REUTERS/Joshua Roberts
- Shares of Morgan Stanley jumped on Thursday after reporting strong fourth-quarter earnings.
- The bank still took a net $ 1.2 billion loss from the new tax law, and suffered from a weak quarter in trading.
- View Morgan Stanley’s real-time stock price here.
Morgan Stanley edged higher on Thursday after it reported fourth-quarter earnings that beat analysts’ expectations.
The Wall Street bank reported adjusted earnings of $ 0.84 a share compared to an expected $ 0.77 adjusted earnings per share.
In line with Wall Street’s expectations of a short-term impact from the new tax law, Morgan Stanley also took a net $ 1.2 billion loss as a result of the law, primarily from deferred tax assets that declined in value. The loss still came in below Wall Street estimates.
The bank also had a weak quarter for fixed income sales and trading, taking a 46% decline in revenues from that sector. This is on par with rival Goldman Sachs, which saw a 50% decline in revenue from its trading unit, a historically bad quarter for bond trading.
Morgan Stanley’s stock was trading up 1.39% at $ 56.12 per share before the opening bell. It was up 8.08% for the year. Shares of other major banks were flat on Thursday morning.
Some of the banks are listed below with their current trading prices. Click on each name to go to its real-time chart. You can also see when each bank reports its earnings here.
- JPMorgan (JPM) -0.03% @ $ 113.59
- Wells Fargo (WFC) -0.19% @ $ 63.76
- PNC (PNC) -0.02% @ $ 154.20
- Bank of America (BAC) +0.35% @ $ 31.29
- Citigroup (C) 0.00% @ $ 77.47
- Key Corp (KEY) -0.13% @ $ 21.23
- Capital One (COF) +0.82% @ $ 105.25
- BB&T (BBT) +1.29% @ $ 53.97
- SunTrust (STI) -0.18% @ $ 68.23
- Goldman Sachs (GS) +0.11% @ $ 253.94
Read more about a single client that is affecting the earnings of major Wall Street banks here.
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