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Morgan Stanley Tops Estimates on Brokerage, Equity Trading

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Has Morgan Stanley Turned the Corner?

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Morgan Stanley reported profit that beat analysts’ estimates and the highest adjusted revenue in more than five years as equity trading and brokerage revenue jumped.

First-quarter net income rose 59 percent to $2.39 billion, or $1.18 a share, from $1.51 billion, or 74 cents, a year earlier, the New York-based company said Monday in a statement. Profit was 85 cents a share excluding an accounting gain and a tax benefit, topping the 78-cent average estimate of 24 analysts surveyed by Bloomberg.