarket trading on Tuesday. Banks and securities companies fell short of profit forecasts due to temporary special fees, but sales significantly exceeded sales forecasts thanks to strong performance in the investment banking business. Net income fell 32.2% to $1.52 billion, or 85 cents per share, missing the FactSet consensus of $1.07. Results included charges of 28 cents per share related to the FDIC special assessment and legal fees. Revenue rose 1.2% to $12.9 billion, beating the FactSet consensus of $11.93 billion. Investment banking revenue increased 5% due to debt underwriting.
morgan stanley stock
M.S.
The company rose 1.3% in premarket trading on Tuesday as banks and brokerages missed earnings estimates due to one-time special fees, but the company beat earnings expectations by a wide margin, helped by strong investment banking. Net income fell 32.2% to $1.52 billion, or 85 cents per share, missing the FactSet consensus of $1.07. Results included charges of 28 cents per share related to the FDIC special assessment and legal fees. Revenue rose 1.2% to $12.9 billion, beating the FactSet consensus of $11.93 billion. Investment banking revenue increased 5% as fixed income underwriting revenue increased 25% while advisory and equity underwriting revenue was flat. Elsewhere, stocks, fixed income and wealth management revenues were “essentially unchanged.”The stock has gained 13.9% over the past three months through Friday, while the Financial Select Sector SPDR ETF
XLF
S&P 500 rose 12%
SPX
It rose by 9.4%.
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