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Morgan Stanley, Bank of New York Mellon, PPG Industries and more - PRE-MARKET

Proactive takes a look at pre-market trade to see what's moving the needle ...
Morgan Stanley, Bank of New York Mellon, PPG Industries and more - PRE-MARKET
Morgan Stanley posted expectation beating results before the bell

Big bank Morgan Stanley (NYSE:MS) is in focus ahead of the bell, with shares up 1.63% to US$56.25 as it posted fourth quarter results, which beat analysts' expectations.

The adjusted net income for the three months was US$1.7bn, beating estimates of US$1.43bn, while net revenues were US$9.5bn, beating estimates of US$9.24bn.

 

“Over the course of the full year we achieved the strategic objectives outlined two years ago," said  chief executive James Gorman.

US stocks powered to a higher close on Wednesday, and in pre-market, shares were mixed to lower.

Also in focus ahead of the bell was retailer Macy's Inc (NYSE:M), whose shares surged 2.78% to US$26.97.

It came as a regulatory filing showed that Prudential Financial Inc grew its position in the firm by 75.3% in the third quarter.

Fortune 500 group PPG Industries Inc (NYSE:PPG) shed 0.03% to US$114.46 before the bell after it reported its latest quarterly numbers, which showed an EPS (earnings per  share) of US$1.19, which was in line with analysts' estimate of $1.19.

Bank of New York Mellon Corp (NYSE:BK) shed 2.40% after hours.

The group reported a 37% rise in fourth-quarter profit on Thursday, benefiting from a one-time gain of US$427mln from President Trump's tax overhaul.

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