Here’s what’s been happening on Wall Street overnight

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Morgan Stanley posted a huge first-quarter earnings beat on Wednesday morning.

The bank reported adjusted earnings of $US1.45 a share, a 45% increase from last year and well ahead of analyst expectations of $US1.28 a share. Here are the key numbers (emphasis added):

  • Revenue: $US11.1 billion, up 14% from last year and a record.
  • Adjusted net income: $US2.7 billion, up 38% from last year and also a record.

Among the standouts in the bank’s impressive first quarter earnings report was its standing in fixed-income.

The New York-bank posted its best fixed income results in three years. That’s striking considering its a business the wealth management giant once de-emphasised. In 2015, it took an axe to fixed-income,cutting 25% of its workforce, replacing its leadership, and slashing bonuses.

Elsewhere in finance news, Tiger Global Management led a $US17 million Series A round in Green Bits, a software platform for cannabis dispensaries. And the Southwest passenger who died after a major engine failure has been identified as a Wells Fargo VP and mother of two.

In markets news:

And in corporate news:

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