| As of Monday, November 23rd: |
LATEST EARNINGS RESULTS
- Obama says Boosting US Jobs is Top Priority
- More Consumers Giving 'Black Friday' the Cold Shoulder
- Prepare For Large Decline In Stocks, Next Year?
- Hewlett-Packard Earnings Rise, Match Guidance
- HP Comes in As Expected; Is It Time to Buy?
- Cramer: What Monday’s Housing Number Really Means
- Why the Dollar Will Likely Stay Weak for Some Time
- Bear, Lehman Execs Weren't Wiped Out by Crisis: Study
- How Real Estate Investors Skew Housing's Reality
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Nov. 23: Unusual Volume Leaders
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Wave of Debt Payments Facing US Government
- HP Comes in As Expected; Is It Time to Buy?
- Paul: Audit the Fed
- JAL Slides to Record Low on Bankruptcy Jitters
- Hewlett-Packard Profit Rises, Matches Guidance
- Prepare For Large Decline In Stocks, Next Year?
- The Social Media Gaming Threat
- Why Amazon Rules Retail
- Holiday Travel Outlook
Text Size 
Morgan Stanley, one of a handful of Wall Street banking titans left more or less intact after the credit meltdown of the past two years, reported a second-quarter loss of $159 million that was significantly worse than analyst expectations.
 |
Earnings were hurt by a charge from repaying government bailout money.
The New York-based Morgan [MS
Loading...
()
] swung to a loss applicable to common shareholders of $1.26 billion, or $1.10 per share, in the second quarter, compared with a profit of $1.1 billion, or $1.02 a share, a year earlier.
It was the company's third consecutive loss.
Net revenue dropped 11 percent to $5.4 billion.
During the quarter, Morgan Stanley repaid $10 billion from the government's Troubled Asset Relief Program, incurring a one-time charge of $850 million.
Chief Financial Officer Colm Kelleher, in an interview with Reuters Television, said the company was not satisfied with its performance in fixed income and asset management.
A drop in net revenue against a jump in compensation expenses contributed to the loss, as did a slight increase in non-compensation expenses.
The company said its earnings also were impacted by its joint Smith Barney venture with Citigroup [C
Loading...
()
].
As Morgan Stanley scaled back on risk after the collapse of the financial sector last fall, it found itself posting lackluster earnings compared with longtime rival Goldman Sachs [GS
Loading...
()
], which last week reported net revenue of $3.4 billion.
Despite the second-quarter loss, Morgan Stanley set aside $3.9 billion for compensation expenses, up from $3.1 billion set aside a year earlier.
The bank, which ratcheted down risk-taking after the fall of some of its competitors last year, said its risk measurements were flat in the quarter.
The bank's "value at risk," a measure of the maximum possible losses it faced on 95 percent of its trading days, on average was $113 million, compared with $100 million a year ago and $115 million in the first quarter of 2009.
Morgan Stanley shares fell slightly in early trading Wednesday.
—Reuters contributed to this report.
- Analog Devices Results Beat Expectations; Shares Rise
Analog Devices reported a quarterly profit that fell from a year ago but topped Wall Street's expectations, sending shares higher in extended trading.
- Tyson Food Profit Beats Estimates
Tyson Foods posted higher-than-expected quarterly results on Monday on strength in its beef, pork and prepared foods businesses, which it expects to continue in its new fiscal year.
- Horton Results Miss Estimates, Shares Drop
D.R. Horton, the No. 2 U.S. homebuilder, reported a much larger-than-expected quarterly loss on Friday, sending its shares down nearly 7 percent even though it also said orders increased.
- Analog Devices Results Beat Expectations; Shares Rise
- Dell Shares Smacked as Earnings, Sales Miss Forecasts
The computer maker reported financial results that were worse than last year and also fell short of Wall Street expectations, punishing the company's shares.
- Dell Shares Smacked as Earnings, Sales Miss Forecasts
- Gap Reports Earnings in Line With Forecasts
- Intuit Posts Narrower-Than-Expected Loss
- Sears Posts Second Consecutive Quarterly Loss
- BJ's Wholesale Profit Falls, Hurt by Falling Food Prices
- Salesforce Profit Beats Forecasts, but Shares Fall
- Autodesk Shares Fall on Disappointing Outlook
- Home Depot Profit Beats; Says Markets Under Pressure
- Target Third Quarter Profit Up, Cautious on Fourth
- Weak US Housing Market Drags on Lowe's Profit
- JC Penney Profit Falls, but Shares Up on Forecast
- Disney Profit, Sales Top Forecasts; Shares Jump
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
- Wal-Mart Holiday Forecast Light, Profit Beats
- Kohl's Profit Beats Street, But Outlook Falls Short
- Vivendi Profit Up More Than 5%, Keeps 2009 Goals
Data is a real-time snapshot *Data is delayed at least 15 minutes