Morgan Stanley reports $2.2 billion profit

[hue]

Source: CNN Money

NEW YORK (CNNMoney) -- Morgan Stanley reported strong third-quarter earnings and revenue Wednesday that were driven largely by accounting gains.The bank reported net income of $2.2 billion, or $1.14 a share, in the third quarter. That compares with earnings of $313 million, or 5 cents a share, in the same period a year ago.

Analysts were expecting 30 cents a share, according to estimates from Thomson Reuters.

Revenue rose 45% to $9.9 billion. Analysts had forecast sales of $7.4 billion.

Read more: http://money.cnn.com/2011/10/19/news/companies/morgan_stanley/

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The 1% ain't hurting!

[Roland99]

1. Except it ain't really a profit. Just like Citibank's and Bank of America's "earnings"

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=5031039&mesg_id=5031138

[sarcasmo]

3. This is what they tell the shareholders and the market to pump up the stock

When the real number is more than likely much less.

[dkf]

2. Did this add to profits in any way?

Morgan Stanley executives say the firm is in far better shape than it was three years ago when it needed government bailout money to survive. But that didn’t stop chief executive James Gorman from taking the unusual step yesterday of calling analysts to quash an ugly rumor that Morgan faced huge losses because of its massive exposure to faltering European banks. He then ordered his traders to buy the firm’s own debt in the market to underscore the firm’s financial strength, the FOX Business Network has learned.

http://blogs.wsj.com/marketbeat/2011/09/23/morgan-stanleys-gorman-called-analysts-pushed-traders-to-buy-debt-gasparino/