This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Morgan Stanley: Earnings Loser (Update 1)

Stocks in this article: BAC MS I:BKX

Updated from 1:59 p.m. ET with market close information, total returns and stock ratios.

NEW YORK ( TheStreet) -- Morgan Stanley (MS - Get Report) was the loser on Thursday among the largest U.S. financial names, with shares sliding more than 5% to close at $20.31.

The broad indices were all showing declines, after the Department of Labor said first-time unemployment claims for the week ended April 13 rose 4,000 to 352,000, from the previous week's revised figure of 348,000. Economists polled by Thomson Reuters had expected jobless claims to come in at 350,000. The four-week moving average for first-time unemployment claims increased by 2,750 to 361,250.

In its economic commentary early on Wednesday, Deutsche Bank's research team said Thursday's unemployment claims numbers would "take on added significance," because a spike in claims the previous week was caused by the Easter holiday, which came early this year.


UBS economist Maury Harris early on Thursday forecast the unemployment claims number would be little changed and also that the Federal Reserve Bank of Philadelphia's index of regional factory activity would increase to a reading of 5.0 for April from 2.0 in March. A reading above zero indicates expansion.

The Philadelphia Fed later announced that the index reading for April was just 1.3. "The indicator for overall activity remained slightly positive this month," the bank said in a statement "but other broad indicators were mixed. Indicators for new orders and employment were weaker this month." The consensus among economists is for the Philadelphia Fed's index of current activity to come in at 3.3.


The KBW Bank Index (I:BKX) was down 1% to 54.20, with 17 of the 24 index components showing afternoon declines, including Bank of America (BAC - Get Report), which was down over 2% to $11.44, following a 5% decline on Wednesday.

Morgan Stanley

Morgan Stanley early on Thursday reported first-quarter earnings from continuing operations -- excluding debit valuation adjustments -- of $1.177 billion, or 61 cents a share, compared to $1.343 billion, or 71 cents a share, in the first quarter of 2012.

Net revenues excluding DVA were $8.457 billion in the first quarter, increasing from $7.477 billion the previous quarter, and $8.902 billion a year earlier.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs