Morgan Stanley Tops Profit Estimates in Q2
Shares of Morgan Stanley (MS) - Get Report are higher Wednesday after the banking giant posted quarterly sales of $8.91 billion, beating Wall Street's revenue estimates by $600 million, while profits of $0.75 a share also topped estimates. CEO James Gorman says, 'Our results this quarter reflect solid performance in an improved but still fragile environment.' He also said that uncertainty around Brexit was combated by 'prudent risk management and judicious expense control.' Morgan Stanley is the latest U.S. bank to surprise analysts with better than expected results, after JPMorgan (JPM) - Get Report and Wells Fargo (WFC) - Get Report topped some forecasts last week. Wells Fargo is a holding of Jim Cramer's Action AlertsPLUS charitable trust.
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