By CHRISTINA REXRODE, Associated Press
NEW YORK (AP) — Morgan Stanley says that second-quarter earnings beat analysts' expectations, fueled by gains in its investment bank.
The bank says it earned $898 million after excluding the benefit of an accounting gain, a leap from $337 million a year earlier.
That worked out to 45 cents per share after stripping out the benefit of the gain as well as a charge the bank took for finishing its purchase of the brokerage Morgan Stanley Smith Barney. Financial analysts polled by FactSet had expected 43 cents. Analysts' expectations generally strip out one-time items.
Revenue totaled $8.3 billion before the accounting gain, up 26 percent from a year earlier. That beat the $7.9 billion that analysts had expected.
The bank's stock price leaped more than 4 percent in pre-market trading, up $1.21 to $27.75.
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