Morgan Stanley Shares Break Above $50 as Q2 Earnings Beat

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Editorial Staff Wcryptn

Date: 31.07.2018

Shares in Morgan Stanley extended gains in pre-market trade on Wednesday as the firm's second quarter results beat on the top and bottom line.

The financial services firm reported diluted earnings per share (EPS) of $1.30 in the April to June period.

Analysts had forecast $1.11 per share.

Meanwhile, the firm’s revenue increased to $10.6 billion from $9.5 billion in the same quarter a year earlier, beating the forecast for $10.05 billion.

“We reported robust revenue and earnings growth this quarter with strength across all businesses and geographies,” JP Morgan chief executive and chairman James Gorman said in the press release.

Gorman noted that second quarter performance reflected active markets and healthy client engagement.

“Our strong global franchise positions us well to continue to grow organically across each of our businesses and to deliver operating leverage,” he added.

At 7:02 AM ET (11:02 GMT), shares soared 3.96% to $51.15, compared to the previous closing price of $49.18. Ahead of the release, Morgan Stanley had been up 0.43% to $49.39 in pre-market trade.

Traders will now turn their attention to the firm’s conference call due to start at 9:30AM ET (13:30GMT).

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