Updated from 9:41 a.m. ESTMorgan Stanley ( MS) became the fourth Wall Street brokerage in eight days to overshoot analysts' forecasts Wednesday, posting a 17% rise in first-quarter net income that reflected record sales and trading, particularly in fixed-income products. Morgan Stanley earned $1.64 billion, or $1.54 a share, in the quarter, compared with $1.40 billion, or $1.29 a share, a year ago. Analysts surveyed by Thomson First Call were forecasting $1.21 a share in the latest period. Revenue for the quarter was $8.483 billion, beating estimates of $7.553 billion. In Morgan's biggest unit, institutional securities, revenue rose 36% from a year ago, reflecting a 66% increase in trading and a 20% rise in investment banking revenue. The company's second-largest group, global wealth management, saw revenue rise 4% from last year. "Given what we heard from their peers, we figured it was going to be a good quarter," said Jeffery Harte, analyst at Sandler O'Neill & Partners. "Investors tend not to like trading revenues, but they are starting to open their eyes to this being a real business."