Shares of Morgan Stanley posted a new high for the year at $33.00 as the bank joined its Wall Street peers by easily beating Q3 profit expectations. The bank reported earnings of 81 cents per share on revenue of $8.9 billion versus a consensus forecast of 63 cents per share on sales of $8.17 billion.
Like the other Wall Street banks, Morgan Stanley had faced challenges in its fixed income, merger/acquisition and trading operations over the last 12 months. However, those components of the business posted a strong quarter which lifted earnings by over 139% from the 34 cents per share in Q3 2015.
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