Morgan Stanley profits beat estimates

Morgan Stanley's quarterly profits beat analysts’ estimates as revenue from wealth management and bond trading exceeded expectations.

Net income dropped 5 percent to $1.6 billion, or 75 cents per share, from $1.7 billion, or 79 cents per share a year earlier. Analysts predicted earnings per share of 60 cents.

Revenue declined to $8.3 billion from $9.7 billion.

Read more from Bloomberg.