: Morgan Stanley profit drops but beats expectations as stock rises

Morgan Stanley MS stock was up about 2% in premarket trades Tuesday after its second-quarter profit and revenue beat analyst expectations. Morgan Stanley said its profit for the three months ended June 30 fell 14% to $2.05 billion, or $1.24 a share from $2.39 billion, or $1.39 per diluted share, in the year-ago quarter. Analysts were looking for earnings of $1.20 a share, according to estimates compiled by FactSet. Morgan Stanley’s second-quarter revenue rose to $13.5 billion from $13.1 billion a year ago, and well ahead of the analyst estimate of $13.02 billion. “We remain confident in our ability to grow in various market environments while maintaining a strong capital position,” said Morgan Stanley CEO James P. Gorman.

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