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Late Movers: Morgan Stanley sinks as it becomes latest big bank to disappoint with earnings

Alcoa Corp and Taiwan Semiconductor were also in the frame in afternoon trade on Thursday
Picture of Morgan Stanley building
Morgan Stanley reported on Thursday

As earnings continue, Morgan Stanley (NYSE:MS) saw shares tumble as the company fell short on profit and revenue in its latest results. Profit for the quarter was $0.80 a share, which was below the consensus estimate of $0.89. Group revenue fell 10% to $8.55 billion, versus an estimate of $9.3 billion. Last year, shares in the bank tanked 24%, which was worse than the 20% decline of the KBW Bank Index.

The stock shed 4.45% to stand at $42.53.

Alcoa Corp (NYSE:AA) gained in New York trade as the aluminium giant reported better than expected quarterly earnings. On an adjusted basis, the company earned $0.66 per share, beating Wall Street's estimates which were $0.50. Revenue for the three months was $3.34 billion, which was slightly better than the $3.33 billion, which had been expected by the Street.

The shares added 1.95% to $29.59.

CSX Corp (NASDAQ:CSX), the Florida-based rail and real estate group, saw shares also travel south on Thursday as the company unveiled an earnings beat on both top and bottom lines. The company earned $1.01 per share in the latest quarter, which beat Wall Street's estimates slightly. Revenue came in at $3.14 billion, while the firm also announced a new $5 billion stock buyback program.

Shares fell 0.44% to $65.09.

Taiwan Semiconductor (NYSE:TSM) was another stock going under as the computer chip maker - the lead supplier for Apple (NASDAQ:AAPL) - reported uninspiring quarterly earnings and warned that near-term sales would slide the most in 10 years as global smartphone markets continued to decline. But the stock recovered after sparking a contagion effect for shares of other semiconductor companies.

The stock added 1.8% to $36.29.

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