SACRAMENTO, Calif. (AP) — One of the world's largest investment banks has agreed to put $130 million into the nation's biggest public pension system to settle accusations it knowingly sold bad...
Morgan Stanley posts better-than-expected 1Q results
NEW YORK (AP) — Morgan Stanley on Wednesday reported first-quarter profit of $2.43 billion.
The New York-based company said it had earnings of $1.39 per share. Earnings, adjusted for pretax...
Western banks help Saudis raise $12 billion in bonds
LONDON (AP) — Saud Arabian state-controlled oil company Aramco - the most profitable in the world - has raised $12 billion in a bond issue that shows Western investors are keen to do business with...
CEOs of 7 big banks to appear in front of Congress
NEW YORK (AP) — The heads of some of the U.S.' largest banks will appear in front of Congress Wednesday, for a hearing expected to produce political fireworks, but few policy changes.
Buzz Aldrin’s son tries to stop dad from moving assets
ORLANDO, Fla. (AP) — Buzz Aldrin's son is trying to stop his father from transferring assets from a trust in the latest dispute between the Apollo 11 moonwalker and two of his children over...
Morgan Stanley and CSX slip; Fastenal and M&T Bank climb
NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday:
Morgan Stanley, down $1.96 to $42.53
The bank's fourth-quarter results fell short of expectations as its stock and bond traders struggled.
CSX Corp., down 29 cents to $65.09
The railroad operator forecast far slower revenue growth in 2019.
Signet Jewelers Ltd., down $8.23 to $25.13
The jewelry company said it had a difficult holiday shopping season and slashed its forecasts.
Morgan Stanley’s 4Q results miss forecasts, hurt by trading
NEW YORK (AP) — Investment bank Morgan Stanley on Thursday reported fourth-quarter results that came up short of analysts' expectations, hurt by difficulties in trading that impacted other Wall Street firms.
The New York-based firm said it earned $1.53 billion, or 80 cents a share, up from a profit of $643 million, or 26 cents a share a year earlier.
Morgan Stanley 4Q profit, revenue hit by volatile markets
NEW YORK (AP) — Morgan Stanley says fourth-quarter profit totaled $1.53 billion, more than double from the year-ago quarter.
The New York-based company said Thursday that it had earnings of 80 cents per share, up from 26 cents a year ago. The prior-year period included a large charge related to the GOP tax overhaul.
Earnings, adjusted for pretax gains and to account for discontinued operations, came to 73 cents per share.
Treasury Secretary talks to bank CEOs amid Wall St. jitters
WASHINGTON (AP) — U.S. Treasury Secretary Steven Mnuchin called the CEOs of six major banks Sunday in an apparent attempt to reassure jittery financial markets coming off a turbulent week in the stock market that is now bracing for potential repercussions from a partial shutdown of the U.S. government.
Markets Right Now: Stocks surge to biggest gain since March
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are surging on Wall Street, clawing back some of the ground lost last week, after several big U.S. companies reported standout results.
Major U.S. indexes climbed more than 2 percent Tuesday, giving them their biggest one-day gains since March. They're still down for the month following a rout last week.
Report: Uber IPO could put company value at $120 billion
NEW YORK (AP) — Uber may put forth an initial public offering early next year that values the ride-hailing business at as much as $120 billion, according to a media report.
The Wall Street Journal said Tuesday that Uber Technologies Inc. received valuation proposals from Goldman Sachs and Morgan Stanley. There is no guarantee Uber will fetch that valuation, or go public soon.
Goldman, Morgan report strong 3Q profits; shares jump
NEW YORK (AP) — Despite the usual lull in activity, Wall Street's biggest names had a pretty good summer.
The leading U.S. investment banks — Goldman Sachs and Morgan Stanley — each reported third quarter profits that beat analysts' expectations Tuesday, helped by strong performance in their trading operations and better-than-expected revenue from stock underwriting.
Global stocks rise amid strong earnings reports
SINGAPORE (AP) — World stock markets were mostly higher Tuesday after strong earnings reports in the United States.
KEEPING SCORE: France's CAC 40 added 0.4 percent to 5,116, while Britain's FTSE 100 fell 0.2 percent to 7,016. Germany's DAX rose 0.6 percent to 11,687. Italy's FTSE MIB jumped 1.1 percent to 19,498.17, avoided last-minute delays in presenting a budget plan. The proposal raises the deficit to as much as 2.4 percent of GDP next year, in defiance of European Union guidance.
Morgan Stanley 3Q profit rises to $2.11 bln, tops estimates
NEW YORK (AP) — Morgan Stanley says third-quarter profit rose to $2.11 billion from $1.78 billion a year ago.
The company, based in New York, says it had earnings of $1.17 per share compared with 93 cents a year earlier.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
Qualcomm to repurchase $16 billion of its shares from banks
NEW YORK (AP) — Qualcomm is buying back $16 billion of its own stock as part of a broader goal of repurchasing up to $30 billion of its shares.
Shares of Qualcomm Inc. rose $1.45, or 2 percent, to $73.20, before the opening bell Thursday. The stock is up about 10 percent this year.
Markets Right Now: After a shaky start, stocks end higher
NEW YORK (AP) — The latest on developments in financial markets (all times local):
More encouraging news on trade helped the stock market shake off a weak start and finish higher.
It was the fourth straight gain for the S&P 500 index Wednesday, and another record high close.
Among the biggest gainers, Amazon rose 3.4 percent after analysts at Morgan Stanley put out a positive report on the company.
DETROIT (AP) — Ford Motor Co. said Wednesday it is in the midst of a major restructuring of the company that will cost $7 billion in cash and hit pretax earnings by $11 billion over the next three to five years.
But the company, which also reported a 48 percent second-quarter net profit decline, gave few details on what exactly will be cut or changed, bringing criticism and frustration from Wall Street analysts.
- San Antonio Express-NewsSan Antonio-based Whataburger hires Morgan Stanley to ‘explore our options’May 16, 2019
- Houston ChronicleSave for college with a 529 planMay 14, 2019
- Sentinel & EnterpriseBay State's First Female Banking Commissioner in 40 Years NamedMay 10, 2019
- The SunState Has Its First Female Banking Commissioner in 40 YearsMay 9, 2019
- The DayDefense stocks, including General Dynamics, rise in wake of fed budgetMarch 13, 2019
NEW YORK (AP) — Investment bank Morgan Stanley said its second-quarter profits rose by 39 percent from a year ago, driven by another strong performance in trading and investment banking, as well as a lower tax bill.
NEW YORK (AP) — Morgan Stanley says second-quarter net income totaled $2.44 billion.
The New York-based company said Wednesday it had earnings of $1.30 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.
The investment bank posted revenue of $13 billion in the period. Its revenue net of interest expense was $10.61 billion, also beating Street forecasts.
WASHINGTON (AP) — The Federal Reserve has given the OK to 32 of the 35 biggest banks in the U.S. to raise their dividends and buy back shares, judging their financial foundations sturdy enough to withstand a major economic downturn.
NEW YORK (AP) — The nation's six big Wall Street banks posted record, or near record, profits in the first quarter, and they can thank one person in particular: President Donald Trump.
Morgan Stanley posts record 1Q profit, helped by trading
NEW YORK (AP) — Morgan Stanley's first-quarter profits hit a record high, helped by a lower tax bill and a boost in revenue from last quarter's volatile markets.
The New York investment bank reported a profit Wednesday of $2.67 billion, or $1.45 per share, compared with a profit of $1.93 billion, or $1.00 a share, in the same period a year earlier. Analysts expected Morgan Stanley to earn $1.26 per share, according to FactSet.
The U.S. economy is beginning the year with a downshift in growth despite $1.5 trillion in tax cuts signed by President Donald Trump in December.
Ford Motor Co.'s F-150 franchise might be worth more than the entire company, according to Morgan Stanley equity analyst Adam Jonas. That's one reason the Wall Street analyst on Wednesday raised his price target for the company from $10 to $15.
It's the first time in two years Jonas and Morgan Stanley analysts have raised their forecast for the Dearborn automaker. And it marks the biggest increase for Morgan Stanley's Ford earnings forecast in almost five years.
Bank of New York Mellon and Albemarle skid while AES soars
NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday:
AES Corp., up 81 cents to $11.53
The power company named Jeffrey Ubben of investment firm ValueAct Capital to its board of directors.
La Quinta Holdings Inc., up 73 cents to $20.18
The company agreed to sell its hotel and franchise business to Wyndham Worldwide for $1.95 billion.
Morgan Stanley, up 49 cents to $55.84
The investment bank reported stronger earnings than investors expected.
Morgan Stanley’s profits fall 59 percent due to tax bill
NEW YORK (AP) — Morgan Stanley's earnings fell 59 percent in the fourth quarter, the company said Thursday, as the investment bank had to book $990 million in charges related to the new tax law.
Morgan Stanley earned $686 million, or 29 cents a share, down from $1.67 billion, or 81 cents a share, from a year earlier. Excluding the tax charges, the earnings rose to 84 cents a share, beating analysts' forecasts, from 74 cents.
- Globe NewswireSolarWinds Launches Follow-On Offering by Selling StockholdersMay 20, 2019
- Business WireMal Durkee Joins Opus Bank as Elliott’s Director DesigneeMay 17, 2019
- Business WireMorgan Stanley Investment Management Raises $785 million for North Haven Senior Loan FundMay 17, 2019
- Business WireMorgan Stanley Private Bank, National Association Once Again Receives Outstanding Rating for Community Reinvestment InitiativesMay 14, 2019
- Business WireJames Gorman and Andy Saperstein to Speak at the Annual Morgan Stanley U.S. Financials ConferenceMay 13, 2019
The sound of euphoria just got a bit louder.
The new year isn’t even two weeks old, and already $2.1 trillion has been added to the market capitalization of global equities. The market is verging on such overbought levels that not even reliably bullish analysts can keep up with the new highs.
Saudi Arabian Oil Co. is set to appoint Goldman Sachs Group Inc. and Citigroup Inc. to help manage its initial public offering, people familiar with the matter said, as the state-owned crude producer pushes ahead with what could be the world’s largest share sale.
EDITOR'S NOTE: Ruchir Sharma, author of “The Rise and Fall of Nations: Forces of Change in the Post-Crisis World,” is the chief global strategist at Morgan Stanley Investment Management and a contributing opinion writer. This initially appeared in the New York Times.
For car shoppers with an eye on Ford Motor Co.'s new Navigator SUV — or any Lincoln, for that matter — General Motors Co. is offering a $5,000 discount to make them think twice.
The nationwide deal on GM's Cadillac Escalade sport utility vehicles this month applies to any buyer trading in a 1999 or newer Lincoln model, according to a memo sent to dealers and obtained by Bloomberg News. Jim Cain, a GM spokesman, confirmed its authenticity.
Mike Rizzo of Naples, Fla. (formerly of Newtown) and Donna Christopher, of Ridgefield, along with Jessica Rizzo and Jay D’Souza, have announced the engagement of their daughter, Jenna Rose Rizzo, to Michael Francis Cholko, son of Robert and Marie Cholko, of Ridgefield.
Rizzo is a 2003 graduate of Ridgefield High School and received a bachelor of arts degree in psychology from Hunter College. She is currently a vice president and consumer compliance officer at Morgan Stanley in New York City.
NEW YORK — Investment bank Morgan Stanley said Tuesday that its third-quarter profits rose 12 percent, as the firm’s wealth management arm was able to earn more money despite a slow summer in the markets.
The Wall Street bank said it earned $1.78 billion, or 93 cents a share, compared with $1.6 billion, or 81 cents per share, in the same period a year earlier. The results beat analysts’ expectations of 81 cents per share, according to FactSet.
Global stocks mixed amid upbeat corporate earnings
BEIJING (AP) — Global stocks were mixed Tuesday amid upbeat corporate earnings report and as China prepared to open a key political meeting.
KEEPING SCORE: Germany's DAX was up 0.1 percent to 13,010 while France's CAC 40 was unchanged at 5,362 and London's FTSE 100 rose 0.3 percent to 7,547. Wall Street was set for a steady open, with futures for the Dow Jones industrial average up 0.1 percent and Standard & Poor's 500 futures were unchanged.
Wealth management drives Morgan Stanley’s profit higher
NEW YORK (AP) — Investment bank Morgan Stanley said Tuesday that its third-quarter profits rose 12 percent, as the firm's wealth management arm was able to earn more money despite a slow summer in the markets.
The Wall Street bank said it earned $1.78 billion, or 93 cents a share, compared with $1.6 billion, or 81 cents per share, in the same period a year earlier. The results beat analysts' expectations of 81 cents per share, according to FactSet.
Earnings scheduled for the week of 10/16/2017
Major companies tentatively scheduled to post quarterly earnings next week:
Netflix Inc. reports quarterly financial results after the market close.
Business events scheduled for the coming week
Business events and economic reports scheduled for the coming week:
All times are Eastern.
MONDAY, Oct. 16
Netflix Inc. releases quarterly financial results after the market closes.
TUESDAY, Oct. 17
WASHINGTON — Federal Reserve releases industrial production for September, 9:15 a.m.; National Association of Home Builders releases housing market index for October, 10 a.m.; Treasury releases international money flows data for August, 4 p.m.
Foreclosed mall want taxable value cut from $138M to $10M
TARENTUM, Pa. (AP) — A Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million is now seeking to cut its property tax value from $138.3 million to $10.1 million.
The Pittsburgh Post-Gazette (http://bit.ly/2xQ5DcB ) reports the owner of the Galleria at Pittsburgh Mills, Morgan Stanley Capital, last week appealed the county's refusal to lower the assessment to Common Pleas Court.
Owner of troubled Bangor Mall at risk of defaulting
BANGOR, Maine (AP) — Industry analysts say the primary owner of the Bangor Mall in Maine is at risk of defaulting on an $80 million loan that uses the mall as collateral.
The Bangor Daily News (http://bit.ly/2xbNJRT ) reports Simon Property Group of Indianapolis took out the loan in 2007 and has made only interest payments. The paper reports that lender Morgan Stanley Capital turned the loan over to a special servicer that handles troubled debts in late August.
Seeing strong demand, Boeing announces boost in 787 Dreamliner production
Boeing Co. will boost the number of Dreamliners it makes each month to 14 beginning in 2019 based on the strength of current orders, a nearly five-year production backlog and global airlines' need for replacement wide-bodies, the aerospace giant said Wednesday.
"This is an important step for us and another signpost of the strength of the marketplace," Dennis Muilenburg, Boeing's president and CEO, said during a Morgan Stanley analysts conference in Laguna, Calif.
3 pension funds sue 6 big banks over stock-lending business
NEW YORK (AP) — Three public pension funds are suing six Wall Street banks, saying the banks overcharged investors in what's known as the stock loan market.
The suit is being brought by the Iowa Public Employees' Retirement System, the Orange County Employees Retirement System and the Sonoma County Employees' Retirement Association. Those being sued are Goldman Sachs, JPMorgan Chase, UBS, Credit Suisse, Morgan Stanley and Bank of America.