Morgan Stanley on Wednesday reported net revenues of $9.5 billion in the second quarter, and earnings per share of 87 cents, compared with $8.9 billion and 75 cents per share in the year-ago quarter. That beat the FactSet consensus estimate of 76 cents per share, and $9.1 billion of revenue. Revenues from institutional securities, wealth management, and investment management were all higher than a year ago, despite what CEO James Gorman called a "subdued trading environment." Investment banking revenues were $1.4 billion compared to $1.1 billion a year ago, but sales and trading were $3.2 billion, versus $3.3 billion in 2016. The stock rose slightly in pre-market trading and is up 6.8% for the year to date, while the S&P 500 [s:SPX] is up 9.9%
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