Morgan Stanley said second-quarter profit tumbled 9% from a year earlier to $2.25 billion. Earnings per share were $1.23, exceeding the $1.14 average estimate of Wall Street analysts.
Big Wall Street firms like JPMorgan Chase, Citigroup and Goldman Sachs, which are scheduled to release their second-quarter results next week, probably suffered revenue declines in their juggernaut bond- and stock-trading divisions, analysts say.
Synchrony, the bank spun off from General Electric in 2014, has posted impressive asset growth and profitability in recent years. But some investors are leery of the stock because of the potential for steep losses if the U.S. economy takes a turn for the worse.
The charts of the payments business are giving us enough reasons to nail down some profits if we are long or to defer purchases if we are flat.
Bitcoin falls by 11% to about $7,000 after a trade on a London-based exchange triggered a cascade of selling by other investors, according to the blog ZeroHedge.
The five biggest U.S. private-equity firms have raised almost $350 billion of 'dry powder' from pension funds, foreign governments and other institutional investors that must now be spent on everything from corporate acquisitions to business loans and real estate. The problem is, the assets have gotten too expensive.
The social media giant's effort would likely represent the most mainstream application yet of cryptocurrency.
A report due Friday from the Labor Department is expected to show that U.S. employers added 181,000 jobs in April, though some economists say the growth may have been even stronger. The cost is annual federal budget deficits estimated at more than $1 trillion.
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