Pompano Beach, FL -- (SBWIRE) -- 01/18/2013 -- US financial institute Morgan Stanley (NYSE:MS) executives did well on their pledge to gain profits from the bank's escalating wealth management unit, announcing on Friday that profit margins in the business surged in the Q4.
The New York-located bank's global wealth management group booked more revenue and pretax earnings in the quarter as compared to the investment banking and asset management units, and showed more lucrative versus several experts’ predictions.
How Morgan Stanley shares responded to Optimistic report? Find out here
Shares of Morgan Stanley (MS) spiked soon after the optimistic report and were higher above 8% during Friday’s trading session.
Morgan Stanley (MS) reported profit higher than predicted, and topped the revenue targets. The revenue topped is a positive indication to stockholders aimed on a banking improvement. Following a year of critical challenges, Morgan Stanley has hit a critical point, CEO James Gorman reported
Drugmaker Pfizer Inc., which is divesting its animal health unit through an initial public offering, plans to sell 86.1 million stock of common stock.
New York-located Pfizer Inc. (PFE) forecasts the price for shares of the division, named Zoetis Inc., at $22 to $25. At those price levels, the IPO would generate $1.89 billion to $2.15 billion.
How Pfizer can take advantage of largest animal unit, Zoetis? Click here to get results
That turns it the world's biggest animal health unit, consistent with a file Pfizer (PFE) filed with the Securities and Exchange Commission. It reports Zoetis products are sold in over 120 countries, in five huge product categories.
The division’s spinoff is part of attempts by Pfizer CEO Ian Read to revamp the world's biggest drugmaker.
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