Morgan Stanley revenue up 50%
Morgan Stanley reported a 50 per cent rise in quarterly revenue as higher income from equities sales and trading made up for a drop in its fixed-income business. The Wall Street bank and brokerage recorded net income of $888 million, or 44 cents per share, from continuing operations in the third quarter compared with a loss of $1 billion, or 55 cents, a year earlier. Excluding an accounting adjustment that analysts and investors typically ignore, Morgan Stanley earned 50 cents per share.
GE Q3 hit by finance biz
General Electric Co said on Friday that third-quarter profit and revenue fell, mainly due to its shrinking finance business and the negative effects of foreign currency. Net income fell to $3.19 billion, or 31 cents per share, from $3.49 billion, or 33 cents per share, a year earlier. Excluding one-time items, earnings of 36 cents per share topped the average estimate of analysts by a penny. Revenue fell 1.5 per cent to $35.7 billion. Analysts looked for nearly $36 billion.
