Big banks are back in focus as today is Morgan Stanley's (NYSE:MS) turn to post quarterly numbers, hot on the heels of Goldman Sachs (NYSE:GS) yesterday
Morgan Stanley shares are racing 3.46% higher in pre-market trade as it reported growth in both net revenues and earnings per share in the second quarter, soundly beating market expectations.
The lender said 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."
It comes after yesterday, Goldman said it suffered its worst ever quarter in commodities trading and a challenging quarter in general. The investment bank revealed a 40% plunge in revenue compared with last year from the division that trades commodities, currencies and bonds.
Morgan Stanley Triumphs: Posts Higher FICC Revenue Than Goldman Sachs https://t.co/J7jmFnKKxf
— zerohedge (@zerohedge) 19 July 2017
Discovery Communications Inc (NYSE:DISCA) added over 8% in pre-market as reports emerged that it was in talks to merge with Scripps Networks (NASDAQ:SNI)
Both stocks could see movement today. The latter, Scripps, the media giant, saw shares rise 14.5% in pre-market deals.
Cyclacel Pharmaceuticals Inc (NYSE: CYCC) saw shares tank over 26% to $2.15 after a regulatory filing showed the group registering for up to $5.06 mln offering.
Yesterday on Wall Street, the Nasdaq and S&P 500 hit new highs. Today, in futures, the benchmarks are seen trading higher at the open.