The financial institution surprised everybody at Wall Street by delivering an exceptionally robust quarterly earnings report.
Morgan Stanley reported 46 per cent jump in net profits in Q4 of 2019 on a year-to-year basis compared to the same period in 2018.
Additionally, the company’s net revenue was also positively impacted. According to the findings of the report, the fourth quarter net revenue increased by 27 per cent – amounting to a record full-year net revenues of $41.4 billion.
Thus, Morgan Stanley’s Earnings per Share reached $1.21 vs $1.1 expected.
James P. Gorman, Chairman and Chief Executive Officer, said:
“We delivered strong quarterly earnings across all of our businesses. Firmwide revenues were over $10 billion for the fourth consecutive quarter, resulting in record full-year revenues and net income. This consistent performance met all of our stated performance targets."
Because of the more-than-favourable earnings data, Morgan Stanley’s share price jumped by more than 6.60 per cent during Thursday’s trading session.
It is, therefore, ready to attempt to break out above the major resistance level at 58.29, which is also the 23.6 per cent Fibonacci Retracement.
The share price of Morgan Stanley is currently trading in a very strong bullish trend, and the long-term goal remains the same - the all-time record range above 80.00.
The price had recently concluded the establishment of a bearish correction, and for the past five months, it has been consistently rising.
Morgan Stanley 1M Share Price. Image source: Trendsharks ©, created with TradingView.com
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