Here comes Morgan Stanley ...

Morgan Stanley is set to announce first-quarter earnings results Wednesday morning.

Analysts are expecting the bank to report adjusted earnings per share of $1.25, a 23.9% increase from last year.

Here's what else to look out for:

• Revenue: $10.36 billion, up 6.3% from last year.
• Adjusted net income: $2.23 billion, up 19.9% from last year.
• Equities: JPMorgan and Bank of America Merrill Lynch both reported record equities revenues in the first quarter, while Goldman Sachs had its best quarter for equities in three years. Morgan Stanley's an equities powerhouse, and all eyes will be on how the bank performs in the business.

Morgan Stanley is the last big bank to report first quarter earnings. Goldman Sachs on Tuesday joined Bank of America Merrill Lynch, Citigroup, and JPMorgan in reporting first-quarter earnings that beat analyst expectations.

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