Morgan Stanley profit beats estimates

Morgan Stanley reported profit that beat analysts' estimates as a surprise jump in fixed-income results helped the firm post the only increase in trading revenue among the six biggest US banks this year. The stock rose 3 per cent in early New York trading. First-quarter net income advanced 56 per cent to $1.51 billion, or 74 cents a share, from $962 million, or 48 cents, a year earlier, the company said on Thursday.