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Morgan Stanley Profit Doubles, Trading Volume Revenue Slides

Shares of Morgan Stanley's are moving higher on Thursday after it reported that profit doubled in the second quarter to nearly two billion dollars because of the strong momentum in its investment banking and wealth management businesses. Morgan Stanley's Q2 earnings came in at $0.60 cents a share, that's a nickel better than what had been expected. Revenue rose about 1% to $8.6 billion, that was also better than estimates. The wealth management division alone brought in $5.3 billion in the quarter. The other focus was trading. Volumes have been down at all banks and Morgan Stanley's trading revenue fell close to 15% from one year earlier to $2.5 billion. That's worse than expectations, but not by too much. TheStreet's Julia Sun reports from New York.