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Article: Morgan Stanley Reports A Fixed-Income Decline.(Brief Article)
- Article from:
- American Banker
- Article date:
- September 20, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Fixed-income trading was a much-needed crutch for securities firms as the equity markets flailed in recent quarters, but on Thursday it failed to deliver for Morgan Stanley.
The New York company reported that revenues from fixed-income trading and sales for its fiscal third quarter, which ended Aug. 31, fell 33% from a year earlier, to $548 million. The news left some observers wondering just what to expect the rest of the field to report in the coming weeks.
Morgan Stanley also reported a 17% decline in net income, to $611 million, and its earnings per share of 55 cents missed the analyst consensus by a hefty 12 cents.
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