rose after the Wall Street firm reported a surge in third-quarter profit, posting big gains in revenue from investment banking work and trading.
In the quarter, Morgan Stanley earned $1.85 billion, or $1.75 a share, up from $144 million, or 13 cents a share, a year ago. The year-ago third quarter included a hefty $1 billion charge stemming from the firm's sale of its aircraft-leasing business. Net revenue rose 15% to $7.99 billion.
Earnings and revenue far exceeded analyst expectations. The stock most recently was trading at $72.50, up 65 cents.
Marsh & McClennan's
shares were sliding a day after the insurance broker said it's exploring a possible sale of its
mutual fund operation.
While Marsh says no decision has been made on what to do with Putnam, the firm acknowledges that several potential buyers have inquired about the mutual fund family. Shares of Marsh were down 68 cents, or 2.3%, to $28.32
surged a day after the Puerto Rico-based lender settled a regulatory investigation into the bank's accounting practices.
Doral agreed to pay a $25 million fine to the
Securities and Exchange Commission
to settle allegations that it overstated its income by about $1 billion over a four-year period. Shares of Doral were rising 43 cents, or 7%, to $6.46.
( BSC) soared along with other brokerages following a solid third-quarter earnings report from Morgan Stanley.
The better-than-expected earnings report from Morgan Stanley was seen by Wall Street as further proof that the fourth-quarter could be a good one for the brokers. Shares of Bear Stearns were most recently trading at $139.91, up $4.69, or 3.5%.
jumped on news of potential deal-making in the asset management sectors. Besides Putnam,
may also be on the block. Shares of Legg Mason rose $3.55, or 3.7%, to $100.56.