Morgan Stanley Soars on Stock Buyback, Earnings

Its quarterly earnings beat Wall Street forecasts


Morgan Stanley1 300x199 Morgan Stanley Soars on Stock Buyback, EarningsShares 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.

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