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Wall Street Goes 0-2 As IB Slump Dents Results
With two reports on the books for second quarter earnings, Wall Street was 0 for 2.
On the heels of underwhelming results from JPMorgan, which missed estimates on a number of fronts and suspended buybacks, Morgan Stanley likewise came up short.
Revenue of $13.13 billion missed estimates, as did adjusted EPS of $1.44. James Gorman described "a more volatile market environment than we have seen for some time."
Consistent with a very challenging backdrop for fees, IB was weak at Morgan Stanley,
H-Man, not a surprise based upon the market performance for the first six months. I see China just reported and the numbers are ugly. The US market and world markets are simply inundated with bad news on every front. Looking for a silver lining is a fool’s errand.