NEW YORK (Reuters) - Excluding a loss on a quirky accounting rule for its own debt, Morgan Stanley's first-quarter net income rose on stronger wealth-management revenue and cost-cutting.
COMMENTS:
SHANNON STEMM, ANALYST, EDWARD JONES, ST. LOUIS: The results are very good. Fixed-income trading rebounded significantly and outpaced peers?and that's still Morgan Stanley's core business. We should see good performance out of the shares today. We have a buy rating, because we see a lot of upside in the stock longer term.
ALLERTON "TONY" SMITH, SENIOR DIRECTOR, MOODY'S ANALYTICS, NEW YORK:
This was a highly respectable quarter when you adjust for the DVA gains. Net revenues are up significantly from the prior quarter and a year ago, and, impressively, are up in each of their core businesses. It's a pleasant surprise to see progress across all those businesses to that degree.
WOJTEK ZARZYCKI, CHIEF INVESTMENT OFFICER, OPTIMAL INVESTING, MONEY MANAGER, TORONTO
"The revenue is a good solid number. It is a pleasant surprise here. Today we've had a good Spanish bond auction and that, with their good numbers, is going to bump up the share price today."
JOE TERRILL, PRESIDENT, TERRILL & CO., MONEY MANAGER, ST. LOUIS
"Nothing short of spectacular -- profitability dramatically higher than any of us expected. Their equity trading blew the cover off the ball."
(Reporting by Jed Horowitz, David Henry, Ilaina Jonas)
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