Banks Clear a Lowered Bar

Wall Street Journal, Apr. 18, 2016–Baer, Justin; Rudegeair, Peter

Morgan Stanley became the latest big bank to beat Wall Street analysts’ expectations with its quarterly earnings results. The victory may feel a little hollow though, and not just because profits at the New York firm dropped 53%. Analysts’ estimates have been falling sharply since the start of the year, lowering the bar for the banks.