Morgan Stanley shares gain after beating profit and revenue targets

Morgan Stanley shares rose 2.5% on Thursday after the investment bank said its first-quarter earnings fell 11% to $3.54 billion, or $2.02 a share, from $3.98 billion, or $2.19 a share, in the year-ago quarter. Adjusted earnings fell to $2.06 a share from $2.22 a share. Revenue dipped 6% to $14.8 billion, from $15.72 billion. Morgan Stanley was expected to earn $1.71 a share on revenue of $14.25 billion, according to a FactSet survey. Prior to Thursday’s trades, the stock is down 14.3% so far in 2022, compared to a drop of 6.7% by the S&P 500 and a loss of 4.5% by the Financial Select SPDR ETF .

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