Morgan Stanley / quotes/comstock/13 *! M / quotes / NLS / MS (MS 27,39, +2,17, +8,58%) received 8.4% premarket after he said that he turned to the second quarter earnings of $ 1.58 billion, or $ 1.09 per share, against losses of $ 1.26 billion, or $ 1.10 per share, in the same period last year.
The bank reported growth in revenue in each of the three business segments – institutional securities, global wealth management and asset management. Analysts polled by FactSet Research expected, on average, profit of 57 cents per share on revenue of $ 8.11 billion.
“We still have a lot of work to do across our global franchise and hope that the difficult market conditions may continue in the coming months,” said CEO James Gorman in a statement. “Nevertheless, we believe that regulatory reform is a key step toward restoring confidence in the industry and markets.” Learn more about Morgan Stanley announcement here.
Peer banks JP Morgan Chase & Co. / quotes/comstock/13 *! JPM / quotes / NLS / JPM (JPM 39,22, -0,41, -1,04%) and Bank of America Corp / quotes/comstock/13 *! Bacteria / quotes / NLS / BAC (BAC 13,66 , -0.11, -0.80%) decreased by 0.7% each.
Financial Sector Select SPDR / quotes/comstock/13 *! X \ / quotes / NLS / x \ (XLF 14,32, +0,05, +0,35%), exchange-traded fund that tracks the financial components in the 500 Index Standard & Poor’s / quotes / comstock/21z! i1: in \ x (1082 SPX, -1,28, -0,12%), added about 1%.
Wells Fargo & Co / quotes/comstock/13 *! WFC / quotes / NLS / WFC (WFC 27.00, 1.09, 4.21%) were about 4% after beating estimates, net income of $ 3.06 billion, or 55 cents per share, compared with $ 3 17 billion, or 57 cents a share, in the year-ago quarter. Analysts had expected profit of the company 49 cents per share. Learn more about the results of Wells Fargo here.
Comerica Inc. / Quotes/comstock/13 *! CMA / quotes / NLS / cm (37,14 CMA, +0,33, +0,90%) shares rose about 2% after exceeding expectations, swinging to a second quarter net profit of $ 69 million, or 39 cents per share, compared with losses of $ 16 million, or 11 cents a share, a year earlier. Analysts were looking for earnings 22 cents per share.
“Our financial results reflect the many positive trends we have seen for several quarters” said CEO Ralph Babb. “This includes three consecutive quarters wide credit enhancement, the main indicators of quality of credit has also indicated positive future.” Learn more about Comerica turn here.
Equities U.S. Bancorp. / Quotes/comstock/13 *! USB / quotes / NLS / USB (USB 23,26, +0,11, +0,48%) rose 2% after earnings exceeded expectations, which is four-fold to $ 862 million, or 45 cents a share, against $ 221 million, or 12 cents, a year earlier, citing higher net interest income and lower provisions for credit losses. Analysts estimated earnings 38 cents per quarter. Learn more about the Bank’s profits can be found here.
Shares of SLM Corporation / quotes/comstock/13 *! SLM / quotes / NLS / Forces (UDF 10.80, -0.86, -7.38%), or Sallie Mae, have resulted in decline, down 6.2% on Wednesday morning, after him, after the market closed in previous session In the second quarter net profit beat estimates of $ 338 million, or 63 cents a share, compared with a net loss of $ 123 million, or 32 cents a share, in the same period last year.
SLM is expected to make 31 cents a share, on average nine analysts surveyed FastSet. Analysts Sandler O’Neill & Partners said, while net interest margin expanded more than expected, the volume of private loans is much lower expectations. Learn more about income UDF here.
Hudson City Bancorp. / Quotes/comstock/15 *! Hcbk / quotes / NLS / hcbk (HCBK 12,18, -0,52, -4,09%), then its shares down about 2.6% after the bank said quarterly profit rose to $ 142.6 million , or 29 cents a share, from $ 127.9 million, or 26 cents a share. Analysts expected 28 cents per share.
For the first time since the company went public, the growth of bank assets remains at the same level as the government is actively involved in these assets, according to analysts at Sterne, Agee and Leach Inc.
“Growth is likely to continue after the expansion spreads,” analyst Matthew Kelly said in a Wednesday note. “When that happens, remains very uncertain, as the double-dip discussion of housing more quickly.”
American International Group Inc. / quotes/comstock/13 *! AIG / quotes / NLS / AIG (AIG 36,42, +0,11, +0,30%) also fell by 1%. The insurer selected investment banks Goldman Sachs and Morgan Stanley, to guarantee the initial public offering of its Asian life insurance unit of the AIA, according to The Wall Street Journal on Wednesday.
The results of stress tests of banks in Europe should be released on Friday and semi-annual testimony of Bernanke on the economic and monetary policy before Congress is scheduled to begin at 2 pm Eastern.
Goldman Sachs Group Inc. / quotes/comstock/13 *! GS / quotes / NLS / GS (149,34 GS, +0,43, +0,29%) shares rose after the closing of the share to 2,2% in the previous session following adjusted earnings that exceeded estimates and strengthened rosy view of the investment banking business in Goldman after its legal battle with the Securities and Exchange Commission. Analysts Keefe, Bruyette and Woods said they picked up a medium rating and price target for the Bank of the settlement bank with the SEC. Learn more about updating KBW here.
Outside of S and P 500, BlackRock Inc. / Quotes/comstock/13 *! BLK / quotes / NLS / BLK (144,82 BLK, -4,54, -3,04%) fell 4.5% Wednesday morning, after the New York financial services company said quarterly net profit missed estimates, but grew to $ 432 million, or $ 2.21 per share, up 98% from $ 218 million, or $ 1.59 per share, a year earlier. Revenues nearly doubled in the quarter to $ 2.03 billion from $ 1.03 billion. Analysts polled by FactSet Research, on average, expected earnings of $ 2.29 per share.
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