Morgan Stanley Soars on Stock Buyback, Earnings

Its quarterly earnings beat Wall Street forecasts


Morgan StanleyShares of Morgan Stanley (MS) surged more than 5% in Thursday morning trading after the investment bank posted better-than-expected quarterly results and announced a share buyback.

During the second quarter, the bank reported adjusted earnings of $872 million. EPS for the quarter came in at 45 cents, topping the 43 cents expected by analysts, the New York Times noted.

7 Reasons Bank Stocks are a Buy
7 Reasons Bank Stocks are a Buy

Adjusted quarterly revenue jumped from $6.6 billion during the same period last year, to $8.3 billion this year.

Morgan Stanley also indicated that it would repurchase $500 million of its shares.

Earlier this year, reports circulated that Morgan Stanley CEO and Chairman James Gorman could see his compensation package for 2012 trimmed by 30% due to weak performance.

Article printed from InvestorPlace Media,

©2016 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.