Financial stocks in Focus (MS, WFC, USB, SLM)
Morgan Stanley (NYSE: MS) rallied 5.84% to $34.42 after it reported income for the third quarter ended September 30, 2009 of $757 million, or $0.38 per diluted share, compared with a loss of $159 million, or $1.37 per diluted share for the second quarter. Investment banking helped beat street estimates of $0.29eps. Fixed income sales and trading reported revenue of $2.1 billion, while equity sales and trading netted $1.1 billion.
Meanwhile, Wells Fargo & Company (NYSE: WFC) reported its third consecutive quarter of record earnings. Wells Fargo net income was $3.2 billion in the quarter and $9.5 billion year to date, up 98% and 75% from last year, respectively. Q3 earnings per common share were $0.56, above street estimates of $0.36.
WFC stock is trading up 1.41% at $30.89, after made a intraday low of $29.96.
U.S. Bancorp (NYSE: USB) surged 6% to $25.17 after its third-quarter profit rose 4.7 percent as mortgage banking revenue surged. The Minneapolis-based bank reported net income for common shareholders of $583 million, or 30 cents a share. That compares with $557 million, or 32 cents a share, in the year-ago quarter. Analysts had on average forecast earnings of 27 cents a share.
SLM Corporation (NYSE: SLM) is today’s big mover as it reports Q3 core EPS of $0.26, which may not compare to the analyst estimate of $0.04. SLW rallied 19.56% to $10.63.
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Posted-In: Intraday Update Markets Movers