Wall Street Calls Morgan Stanley Results Solid But ‘Lethargic’
- Shares rise in early trading; other big banks also gain
- Credit Suisse’s Katzke sees pluses and minuses in the report
Signage is displayed outside Morgan Stanley & Co. headquarters.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Morgan Stanley shares swung to a gain of as much as 1.2% after declining during pre-market trading on Thursday, after the bank reported second-quarter results. Earnings per share and wealth management revenue beat estimates, while equities and fixed income trading revenue missed.
Other big banks rose in early trading, too, as 10-year Treasury yields inched up a few basis points to 2.071%. The KBW Bank Index rose about 0.4%, led by U.S. Bancorp and trust banks State Street Corp. and BNY Mellon Corp. Bank of America Corp. rallied about 0.9%, while JPMorgan Chase & Co. and Citigroup Inc. both rose about 0.6%.