Morgan Stanley Profit Dips, But Easily Beats Forecasts

By Harry Kimball,  Newser Staff
Posted Sep 16, 2008 5:40 PM CDT
Morgan Stanley headquarters.   (AP Photo)
camera-icon View 2 more images

(Newser) – Morgan Stanley reported a 3% percent drop in third-quarter earnings but easily beat Wall Street expectations, Bloomberg reports. The investment bank's profit fell to $1.43 billion, or $1.32 per share from $1.47 billion, or $1.38, a year ago. Analysts expected 78 cents a share. The relatively good news came at the end of another volatile day on Wall Street, and Morgan Stanley released the figures a day early to help calm investors. Rival Goldman Sachs reported a 70% drop in earnings this morning.