|Bid||55.63 x 800|
|Ask||55.64 x 700|
|Day's Range||55.09 - 55.99|
|52 Week Range||40.06 - 55.99|
|PE Ratio (TTM)||15.44|
|Forward Dividend & Yield||1.00 (1.83%)|
|1y Target Est||N/A|
Yahoo Finance's Jared Blikre joins Seana Smith from the floor of the New York Stock Exchange to discuss the latest bank earnings from Morgan Stanley and Bank of New York Mellon.
Yahoo Finance's Alexis Christoforous and Jared Blikre break down the latest market action.
If an unexpected emergency popped up, would you be able to spend a thousand dollars for it? Yahoo Finance’s Alexis Christoforous talks with Greg McBride, Chief Financial Analyst at Bankrate.com about what demographics are saving the most money.
Morgan Stanley said its fourth-quarter profit rose 14%, excluding a tax charge, as its retail brokers and investment bankers compensated for lower trading revenue.
The lender issued new targets that showed it will continue to focus on making wealth management more profitable while also bringing overall costs down, moves aimed at ironing out the swings of its more volatile businesses. Like most other big U.S. banks, Morgan Stanley took a fourth-quarter charge due to a U.S. tax overhaul signed into law in December, but analysts have been looking past those one-time hits to focus on the long-term benefits of lower tax rates. Morgan Stanley's underwriting business was a bright spot, particularly in equities, which was helped by the bank's leading position in initial public offerings.
The bank had a strong quarter, in contrast to its sometimes-shinier rival, Goldman Sachs.
A one-time tax charge cost another Wall Street institution nearly $1 billion. Morgan Stanley, the last of the big banks to report quarterly earnings, said its fourth-quarter profit rose — excluding a one-time $990 million hit. Analysts expected Morgan Stanley to post adjusted earnings of 77 cents a share for the fourth quarter of 2017.
This is an increase over its earnings per share of 74 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 77 cents for the quarter. Net income reported by Morgan Stanley for the fourth quarter of the year came in at $686 million.
Morgan Stanley says fourth-quarter profit tumbled 59%, as the firm suffered along with rival Goldman Sachs from a slump in bond markets.