Bloomberg reports Morgan Stanley rose the most in New York trading in two years after posting a second-quarter loss that was smaller than analysts estimated and the only gain in trading revenue among major U.S. banks.
Morgan Stanley climbed 6.7 percent after reporting a net loss of 38 cents a share, smaller than the 61-cent average estimate of 18 analysts surveyed by Bloomberg. A $1.7 billion charge tied to the conversion of Mitsubishi UFJ Financial Group Inc.’s preferred stake in the New York-based firm caused the loss, which compared with profit of $1.09 a year earlier.
Trading revenue rose 14 percent from the first quarter, while Goldman Sachs Group Inc. posted a 47 percent drop earlier this week. The results may help Morgan Stanley (MS) Chief Executive Officer James Gorman, 53, convince investors the firm can reach his goals of increasing profitability and gaining market share in trading. The firm’s shares are trading below book value, and this week touched the lowest level since March 2009….
Read the rest at http://www.bloomberg.com/news/2011-07-21/morgan-stanley-second-quarter-loss-beats-estimate-as-trading-revenue-rises.html
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