The firm's first-quarter earnings of 71 cents a share on $8.9 billion in revenue beat analysts' estimates of 42 cents a share on revenue of $7.31 billion."This quarter is further evidence that Morgan Stanley has rebounded from the financial crisis of 2008 and is in a significantly stronger position," CEO James Gorman said in a statement. He added, "Of particular note was the strength in sales and trading, which showed broad-based gains across products and regions. In addition, our global alliance with MUFG continues to strengthen, with improving operating performance in our securities joint venture in Japan and continued loan growth in the U.S. On the near horizon, we are intensely focused on completing the transition of Morgan Stanley Smith Barney to the new, state-of-the-art technology platform this summer, as well as maintaining a conservative capital and liquidity profile as we navigate global markets." Trading and sales net revenue for the quarter was $2.2 billion; the global wealth management division had $3.4 billion in net revenue. Shares of Morgan Stanley rose 5.15% in premarket trading Thursday to $18.57. TheStreet Ratings gives Morgan Stanley a C- grade and hold rating.
DuPont The chemical company reported first-quarter earnings of $1.49 billion, or $1.57 a share, up from year-earlier earnings of $1.43 billion, or $1.52. Analysts, on average, were expecting earnings of $1.55 a share. "DuPont's market-driven science and commitment to innovation and productivity are winning in key markets, despite economic headwinds early in the first quarter," DuPont CEO Ellen Kullman said in a statement. "Around the world, we are bringing our science closer to local markets by collaborating with customers and partners in our new DuPont Innovation Centers. We are prioritizing our R&D portfolio to deliver food, energy and protection solutions for the world's growing population." Consolidated sales increased 12% to $11.2 billion with the biggest increase by region coming from Latin America with sales of $1.2 billion, up 23%. Shares of DuPont fell 2 cents, or 0.04%, in premarket trading Thursday to $53.25. TheStreet Ratings gives DuPont an A- grade with a buy rating and $60.53 price target.