Investing.com – Shares of Morgan Stanley plummeted before trading on Thursday after analysts' estimates failed due to a sharp drop in bond sales.
Fixed Income and Trade Revenues Declined 30% Compared to last year, they had fallen to $ 564 million, well above the decline in Wall Street rivals in a challenging quarter on the bond markets. Morgan Stanley also saw a significant drop in fees for the issue of new issues of shares and bonds.
The Company reported diluted earnings per share of $ 0.80 and adjusted earnings of $ 0.73 per share. Analysts had forecast EPS of $ 0.90.
Turnover was $ 8.5 billion, the consensus was $ 9.35 billion.
"Although the global environment continues to be uncertain, our business is strong and we are well positioned to pursue growth opportunities and serve our clients," said CEO James Gorman in the earnings message.
At 7:23 ET (1
Morgan Stanley's Performance Delay Fourth Quarter Rivals
JPMorgan's EPS for the fourth quarter was $ 1.98 on revenue of $ 26.8 billion, with EPS forecasting $ 2.2 on sales of $ 26.9 billion
Bank of America's results exceeded analysts' expectations on Wednesday, with earnings in the fourth quarter of $ 0.7 at $ 22.74 billion, analysts at Investing.com expected an EPS of $ 0.63 on sales of 22.36 billion dollars.
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