Morgan Stanley Trading Revenue Drops, BB&T and BNY Net Shine

Mukesh Buch
18 Jan, 2018
New York City

Alcoa net loss widened but revenues soared 28%. BNY Mellon profit surged 38%. BB&T beats estimates. J B Hunt net and revenues jumped. Morgan Stanley said trading revenues declines but wealth management fees rise.

[R]11:55 AM New York City, New York – Alcoa net loss widened but revenues soared 28%. BNY Mellon profit surged 38%. BB&T beats estimates. J B Hunt net and revenues jumped. Morgan Stanley said trading revenues declines but wealth management fees rise.[/R]

Tollbooth Index increased 26.75 or 0.2% to 14,560.76.

Earnings Review

Alcoa Corporation ((AA)) plunged 7.9% or $4.53 to $52.46 after the aluminum producer said revenues in the fourth-quarter ending in December soared 28% from a year ago to $3.2 billion.

Net loss in the quarter widened to $196 million or $1.06 per diluted share from $125 million or 68 cents in the same quarter last year.

Alcoa said aluminum shipments in the quarter rose 0.2% to 854,000 metric tons from and shipments of alumina edged up 1.3% to 2.31 million metric tons from a year ago period.

Bank of New York Mellon Corp ((BNY)) declined 4.7% or $2.75 to $55.14 after the investments services provider reported revenues in the fourth-quarter ending in December fell 2% from a year ago to $3.7 billion.

Net income in the quarter soared 37.5% to $1.1 billion or $1.08 per diluted share from $822 million or 77 cents in the same quarter last year.

BB&T Corporation ((BBT)) gained 1.7% or 81 cents to $54.09 after the banking services provider stated net revenues in the fourth-quarter ending in December advanced 5.1% from a year ago to $2.9 billion.

Net income in the quarter jumped 3.7% to $614 million or 77 cents per diluted share from $592 million or 72 cents in the same quarter last year.

J B Hunt Transport Services Inc ((JBH)) slid 10 cents to $120.55 after the surface transportation services provider said revenues in the fourth-quarter ending in December surged 16% from a year ago to $2 billion.

Net income in the quarter jumped to $385.3 million or $3.48 per diluted share from $117.6 million or $1.05 in the same quarter last year.

Morgan Stanley ((MS)) rose 12 cents to $55.46 after the investment banking and brokerage services provider reported net revenues in the fourth-quarter ending in December jumped 5.5% from a year ago to $9.5 billion.

Net income in the quarter tumbled 66% to $516 million or 29 cents per diluted share from $1.5 billion or 81 cents in the same quarter last year.

Morgan Stanley said revenues in institutional securities business fell 2.2% to $4.5 billion and revenues in the wealth management segment soared 10% to $4.4 billion from a year ago.

Morgan Stanley said fourth-quarter includes one-time net tax provision of $990 million and compensation expense jumped 8.2% to $17.2 billion from $15.9 billion.

M&T Bank Corporation ((MTB)) jumped 4% or $7.22 to $186.40 after the banking services provider stated interest income in the fourth-quarter ending in December soared 9% from a year ago to $1.1 billion.

Net income in the quarter fell 2% to $322.4 million or $2.01 per diluted share from $330.6 million or $1.98 in the same quarter last year.