Morgan Stanley earnings top Wall Street estimates


Morgan Stanley MS, +5.91% stock rose 1.1% in premarket trades Tuesday after the investment bank’s adjusted profit beat Wall Street expectations. Morgan Stanley said its fourth-quarter earnings dropped to $2.11 billion, or $1.26 a share, from $3.59 billion, or $2.01 a share, in the year-ago quarter. Fourth-quarter adjusted profit fell to $1.31 a share from $2.08 a share. Wall Street analysts expected Morgan Stanley to earn $1.25 a share, according to a FactSet survey. Morgan Stanley’s fourth-quarter revenue fell to $12.75 billion from $14.52 billion. The latest revenue figure beat the analyst estimate of $12.54 billion.

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