Morgan Stanley Shares Gain 6.50% After Quarterly Results Beat Estimates

The earning season is in full swing, and it is not just Dalal Street and indices listed at BSE and NSE that are releasing their performance over the past three months; similarly, scenes are transpiring at Wall Street as well, with the Q3 results.

Morgan Stanley Results

Adding to the list, one of the biggest banking corporations in the United States, Morgan Stanley, released their results on October 17.

These results and the trends that emerged from it were positive. The company's equity performance also showed a similar jubilance in the intraday trade on Wednesday.

MS Beats Estimates

Morgan Stanley managed to beat the estimates through its results. The New York-based financial corporation posted quarterly earnings of a mammoth USD 3.2 billion in the quarter that ended in September.

The number accrued by the banking behemoth is far greater than the estimated amount of USD 2.6 billion.

Bank's Shares Rise

When we look at the performance of the bank in the intraday trade on Wednesday, the shares opened at USD 116.88 while continuing the upward trajectory.

The share maintained the positive momentum and closed for the day at USD 119.51 per share, having gained 6.50 per cent or USD 7.29. In fact, in the past 5 trading sessions alone, the company shares have zoomed by an impressive 10.15 per cent.

As per Statista, market share of Morgan Stanley amongst Goliaths of the banking sector stands at 1.05 per cent in the US market. The list is led by JP Morgan Chase, with a major 11.73 per cent of the market share. In addition, Morgan Stanley has a market capitalisation of USD 193.35 billion. 

Recently, another consequential name from the financial sector, Goldman Sachs, also released their results for the previous quarter. The quarterly profits jumped 45 per cent to USD 3 billion in Q3 of this fiscal year.

Goldman Sachs Group Inc. shares listed on the NYSE have also increased in value by 4.67 per cent in the past 5 trading sessions.