Morgan Stanley Soars on Stock Buyback, Earnings

by Christopher Freeburn | July 18, 2013 11:48 am

Morgan Stanley1 300x199 Morgan Stanley Soars on Stock Buyback, Earnings[1]Shares of Morgan Stanley (MS[2]) 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.

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[3] by 30% due to weak performance.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/05/Morgan-Stanley1.jpg
  2. MS: http://studio-5.financialcontent.com/investplace/quote?Symbol=MS
  3. compensation package for 2012 trimmed: http://investorplace.com/2013/01/morgan-stanley-ceo-gets-substantial-pay-cut/

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