Posted by: youngragingbull | October 18, 2012

Word on the Street: Morgan Stanley loses $1B in Q3

Morgan Stanley said Thursday that it saw a third-quarter loss of $1 billion, or 55 cents a share, compared to a profit of $1.14 a share in the year-ago period. Net revenue at the firm was $5.3 billion, down from $9.89 billion in the third quarter of 2011. Income from continuing operations applicable to Morgan Stanley was 28 cents a share, while excluding debt valuation adjustment revenue was $7.6 billion. Analysts were expecting profit of 24 cents a share on revenue of $6.36 billion, according to FactSet. Morgan Stanley’s stock was trading up close to 1% in premarket following the results; it had risen 3.5% Wednesday.

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