Morgan Stanley (MS) shares jumped Wednesday morning after the company became the latest bank to beat estimates for the third quarter, with revenue and profits rising year-over-year.
Robust IB and trading business performance, high rates and strong wealth management support Morgan Stanley's Q3 earnings.
S&P 500 and Nasdaq 100 futures steady amid tech losses. Morgan Stanley beats Q3 estimates, up 3%, and Cisco climbs 2% on AI optimism.
The Global X MLP & Energy Infrastructure ETF has shown strong performance, keeping pace with the S&P 500 over the past 24 months. Kinder Morgan is near 52-week highs, with a 47% total return in 2024, but now trades at a somewhat stretched valuation. Despite a favorable outlook, KMI's forward P/E ratio of 20.6 and overbought technical indicators suggest caution.
CNBC's Leslie Picker joins 'Squawk Box' to report on the company's quarterly earnings results.
Morgan Stanley reported a profit jump for the third quarter fueled by better-than-expected revenue. Sonali Basak reports on Bloomberg Television.
Morgan Stanley's profit rose in the third quarter, fueled by a rebound in dealmaking that also helped its rivals.
Morgan Stanley is set to report third-quarter earnings before the opening bell Wednesday. The bank's massive wealth management business will be helped by high stock market values in the quarter, which inflates the management fees the bank collects.
The stock was trading near a record high ahead of the release.
Morgan Stanley is scheduled to report 3rd quarter, 2024, financial results on Wednesday morning, October 16th, before the opening bell. Analyst consensus Wednesday morning is expecting $14.4 bl in net revenue to generate $1.58 in EPS for y-o-y growth of 9% and 14%. Full-year '24 expectations are for EPS to grow 24% on 9% revenue growth.
Factors like expanding LNG exports, robust natural gas demand and long-term contracts are likely to have aided KMI's financial performance in Q3.
Morgan Stanley's diversified revenue streams and innovative ecosystem have led to a 34% stock return since July 2023, outperforming the S&P 500. Strong 2Q24 earnings with a 50% increase in diluted EPS and 50% revenue growth in Institutional Securities highlight the company's robust financial health. Wealth Management continues to grow, with client assets reaching $7.2 trillion and a 5% annualized growth in net new assets year-to-date.