Morgan Stanley down over 5% premarket after earnings miss

marketsforu

Today US Investment banking giant Morgan Stanley posted disappointing results for q3, missing on both earnings and revenues against expectations. Adjusted earnings per share came in well below the consensus forecast of $0.65 at $0.42 whilst revenue fell to $7.33 Billion against $8.54 Billion last year. Thomson Reuters delivered consensus estimates for revenue in line with last year.
Morgan Stanley joins archrival Goldman Sachs, as well as Citigroup, Bank of America and JP Morgan Chase in reporting a drop in revenue from trading this quarter.
Shares were trading pre market at $32, a move lower of 5.74% compared to Fridays close.