Morgan Stanley (MS Quote) advanced after the investment bank said it earned $1.96 billion, or $1.86 a share, in the latest second quarter, compared with $928 million, or 86 cents a share, a year ago. Revenue rose 48% to $8.9 billion. Analysts were forecasting earnings of $1.45 on sales of $7.87 billion.
The company attributed the improved results to strong equity and fixed-income trading, and said its asset management and global wealth management divisions posted promising results. Shares of Morgan were up $2.76, or 4.8%, to $59.78.
Hudson City Bancorp (HCBK Quote) gained after the bank holding company said its board approved the repurchase up to 56.9 million shares, or about 10% of its stock outstanding. Hudson has 2.6 million shares remaining to be repurchased under the current buyback plan. ...
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