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Markets Right Now: Stocks move higher at midday

20 April, 2017, 08:52 | Author: Paula Vaughn
  • The corporate logo of financial firm Morgan Stanley

Hong Kong's Hang Seng index climbed 0.3 percent to 23,905.35 and Australia's S&P ASX 200 edged 0.1 percent higher to 5,812.30.

The Nasdaq composite increased 39 points, or 0.7 percent, to 5,889. The Dow lost 118.79 points, or 0.6%, to 20,404.49.

According to consensus agreement of Analysts, the mean estimate of short term price target for the MS's stock is marked at $47.4.

FILE - In this October 8, 2014, file photo, people walk to work on Wall Street beneath a statue of George Washington, in NY.

Revenue in the bank's fixed-income trading business rose to US$1.7bn, up from US$873mln in the quarter, the best quarter for the business in two years.

Goldman Sachs is the only USA banking player so far to report back on a disappointing first-quarter, posting figures on Tuesday that revealed lacklustre trading revenues.

Morgan Stanley's shares are down 2.5% this year, having given up about half of their postelection gains. Chevron $1.45, or 1.4 percent, to $104.23 and Marathon Oil sank 68 cents, or 4.3 percent, to $15.06. The Bank of America Corp. brokerage unit says fee-based accounts are better suited to minimize risks, but they also shield the firm from the rule's more onerous requirements.

HIGH-TECH TROUBLE: Technology and consulting company IBM slumped after a weak sales report.

In the three months that ended March, Morgan Stanley easily surpassed analysts' profit expectations, delivering first quarter earnings of $1.00 per share on revenue of $10.94 billion, which easily beat the Thomson Reuters estimate for a per-share profit of 90 cents on revenue of $9.27 billion. The stock plunged -4.86 percent over the past quarter, while surged 32.14 percent over the past six months.

Gallup Poll: Fewer Voters Think Trump Will Deliver On His Campaign Promises
Which is why in the latest Gallup poll, President Trump's approval ratings have seen a modest rise from 35 percent to 39 percent. That's down from 62 percent who believed he would when polled from February 1-5, two weeks after Trump's inauguration.

Analyst recommendation for this stock stands at 2.30. Equipment and software maker Rockwell Automation climbed $1.11 to $150.64.

Compensation expense of $4.5 billion, up from $3.7 billion.

Bond prices fell, reversing most of their gains from a day earlier.

JAPAN TRADE: Japan's exports rose at a faster-than-expected 12 percent pace in March, while imports jumped almost 16 percent from a year earlier. That helped banks but hurt high-dividend companies including utilities and real estate investment trusts. Its stock gave up 98 cents, or 2.1 percent, to $46.36. The Company's Wealth Management business segment provides an array of financial services and solutions to individual investors and small-to-medium sized businesses and institutions covering brokerage and investment advisory services, market-making activities in fixed income securities, financial and wealth planning services, annuity and insurance products, credit and other lending products, banking and retirement plan services.

OIL: U.S. crude oil futures added 13 cents to $52.54 per barrel in electronic trading on the New York Mercantile Exchange.

Bond prices fell. The yield on the 10-year Treasury rose to 2.20 percent.

In currency markets, the dollar was flat versus the pound and the euro at 1.2836 and 0.9319, respectively.

OVERSEAS: British stocks continued to fall. South Korea's Kospi shed 0.5 percent to 2,138.40. Other major European indexes recovered modestly.

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