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Morgan Stanley posted a huge first-quarter earnings beat on Wednesday morning.
The bank reported adjusted earnings of $1.45 a share, a 45% increase from last year and well ahead of analyst expectations of $1.28 a share. Here are the key numbers (emphasis added):
- Revenue: $11.1 billion, up 14% from last year and a record.
- Adjusted net income: $2.7 billion, up 38% from last year and also a record.
Among the standouts in the bank's impressive first quarter earnings report was its standing in fixed-income.
The New York-bank posted its best fixed income results in three years. That's striking considering its a business the wealth management giant once deemphasized. In 2015, it took an axe to fixed-income, cutting 25% of its workforce, replacing its leadership, and slashing bonuses.
Elsewhere in finance news, Tiger Global Management led a $17 million Series A round in Green Bits, a software platform for cannabis dispensaries. And the Southwest passenger who died after a major engine failure has been identified as a Wells Fargo VP and mother of two.
In markets news:
- Forget a trade war - there's a more threatening 'bogeyman' that should have traders very scared
- An overlooked corner of the market has been quietly crushing it - and Bank of America has 2 trades to capitalize on more strength
- Tesla's ongoing Model 3 saga has traders paying record prices to protect against a stock drop
And in corporate news:
- A Wall Street analyst figured out the real price Netflix should charge customers - and he says it would destroy the company's growth
- Chipotle is banking on breakfast and drive-thrus to turn around the chain, according to investor Bill Ackman
- Amazon and Best Buy are partnering to sell TVs - and it shows how complex their relationship has become
- IBM is getting rocked after giving disappointing guidance
- Here's the letter Sears sent workers telling them they were fired