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Banking, finance, and taxes

Morgan Stanley (MS) Earnings: Results Only A Mother Could Love

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By Douglas A. McIntyre Updated Published
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mackMorgan Stanley’s (MS) stock fell 5% the moment it released its earnings for the last quarter. The firm was lucky that the drop did not become a plunge.

Morgan reported a loss from continuing operations applicable to Morgan Stanley for the second quarter  of $159 million, or $1.37 per diluted share  compared with income from continuing operations applicable to Morgan Stanley of $689 million in the period last year.

Net revenues for the quarter were $5.4 billion, compared with $6.1 billion in last year’s second quarter.

Some of the highlights of the quarter included fixed income sales and trading net revenues of $1.0 billion reflect a loss of $1.3 billion related to the tightening of MS debt-related credit spreads which was partly offset by strong results in investment grade and distressed debt trading.

Equity sales and trading net revenues of $0.7 billion reflect a loss of $0.8 billion related to the tightening of MS debt-related credit spreads. Asset Management results reflect losses in the Merchant Banking business, primarily driven by real estate. The firm’s results reflect net losses on investments in real estate of $0.7 billion, amidst the industry-wide decline in this market.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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