Morgan Stanley (MS)

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Every segment beat on revenue, and margins also surprised to the upside. This should lead to a re-rating in the shares and close the valuation discount to its largest competitor, Goldman Sachs. Earnings at the core level were $0.46 a share, compared with the $0.39 consensus, and net revenue (excluding the benefits from debt valuation adjustment) were $8.1 billion and rose 7% year over year from the $7.5 billion in the third quarter of 2012