Morgan Stanley MS stock fell 1.9% in premarket trades Wednesday after the investment bank reported lower net income and revenue that beat consensus estimates. Morgan Stanley’s first-quarter profit fell to $2.84 billion, or $1.70 a share, from $3.54 billion, or $2.02 a share, in the year-ago quarter. First-quarter revenue fell to $14.52 billion from $14.8 billion. Morgan Stanley was expected to earn $1.68 a share, with revenue of $13.97 billion, according to analyst estimates compiled by FactSet. CEO James Gorman said Morgan Stanley delivered strong results “in a very unusual environment.” The firm added $110 billion in new assets in its wealth management unit, with “strong” equity and fixed income revenue, while investment bank activity remained “constrained,” Gorman said.
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