Morgan Stanley Rises Most in Six Months on Profit Beat
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Morgan Stanley rose the most in almost six months after reporting profit that beat analysts’ estimates on higher equity-trading revenue and record wealth-management earnings.
Shares of the company jumped 4 percent to $33.29 in New York trading at 12:02 p.m., the biggest intraday gain since July 18 and the highest price since Nov. 18, 2009. Fourth-quarter profit at the New York-based bank was 50 cents a share excluding an accounting charge tied to the firm’s own debt, a tax benefit and legal costs, beating the 44-cent average estimate of 26 analysts surveyed by Bloomberg.