Notwithstanding the tax issue, Morgan Stanley turned in a strong quarter in its trading and capital markets businesses, especially in the face of weakness from rivals like Citigroup (C), Bank of America (BAC), JPMorgan Chase (JPM), and Goldman Sachs (GS), which turned in a surprisingly mediocre performance Tuesday.
Morgan Stanley shares were up more than 9% on brisk volume of more than 16 million ahead of a scheduled 11:00 AM ET conference call with analysts.
--Written by Dan Freed in New York.
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