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Morgan Stanley Misses Estimates on Bond-Trading Revenue

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Morgan Stanley, owner of the world’s largest brokerage, reported profit that missed analysts’ estimates as fixed-income trading revenue fell to the lowest since the financial crisis.

Fourth-quarter net income rose to $1.04 billion, or 47 cents a share, from $84 million, or 2 cents, a year earlier, the New York-based company said today in a statement. Profit was 39 cents a share including an accounting adjustment, a tax benefit, a change in compensation policy and other one-time items. That compared with the 50-cent average estimate of 14 analysts surveyed by Bloomberg.