Morgan Stanley posts 1Q profit

Asian stocks slip on UK surprise election, weak earnings

Global stocks mixed after UK announces snap election

Earnings applicable to common shareholders rose to $1.84 billion (€1.72 billion) in the three months ended March 31st, from $1.06 billion a year earlier, while earnings per share rose to $1 from 55 cents. Also, Chairman James P. Gorman sold 284,827 shares of the company's stock in a transaction on Thursday, January 19th.

Morgan Stanley's shares were up about 2 per cent at US$42 (RM182) in premarket trading today. The Dow Jones industrial average lost 0.6 percent to 20,523.28.

Then there is Merrill Lynch, which showed it is already capitalizing on changes it made to comply with the rule, specifically moving most of its retirement-saving clients who pay commissions to accounts that charge a fee based on a percentage of the assets.

Morgan Stanley had a rough first quarter, but still managed to beat analysts' expectations.

The price of gold, which has climbed steadily in recent weeks, fell $10.70 to $1,283.40 an ounce.

After Goldman Sachs reported a disappointing first-quarter profit on Tuesday, largely due to the bank having a lackluster quarter in trading, there were concerns that Morgan Stanley might be in a similar position. Its stock jumped $1.77 percent, to 2 percent, to $91.91. Shipping company FedEx rose $2.05, or 1.1 percent, to $185.56 while rival UPS rose 84 cents to $104.94. Bank of America, Citi and JPMorgan each boosted their comparable division's revenue just shy of a fifth, which was enough to take them back to roughly what they were earning in the first quarter of 2015.

IBM slumped 4.9 percent after reporting sales that missed estimates. The company reported $18.16 billion in revenue in the first quarter, below the $18.4 billion expected by analysts polled by FactSet.

On Tuesday, Goldman Sachs reported first-quarter earnings that came up short, missing estimates by a distance. That helped send technology companies higher. Heating oil lost 4 cents, or 2.5 percent, to $1.58 a gallon. Chevron $1.45, or 1.4 percent, to $104.23 and Marathon Oil sank 68 cents, or 4.3 percent, to $15.06.

Stock is now moving with a positive distance from the 200 day simple moving average of approximately 10.71%, and has a poor year to date (YTD) performance of -2.02% which means the stock is constantly subtracting to its value from the previous fiscal year end price.

CHOPPY CHOPPER SALES: Textron, which makes Cessna small planes and Bell helicopters, also disclosed lower-than-expected sales. The stock rose $48.60, or 6.4 percent, to $807.95 and it helped health care companies climb higher.

OIL: U.S. crude oil futures added 10 cents to $52.51 per barrel in NY.

Bond prices fell. The yield on the 10-year Treasury rose to 2.22 percent.

The dollar rose to 108.70 yen from 108.42 yen. The euro fell to $1.0718 from $1.0731.

OVERSEAS: British stocks continued to fall.

The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,349. Other major European indexes recovered modestly.

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