Morgan Stanley fell 2.6% in premarket trades Friday after the investment bank missed Wall Street's targets for earnings and revenue amid a drop in deal activity. Morgan Stanley said its third-quarter net income fell to $2.49 billion, or $1.47 per share, from net income of $3.7 billion, or $1.98 per share in the year-ago quarter. Third-quarter revenue dropped to $12.99 billion from $14.75 billion. Wall Street analysts were looking for earnings of $1.52 a share and revenue of $13.
Morgan Stanley said its third-quarter net income fell to $2.49 billion, or $1.47 per share, from net income of $3.7 billion, or $1.98 per share in the year-ago quarter. Third-quarter revenue dropped to $12.99 billion from $14.75 billion. Wall Street analysts were looking for earnings of $1.52 a share and revenue of $13.29 billion, according to FactSet data.
Just for the record.....MS did BEAT the earnings estimate ($1.53 actual vs $1.51 estimate).
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Morgan Stanley is set to report third-quarter earnings —here’s what the Street expectsWall Street banks are grappling with the collapse in IPOs and issuance this year, a sharp reversal from the deals boom that drove results last year.
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