Morgan Stanley’s third-quarter earnings slid amid sluggish results from the firm’s investment bank and a miss in wealth management. Revenue from the fixed-income trading business slumped 11% and, along with muted fees from dealmaking, caused a drop in net income. Revenue of $6.4 billion from the firm’s wealth management business...
Check out the companies making headlines before the bell. Nvidia — Nvidia fell more than 1% after Morgan Stanley and Citi lowered their price targets on the chipmaker, a day after the U.S. announced new restrictions that would curb the sale of advanced AI chips to China. Both firms...
A board displays the exchange rates for Mexican Peso and U.S. Dollar in Mexico City, Mexico March 13, 2023.Raquel Cunha | ReutersPeople sending money back to Mexico this year have faced a new challenge: the "super peso."The Mexican currency reached the strongest levels against the U.S. dollar in almost...
The Securities and Exchange Commission recently updated rules that govern how investment fund names must match how the fund is actually invested. It may sound obvious, but for years investors in mutual funds and ETFs have been investing in products whose actual portfolio holdings can stray dramatically from what...
Like much of the football-loving public, I’ve been fascinated by the recent turn of events at Colorado University, Boulder, especially since it deals with something so critical for financial advisors. A year ago, I couldn’t have told you the first thing about CU Boulder’s football program, but that all changed...
Signage is seen at The Collection at Morristown, a housing development by Lennar Corporation, in Morristown, New Jersey, November 13, 2021.Andrew Kelly | ReutersMortgage rates last week rose for the sixth straight week, causing demand for home loans to drop to the lowest level since 1995.Total application volume fell...
James Gorman, Morgan Stanley CEO, July 18, 2023.CNBCMorgan Stanley reported third-quarter earnings before the opening bell on Wednesday.Here's what the company reported compared with what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, were expecting:Earnings per share: $1.38, vs. expected $1.28 Revenue: $13.27 billion, vs. expected $13.23...
The system that millions of Americans rely on for their retirement income is only slightly above average and may require reform. That’s according to the Mercer CFA Institute Global Pension Index which looks at 47 of the world’s retirement income systems to identify weaknesses and suggest ways to make them...
A pair of financial advisors is launching a new independent practice with LPL Strategic Wealth Services, having managed around $265 million at RBC. Trevor Johnson and Brian Russo have joined LPL’s supported independence model to start Steeplechase Capital Partners with offices in Newtown Square, Pennsylvania, and Windham, New Hampshire. The duo...