As earnings continue, Morgan Stanley (NYSE:MS) saw shares tumble as the company fell short on profit and revenue in its latest results. Profit for the quarter was $0.80 a share, which was below the consensus estimate of $0.89. Group revenue fell 10% to $8.55 billion, versus an estimate of $9.3 billion. Last year, shares in the bank tanked 24%, which was worse than the 20% decline of the KBW Bank Index.
The stock shed 4.45% to stand at $42.53.
Alcoa Corp (NYSE:AA) gained in New York trade as the aluminium giant reported better than expected quarterly earnings. On an adjusted basis, the company earned $0.66 per share, beating Wall Street's estimates which were $0.50. Revenue for the three months was $3.34 billion, which was slightly better than the $3.33 billion, which had been expected by the Street.
The shares added 1.95% to $29.59.
CSX Corp (NASDAQ:CSX), the Florida-based rail and real estate group, saw shares also travel south on Thursday as the company unveiled an earnings beat on both top and bottom lines. The company earned $1.01 per share in the latest quarter, which beat Wall Street's estimates slightly. Revenue came in at $3.14 billion, while the firm also announced a new $5 billion stock buyback program.
Shares fell 0.44% to $65.09.
Taiwan Semiconductor (NYSE:TSM) was another stock going under as the computer chip maker - the lead supplier for Apple (NASDAQ:AAPL) - reported uninspiring quarterly earnings and warned that near-term sales would slide the most in 10 years as global smartphone markets continued to decline. But the stock recovered after sparking a contagion effect for shares of other semiconductor companies.
The stock added 1.8% to $36.29.