The corporate’s inventory rose zero.9 p.c Thursday. Morgan Stanley shares are up four.1 p.c this 12 months, barely outperforming the S&P 500, which is up three.9 p.c.
Morgan Stanley’s backside line excludes a one-time $990 million hit ensuing from the current modifications to the U.S. tax code. Its earnings per share totaled 29 cents when together with the cost.
President Donald Trump signed a invoice final month that slashed the company tax charge to 21 p.c from 35 p.c. The modifications are anticipated to be a long-term constructive for firms, however some have taken one-time expenses due to them. A few of these firms embody Citigroup and Financial institution of America.
Morgan Stanley’s outcomes come a day after Goldman Sachs — one other financial institution recognized for its buying and selling enterprise — reported a income decline of 50 p.c in its mounted revenue, currencies and commodities buying and selling enterprise.
Goldman mentioned buying and selling is in a “difficult surroundings characterised by low ranges of volatility and low consumer exercise.”
— CNBC’s Wilfred Frost contributed to this report.