Morgan Stanley posts massive third-quarter earnings beat

Morgan Stanley reported third-quarter earnings before the opening bell Wednesday.

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

• Earnings per share: $2.80, vs. expected $2.10
• Revenue: $18.22 billion, vs. expected $16.70 billion

Wall Street trading desks have seen booming activity in the quarter, while investment banking continues to see a resurgence in activity for mergers and IPOs.

Stocks at or near record highs should bolster Morgan Stanley’s giant wealth management division, as well.

Put together, Wall Street-centric banks like Morgan Stanley and peer Goldman Sachs are in an ideal environment.

Shares of Morgan Stanley have climbed almost 24% this year.

On Tuesday, JPMorgan Chase, Goldman, Citigroup and Wells Fargo each posted earnings that topped analysts’ expectations for earnings and revenue.

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