Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: In an unusual move for a stock with a market cap of more than $37 billion, Morgan Stanley
So what: EPS of -$0.38 trounced the consensus estimate of a $0.61 loss. It reflected a $1.02 per share charge for the conversion of preferred stock held by Mitsubishi UFJ Financial Group during the quarter.
Now what: Revenue of $9.3 billion was not only more than analysts had forecasted, but it also puts the $7.3 billion of revenue that arch rival Goldman Sachs Group
Interested in more info on Morgan Stanley? Add it to your watchlist by clicking here.
Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Wall Street's Hottest Loan Product: Borrow Against Your Stocks
Why sell your stocks if Wall Street will let you borrow against them?
Third-Quarter Bank Earnings: 7 Things Investors Need to Know
Nearly all of the big U.S. banks had an excellent quarter. Here are some of the important takeaways from this earnings season.
Why Wealth Management Is Such Good Business for Banks
Wealth management units are surprisingly profitable.