The leading stock indexes are flat this morning ahead of the final session before the three-day weekend.
On the rise, however, are shares of Morgan Stanley (MS), up more than 6% after the bank swung to a quarterly profit and said revenues increased 23%. CEO James Gorman called the results “a pivot point” for the bank. Excluding accounting charges, profit was 45 cents a share, well ahead of consensus estimates of 27 cents.
Also seeing a nice post-earnings bump are shares of State Street (STT), up 5% after it reported a 15% rise in profits and beat Wall Street estimates. The custody bank also said it plans to cut 630 jobs, 2% of its workforce.
Capital One Financial‘s (COF) stock is falling, down 7% in the wake of last night’s disappointing earnings and outlook.
Shaping up to be one of the day’s big risers is Life Technologies (LIFE), whose stock is up more than 10% after it said in a brief statement that it has hired�Deutsche Bank Securities and Moelis & Company “to assist in its annual strategic review.” That news chimes with a newspaper report published yesterday, according to Reuters:
The Financial Post reported on Thursday that the Carlsbad, California-based company had started a process that might see it acquired either by a private equity firm as part of a leveraged buyout or by one of the larger global industry�players.
Also seeing gains are shares of Rio Tinto (RIO), up about 2.4% today following yesterday’s 0.5% drop. I wrote about the turmoil at the mining company yesterday, but after the mild reaction Thursday, investors seem over the shock of CEO Tom Albanese’s sudden resignation and evidently like what they see.
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