Morgan Stanley Misses Estimates on Drop in Bond Trading Revenue
- Investment-management revenue tumbles on Asia private equity
- Fixed-income trading slides 42%, missing analysts' estimates
Inside Morgan Stanley's Disappointing Numbers
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Morgan Stanley reported profit that missed analysts’ estimates as fixed-income trading revenue tumbled and investment-management fees dropped by more than half on an Asian private-equity loss. The stock dropped 5.7 percent in early trading.
Third-quarter net income fell to $1.02 billion, or 48 cents a share, from $1.69 billion, or 83 cents, a year earlier, the New York-based company said Monday in a statement. Excluding an accounting gain and legal expenses, profit was 42 cents a share, missing the 63-cent average estimate of 23 analysts surveyed by Bloomberg.