Bank of America and Morgan Stanley Earnings Boost Wall Street
Bank stocks, including Morgan Stanley (MS) and Bank of America (BAC), are reaching record highs after releasing their earnings reports.
Morgan Stanley reported adjusted third-quarter earnings of $2.80 per share on $18.22 billion in revenue, exceeding estimates. This marks the largest earnings beat in five years.
- Morgan Stanley (MS) is up 6% to $164.92.
- Bank of America (BAC) is up 5.4% to $52.
Options traders are actively engaging, with 52,000 calls changing hands, which is 12 times the average intraday amount.
Most of this attention is at the October 175 call, where new positions are being bought to open.
Author's summary: Bank stocks drive Wall Street gains.
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