Morgan Stanley (MS.N) 3Q result quick review
20 October, 2010, 23:29. Posted by Zarathustra
Tags: Morgan Stanley
Revenue at $6.8bn vs $6.68 estimate
Net loss per diluted share was $0.07, including loss associated with the disposition of Revel Entertainment Group of $229m.
Results at the Trading operation were poor, with trading revenue totalling to $1.77bn. This reflects the difficult trading environment, but they would have probably done worse than Goldman. Equities underwriting revenue declined on slow volume while the debt side is robust. Overall the Institutional Securities Unit which include sales and trading and investment banking was doing pretty poorly. Although the global wealth management and asset management sides got some improvements in numbers, that did not make up the shortfall.
So Ex-items the EPS is $0.23 vs. the consensus of $0.20. A slight beat, but not a convincing one.
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About Zarathustra
Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.