Mid-Day Movers: Morgan Stanley Losses $1 Billion, Samsung Not as Cool as Apple
Morgan Stanley (NYSE:MS) shares declined almost 1 percent after reporting a loss for the third quarter. The bank posted a loss of $1 billion (55 cents per share), compared to a net gain of $2.2 billion ($1.14 per share) a year earlier. Revenue also plunged 46.1 percent to $5.29 billion. The results fell short of analysts’ estimates.
Shares of Verizon Communications (NYSE:VZ) jumped more than 3 percent after reporting financial results for the third quarter. Net income rose 21.2 percent to $429.2 million (56 cents per share), compared to $354.2 million (49 cents per share) a year earlier. “In the third quarter, Verizon continued to deliver double-digit earnings growth and strong cash generation, and we remain solidly on track to meet our financial objectives for the year,” said Lowell McAdam, Verizon chairman and CEO. AT&T (NYSE:T) shares also climbed higher on the news.
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Apple (NASDAQ:AAPL) shares fell 1.4 percent in afternoon hours. The tech giant lost its appeal of a ruling in favor of rival Samsung’s Galaxy tablet. A British court on Thursday denied Apple’s appeal of an earlier decision that the tablet did not copy the iPad. Britain’s Court of Appeal upheld its judgment that, despite some similarities, Samsung did not infringe Apple’s design, in part because its products were “not as cool” as the iPad.
Shares of Facebook (NASDAQ:FB) fell more than 2 percent in afternoon trading, despite receiving a positive outlook the prior day. Wedge Partners analyst Martin Pyykkonen said the company is “further along in monetizing mobile advertising” than many realize. Facebook also opened up its mobile “apps install” ads platform to the public. Previously, only a selected group of developers had access. An announcement on the company’s development blog states that beta partners and Preferred Marketing Developers who had early access have seen good results with the ad structure.