Morgan Stanley beat earnings estimates this morning, and apparently the bank is pretty psyched about it.
Morgan Stanley “called Wall Street analysts to an unusual meeting with its fixed-income chief to reinforce its stellar performance and possibly boost its share price,” according to Charlie Gasparino at Fox Business.
Gasparino said the meeting “raised eyebrows.”
One analyst said the meeting with Morgan Stanley’s bond chief, Ken deRegt, “was odd.”
“Usually you don’t get one of these to meet with the head of just one division,” the analyst told Gasparino.
Gasparino’s take is that Morgan Stanley is doing a massive victory lap for beating Goldman Sachs in the second quarter.
Goldman reported on Tuesday, and the result was not good.
Morgan Stanley’s revenue was $9.3 billion in Q2, which, as the WSJ summed up, “dwarfed” Goldman’s figure of $7.3 billion.
“The people at Morgan are calling it a meet-and-greet with deRegt,” one Wall Street analyst told Gasparino, “but given what went down today, it’s actually something more.”