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Added on the 20/07/2016 16:28:41 - Copyright : Reuters EN
A slowdown in trading and investment banking helped more than halve Morgan Stanley's profit. Fred Katayama reports.
A surge in trading revenue pumped up Morgan Stanley's quarterly profit 60 percent. Fred Katayama reports.
On Tuesday, shares of Beyond Meat plunged 22%. The drop came after the company reported a large revenue miss and slow sales growth in the third quarter. Beyond Meat reported net revenues of $94.4 million vs. $132.8 million expected by Wall Street. There was a loss per share of 28 cents versus the estimated earnings per share of five cents. CEO Ken Goldman attributed the third quarter loss to consumers "freezer loading" in the second quarter during the pandemic. Analysts at JPMorgan said it's unclear why Beyond Meat is floundering. Investors were also confused about the scope of Beyond Meat's collaboration with McDonald's in launching the new "McPlant."
Happy Saturday! Big bank earnings season was in full swing this week. From top execs laying out the rationale behind dealmaking to shedding some light on their plans for the future of the physical office, here are some of this quarter's highlights: Morgan Stanley's CEO explains why the bank's $7 billion bid for Eaton Vance makes sense even with such a high price tag: 'I'm not ashamed to say it's fully priced' JPMorgan and BlackRock are both looking to do M&A.
The investment bank's quarterly profit soared 57 percent and breezed past estimates, spurred by fixed income trading revenue that more than doubled. Fred Katayama reports.
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