Morgan Stanley Beats Estimates on Accounting Gain, Trading
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Morgan Stanley, owner of the world’s largest brokerage, reported profit that beat analysts’ estimates on a $3.4 billion accounting gain and higher revenue from stock trading.
Net income was $2.2 billion, or $1.15 a share, compared with $131 million, or a loss of 7 cents a share after preferred dividends, a year earlier, the New York-based company said today in a statement. Earnings beat the 30-cent average estimate of 25 analysts surveyed by Bloomberg.