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Morgan Stanley (MS) earnings Q3 2024

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Ted Pick, CEO Morgan Stanley, speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024.

Adam Galici | CNBC

Morgan Stanley topped analysts’ estimates for third quarter profit as its wealth management, trading and investment banking operations generated more revenue than expected.

Here’s what the company reported:

  • Earnings:$1.88 a share vs $1.58 LSEG estimate
  • Revenue: $15.38 billion vs. $14.41 billion estimate

Morgan Stanley had several tailwinds in its favor. The bank’s massive wealth management business was helped by high stock market values in the quarter, which inflates the management fees the bank collects.

Investment banking has rebounded after a dismal 2023, a trend that may continue as easing rates will encourage more financing and merger activity.

Finally, its Wall Street rivals have posted better-than-expected trading results, making it unlikely that the firm missed out on elevated activity.

JPMorgan Chase, Goldman Sachs and Citigroup topped expectations, helped by better-than-expected revenue from trading or investment banking.

This story is developing. Please check back for updates.

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Stocks making the biggest moves midday: Nordstrom, Honda, MicroStrategy, Broadcom and more

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These are the stocks posting the largest moves in midday trading.

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NVO, HMC, XRX, TSLA and more

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India may have fastest growing e-commerce sector

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India: the "perfect" emerging market

Investors may want to consider adding exposure to the world’s second-largest emerging market.

According to EMQQ Global founder Kevin Carter, India’s technology sector is extremely attractive right now.

“It’s the tip of the spear of growth [in e-commerce] … not just in emerging markets, but on the planet,” Carter told CNBC’s “ETF Edge” this week. 

His firm is behind the INQQ The India Internet ETF, which was launched in 2022. The India Internet ETF is up almost 21% so far this year, as of Friday’s close.

‘DoorDash of India’

One of Carter’s top plays is Zomato, which he calls “the DoorDash of India.” Zomato stock is up 128% this year.

“One of the reasons Zomato has done so well this year is because the quick commerce business blanket has exceeded expectations,” Carter said. “It now looks like it’s going to be the biggest business at Zomato.”

Carter noted his bullishness comes from a population that is just starting to go online.

“They’re getting their first-ever computer today basically,” he said, “You’re giving billions of people super computers in their pocket internet access.”

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