Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
The Federal Reserve and the market are miles apart on interest rate expectations, and the disparity could cost the stock market a 7%-10% drop, economists say.Economyread more
President Trump lambastes Twitter, Google and other technology giants for what he claims as their efforts to stifle him.US Economyread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
The shutdown of the fire-damaged Philadelphia Energy Solutions refining complex could send gasoline prices higher across the U.S., but particularly in the mid-Atlantic region...Market Insiderread more
Mnuchin tells CNBC he's confident President Trump and China's Xi Jinping can make progress in stalled trade talks.World Economyread more
Bitcoin topped the $13,000 level Wednesday, rallying to its highest price since January 2018.Bitcoinread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and it's hurting America."Economyread more
During the foreclosure crisis, investors transformed the single-family home rental market into a formally managed asset class. Now they want new homes.Real Estateread more
Wayfair drew backlash and calls from some customers for a boycott after employees protested the company's apparent sale of $200,000 of mattresses and bunk beds destined for a...Retailread more
These are the stocks posting the largest moves midday.Market Insiderread more
Morgan Stanley on Monday reported quarterly earnings that topped analysts' expectations, but profit more than halved as the Wall Street bank's trading and investment banking businesses took a hit from market volatility early in the year.
Shares of Morgan Stanley moved higher in premarket trading immediately following the report. (Click here to track the stock.)
Earnings applicable Morgan Stanley's common shareholders fell 54.4 percent to $1.06 billion, or 55 cents per share, in the quarter ended March 31, from $2.31 billion, or $1.18 per share, a year earlier. Excluding an accounting adjustment, the bank also earned 55 cents per share.
Morgan Stanley reported revenue of $7.8 billion, compared with $9.9 billion a year ago.
Analysts expected Morgan Stanley to post first-quarter earnings of 46 cents per share on $7.87 billion in revenue, according to a consensus estimate from Thomson Reuters.
Sliding commodity and oil prices, worries about the Chinese economy and uncertainty about U.S. interest rates made for wobbly markets in January and February, scaring off traders, investors and companies hoping to list on stock exchanges.
Morgan Stanley shares have struggled along with multiple other financial stocks this year. The financial services firm's stock has plunged about 19 percent, while Bank of America, Citigroup, JPMorgan Chase, and U.S. Bancorp shares have fallen about 17, 13, 6 and 4 percent this year, respectively.
Volatile markets and energy sector loan losses, among other factors, cut into other key firms' first-quarter earnings. Last week, JPMorgan, Bank of America, and Citigroup all reported that profit fell from the prior-year period.
However, all three of those firms beat analysts' earnings expectations, according to consensus estimates from Thomson Reuters.
Goldman Sachs, Morgan Stanley's traditional rival, will wrap up the earnings season for big U.S. banks on Tuesday.
"The first quarter was characterized by challenging market conditions and muted client activity," Chief Executive James Gorman said in a statement.
"While we see some signs of market recovery, global uncertainties continue to weigh on investor activity."
Morgan Stanley's stock fell about 21 percent in the quarter — the sharpest decline of any big U.S. bank.
Adjusted revenue from fixed income and commodities trading fell 54.1 percent to $873 million in the quarter, while equities trading revenue declined 9.3 percent to $2.06 billion.
Morgan Stanley has been shifting its focus away from more volatile areas such as bond trading and towards more stable businesses such as wealth management
Revenue from wealth management fell 4.3 percent to $3.67 billion during the quarter.
— Reuters contributed to this report