UPDATE: Morgan Stanley Reports Upbeat Q2 Results

Morgan Stanley MS swung to a loss in its second quarter on Thursday. Morgan Stanley posted a quarterly loss of $558 million, or $0.38 per share, versus a profit of $1.58 billion, or $1.09 per share, in the year-ago period. Its revenue rose to $9.28 billion from $7.96 billion. Analysts were expecting a loss of $0.61 per share on revenue of $8.04 billion. Morgan Stanley shares surged 5.89% to $23.00 in pre-market trading.