Jim Cramer: E*Trade Deal Makes Morgan Stanley Place to Be
Morgan Stanley posted earnings on Thursday, April 16.
Morgan Stanley said earnings for the three months ending in March were pegged at $1.01 per share, down 27.4% from the same period last year and 12 cents shy of the Street consensus forecast. Group revenues, Morgan Stanley said, slipped 7.7% to $9.5 billion, matching analysts' estimates.
“Over the past two months, we have witnessed more market volatility, uncertainty and anxiety as a result of the devastating COVID-19 than at any time since the financial crisis," said CEO Jim Gorman. "While it’s too early to predict how this will unfold, Morgan Stanley navigated the quarter well given the conditions, and our results bear testament to the strength of our balanced business model."
"Our investments in technology and infrastructure enabled us to continue to serve our clients around the globe with more than 90% of our employees working from home," he added. "I am proud of the dedication and professionalism of our employees in the face of these obstacles.”
So, what does Jim Cramer think?
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Cramer and the team are weighing in on what members need to know about the coronavirus pandemic's impact on the market. Here's how you can recap his entire April show.
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