NEW YORK. Morgan Stanley managed to record a performance that exceeded analyst estimates in the first quarter of 2011. Cause, trading revenue more than doubled from the achievement of the fourth quarter of 2010.
In a statement, Morgan Stanley said that net profit fell 45% to U.S. $ 968 million, or 50 cents per share. Last year in the same period, net income reached U.S. $ 1.78 billion, or 99 cents. Nevertheless, the achievement was higher than analysts forecast that pegged the figure 40 cents per share.
It seems, step Morgan Stanley Chief Executive Officer James Gorman to convince investors that the company can rebuild the fixed-income trading quite successfully. Revenue from the business rebounds from the achievement of the final quarter of 2010 to its highest level since 2008.
"Their performance is better than the predictions. Income from equity-trading very well," said David Hilder, an analyst at Susquehanna Financial Group LLLP.
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