Club holding Morgan Stanley (MS) reported better-than-expected second-quarter results Tuesday, highlighting the bank's solid fundamentals and sending the stock soaring.
"The headwinds reflect the ongoing market transition from a high inflation, low-rate environment to a higher rate, lower inflation environment."
Those comments from the bank's post-earnings conference call indicate that its third quarter is likely tracking ahead of the last one.
Wealth management Asset management revenue was down on lower asset levels, due to market declines.
Investment management Asset management and related fees fell as a result of lower assets under management, which were hit by lower asset prices and outflows.
Persons:
Morgan Stanley, James Gorman, —, Eaton Vance, Morgan Stanley repurchased, Jim Cramer's, Jim Cramer, Jim, Michael M
Organizations:
Revenue, Refinitiv, Management, Investment, Capital, CNBC, Santiago, Getty
Locations:
New York City