Investment banks post higher profits on strength in stock, bond markets.
December 18, 2003: 8:19 AM EST
NEW YORK (CNN/Money) - Goldman Sachs and Morgan Stanley Thursday reported higher earnings for the latest quarter, topping forecasts on Wall Street, as the investment banks benefited from strength in the stock and bond markets.
New York-based Morgan Stanley said its fourth-quarter net income rose to $1.04 billion, or 94 cents a diluted share, from 67 cents a share a year earlier. Wall Street analysts had forecast profits of 90 cents a share, according to earnings tracker First call.
Meanwhile, Goldman, which is losing its president, John Thain, who will become chief executive of the New York Stock Exchange, said fourth-quarter net income nearly doubled to $971 million, or $1.89 a diluted share, from $505 million, or 98 cents per share, a year ago. Analysts had been expecting $1.54 a share.
Goldman stock rose to $99 in before-hours trading on Instinet from $98.35 at Thursday's close, Reuters reported.
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