Morgan Stanley is rallying after earnings

source
Reuters

Morgan Stanley is up 2.67% in early trading Wednesday after posting better-than-expected second-quarter results.

The bank’s revenue came in at $10.6 billion, beating the Wall Street estimate of $10.1 billion. It earned $1.30 a share, better than the $1.11 that analysts surveyed by Bloomberg were expecting.

The bank’s wealth management business saw impressive results, posting a pre-tax profit margin of 26.8%. Mergers and acquisitions activity also provided a boost, with revenue from that unit climbing 22.6% to $618 million as a result of high deal volume.

Morgan Stanley was down 3.23% this year through Tuesday.

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source
Markets Insider