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This strong performance has been attributed to thriving trading in stocks and bonds, which resulted in a 2% revenue increase. Over the past year, Morgan Stanley’s stock has risen 1%, now trading at $80.33 U.S. per share.
The bank’s robust Q3 performance comes amidst CEO James Gorman’s planned retirement within a year, with the bank currently considering three internal candidates to take up the role. Other major U.S. banks, including JPMorgan Chase (NYSE:JPM), Bank of America, and Goldman Sachs, also posted strong Q3 performances.
On the same day, other corporations also announced their Q3 results. F.N.B Corp, located in Pittsburgh, reported a Q3 profit of $145.3 million and 40 cents earnings per share, exceeding Wall Street predictions provided by Zacks Investment Research analysts. The firm reported a period revenue of $594.9 million and net revenue after interest expenses of $408.1 million, beating estimates.
Tobacco giant Philip Morris International Inc (NYSE:PM)., headquartered in Stamford, Connecticut, reported a Q3 profit of $2.05 billion, with an adjusted per-share profit of $1.67 after accounting for non-recurring costs and pretax expenses. This result surpassed Wall Street expectations of $1.61 per share, as estimated by analysts from Zacks Investment Research using data from Automated Insights. The company’s projected full-year earnings are set to range between $6.05 and $6.08 per share according to the Zacks stock report, underlining the robust financial performance this quarter.
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