AmEx down 1.5% despite earnings beat and guidance boost [Seeking Alpha]
Morgan Stanley (MS)
Last morgan stanley earnings: 4/16 07:15 am
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Source: Seeking Alpha
AmEx down 1.5% despite earnings beat and guidance boostThe stock'srallied more than 20% over the last six months, so some "sell the news" action shouldn't be unexpected.There was, however, the largest increase in loss provisions since 2010, notes Morgan Stanley's Betsy Graseck, and what that might say about future credit trends. Helping the quarter was a surprisingly large boost to net interest margin, but Graseck wonders how sustainable that might be.Piper's Jason Deleeuw also takes note of the big jump in loss provisions.Both Deleeuw and Graseck rate the stock at Neutral.Bearish Jason Arnold from RBC calls the Q3 beat "low quality," noting a drop in the tax rate helped offset the loss provisions. The possible exit of Chenault had been viewed by some at a positive catalyst, but his successor (a 32-year AmEx veteran) suggests status quo. Arnold stays at Underperform.Bullish Kevin St. Pierre from Bernstein says Squeri was widely expected to be the next CEO, though the move may have com
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MS
Earnings
- 4/16/24 - Beat
MS
Sec Filings
- 4/26/24 - Form 424B2
- 4/26/24 - Form 424B2
- 4/26/24 - Form 424B2
- MS's page on the SEC website