Morgan Stanley Beats Q3 Estimates, Profits Surge More Than 30%

Morgan Stanley exceeded third-quarter profit and revenue expectations, reporting higher-than-forecast earnings per share and overall revenue. Profit rose more than 30%, and revenue increased 16%. Morgan Stanley benefited from favorable conditions, including strong markets that boosted its wealth management business, a rebound in investment banking, and solid trading activity. The Federal Reserve’s rate cuts during the quarter are expected to stimulate more financing and merger activity, aiding Wall Street firms.