Morgan Stanley said Monday it had net income of $1.1 billion, or 55 cents a share, in the first quarter, down from $2.4 billion, or $1.18 a share, in the year-earlier period. Revenue fell to $7.8 billion from $9.9 billion a year ago. The FactSet consensus was for EPS of 46 cents and revenue of $7.9 billion. "The first quarter was characterized by challenging market conditions and muted client activity," Chief Executive James Gorman said in a statement. "While we see some signs of market recovery, global uncertainties continue to weigh on investor activity." Revenue from fixed income and commodities fell to $873 million from $1.9 billion a year ago. Investment revenue fell to $3 million from $112 million. Shares were not yet active in premarket trade, but are down 19% in the year so far, while the S&P 500 has gained 1.8%.
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