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Daily trading losses at Morgan Stanley declined in 2012
NEW YORK |
NEW YORK Feb 26 (Reuters) - U.S. investment bank Morgan Stanley lost money on 37 trading days last year, down from 64 days in 2011, the company said in a regulatory filing Tuesday.
The bank lost up to $25 million on 29 days, and between $25 million and $50 million on eight trading days. The firm did not lose more than $50 million on any one day, compared with 17 such times in 2011.
The firm scored a daily trading profit of between $25 million and $50 million 84 times last year. The company netted more than $100 million on 23 days in 2012.
Revenue from trading helped the New York-based company's fourth quarter earnings beat analyst estimates by a wide margin. Adjusted revenue in the sales and trading division more than doubled from the same quarter in 2011, to $2 billion from $867 million. Fixed-income, currency and commodities trading revenue was $811 million in the fourth quartfer, adjusted for accounting charges, compared with a loss of $493 million a year earlier.
Shares of the company closed at $22.44 on Tuesday and are up about 15 percent for the year.
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