Financial services giant Morgan Stanley ( MS ) on Thursday posted a much smaller-than-expected second quarter loss, sending its shares surging in premarket trading.
The New York-based company reported second quarter net income of $558 million, or 38 cents per share, compared with $1.58 billion, or $1.09 per share, in the year-ago period.
Revenue rose almost 17% from last year to $9.28 billion.
On average, Wall Street analysts expected a much worse loss of 61 cents a share, on much lower revenue of $8.04 billion.
Morgan Stanley shares surged $1.26, or +5.8%, in premarket trading Thursday.
The Bottom Line
Shares of Morgan Stanley ( MS ) have a .92% dividend yield, based on last night's closing stock price of $21.72. The stock has technical support in the $20-$21 price area. If the shares can firm up, we see overhead resistance around the $24-$26 price levels.
Morgan Stanley ( MS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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