Morgan Stanley MS, -0.80 percent saw its stock fall 1.6 percent in premarket trade on Thursday after the brokerage and money management firm announced earnings and revenue that exceeded estimates, but trading revenue that fell short of projections. After $3.20 billion, or $1.96 per share, in the previous quarter, net income was $3.51 billion, or $1.85 per share. That was higher than the $1.66 consensus estimate from FactSet. Wealth management revenue soared 29.6% to $6.10 billion, beating expectations of $5.91 billion, while institutional securities revenue decreased 13.5 percent to $7.09 billion, but still outperformed the FactSet consensus of $6.76 billion. Trading revenue fell 31% to $3.30 billion, falling short of FactSet’s forecast of $4.02 billion. Fixed income underwriting revenue declined 9.5 percent to $640 million, topping projections of $546 million. Equity underwriting revenue increased 21.5 percent to $1.07 billion, beating expectations of $1.05 billion. The stock has gained 34.9 percent year to date through Wednesday, compared to 23.8 percent for the SPDR Financial Select Sector ETF XLF, -0.46 percent and 16.5 percent for the S&P 500 SPX, +0.12 percent./n
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