What you need to know on Wall Street today
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Morgan Stanley released fourth-quarter earnings Thursday, and, like the rest of the big Wall Street banks, it beat analyst expectations.
The bank reported adjusted earnings of $0.84 a share; analysts had been expecting Morgan Stanley to produce adjusted earnings of $0.77 a share. Morgan Stanley is the last of the big US banks to report, and, like the others, its nonadjusted earnings took a one-time hit from the new tax law.
But Morgan Stanley's net $1.2 billion loss on the law - primarily from deferred tax assets that declined in value - came in below the $1.25 billion that analysts projected and well below those of its Wall Street counterparts.
Elsewhere on Wall Street, Goldman Sachs's co-president allegedly had $1.2 million of wine stolen by his assistant. A startup that's helping big banks tackle one of the most vexing problems on Wall Street has landed $38 million in backing. And the CEO of $445 billion fund giant Principal Global Investors says everyone has the economy all wrong.
In crypto news, Morgan Stanley is jumping on the bitcoin futures bandwagon. The owner of the New York Stock Exchange is launching a crypto data product for Wall Street. And bitcoin's bloodbath was totally normal and opened up "the biggest buying opportunity in 2018," according to Tom Lee.
And in tech, Apple on Wednesday announced plans to open a new campus this year as part of an effort to hire 20,000 new workers over the next five years. Here's the latest:
- Apple appears to be bringing nearly $245 billion home from overseas
- Apple is taking a page out of Amazon's playbook by teasing its new campus
- Apple is giving each of its employees $2,500 in stock as bonuses
- Here's why analysts think Apple's cash move is such a big deal
- GENE MUNSTER: Apple could use its repatriated cash to buy Magic Leap or Peloton
- Wall Street says forget about the jobs - Apple's big announcement is all about a tax windfall
Elsewhere in tech news, 20 cities are left in the running for Amazon's second headquarters - and the story of Disney's secret hunt for land nearly 60 years ago could predict how Amazon's HQ2 will change its home city.