Morgan Stanley Follows its Peers, Beats Q2 Earnings Estimates

Morgan Stanley (MS) - Get Report was the latest bank to eclipse Wall Street's second quarter earnings estimates on both the top and bottom lines. On Wednesday, the bank reported profit of $0.75 a share, beating estimates of $0.59. Revenue of $8.9 billion topped estimates of $8.3 billion. 'I think the estimates maybe were a little bit too low, but I think you're still seeing a mixed picture out of the financials sector,' said David Lebovitz, global market strategist at JPMorgan Asset Management. 'On one hand, very low interest rates are impacting net interest margins and that's going to be a structural headwind for financials going forward, but on the other hand you're seeing trading activity pickup and better news in terms of lending.' Rivals JPMorgan Chase (JPM) - Get Report , Citigroup (C) - Get Report and Bank of America (BAC) - Get Report also beat the Street. TheStreet's Scott Gamm reports from Wall Street.