UPDATE: Morgan Stanley Posts Higher Q2 Profit
Morgan Stanley (NYSE: MS) reported a rise in its second-quarter profit.
Morgan Stanley's quarterly profit surged to $980 million, or $0.41 per share, from $591 million, or $0.29 per share, in the year-ago quarter. Excluding one-time items, the bank earned $0.45 per share.
Its total net revenue rose to $8.5 billion from $6.9 billion. However, analysts were estimating earnings of $0.43 per share on revenue of $7.89 billion.
Morgan Stanley's equity sales and trading net revenue surged to $1.8 billion from $1.3 billion.
Morgan Stanley shares gained 5.54% to $28.01 in pre-market trading.
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