Morgan Stanley Beats on Higher Trading Revenue…And That’s Not Great News

Shares of Morgan Stanley (MS) have gained nearly 1% today after the investment bank reported stronger-than-forecast earnings. JMP’s Devin Ryan digs into the numbers: Reuters Excluding a $0.29 discrete tax benefit, we peg “core” EPS at $0.85, ahead of our consensus-like $0.78 estimate. Excluding the tax benefit, this represents a respectable ~10% ROE. The outperformance was [...]