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.

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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, http://investorplace.com/2013/07/morgan-stanley-soars-on-stock-buyback-earnings/.

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