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Morgan Stanley’s Results Miss Estimates

Morgan Stanley reported fourth-quarter results that fell short of analyst estimates as revenue was hit by the same trading slowdown that hammered rivals and progress stalled on a key measure in the firm’s wealth management business.

Shares dropped about 2% in premarket trading as both per-share earnings and revenue fell short of what analysts were expecting.

The bank reported a profit of $1.04 billion compared with a year-earlier profit of $84 million. Stripping out one-time items and accounting adjustments, profits fell to 39 cents from 50 cents a year earlier. Analysts polled by Thomson Reuters had expected earnings of 48 cents a share.

Among other items, the latest quarter’s results include a tax gain of $1.4 billion and a compensation expense of $1.1 billion, while the year-earlier quarter included a pretax legal expense of $1.2 billion.

Revenue fell 1% to $7.76 billion, while revenue excluding accounting adjustments dropped 2.5% to $8 billion, coming in below analyst estimates for $8.08 billion.


 Varchev Traders


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