Morgan Stanley up 2% after beating estimates

Ex-special items, Morgan earned $0.50 per share vs. estimates of $0.45.

Institutional Securities pre-tax loss of $1.1B compares to pre-tax income of $78M a year ago, but includes legal expenses of $1.2B this quarter. Excluding DVA, revenue of $3.7B rose from $3.6B a year ago. Advisory revenue of $451M about flat Y/Y. Equity underwriting revenue of $416M up form $238M a year ago, while fixed income underwriting revenue of $495M compares to $534M last year. Compensation expense of $1.6B is unchanged from last year.

FICC revenue of $694M falls 14.4% from $811M a year ago, a bit worse than expectations - maybe a combination of a greater focus on wealth management or losing share to others (Goldman), or both.

Wealth Management pre-tax income of $709M vs. $562M a year ago on revenue of $3.7B vs. $3.3B. Asset management fees of $2B up 7% Y/Y, transactional revenue of $1.1B up 11.6%.

Investment Management pre-tax income of $337M vs. $221M a year ago. Pre-tax margin of 40%.

CC at 10 ET

MS +1.9% premarket

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