Bank of American and Morgan Stanley topped Q4 earnings early Thursday as bank results continue to roll in. BAC stock is trading near a buy point, while MS shares climbed toward an entry.
Bank of America earnings more than doubled to 82 cents per share, from 35 cents last year. Revenue increased 15% to $25.3 billion.
FactSet analysts expected earnings of 77 cents per share on $25.12 billion in revenue.
Net interest income rose 3% to $14.4 billion, primarily driven by global markets activity, fixed-rate asset repricing and loan growth.
Bank of America's provision for credit losses increased to $1.5 billion from $1.1 billion last year.
Bank of America Stock
BAC stock eased about 1% Thursday, after clocking a 2.9% gain in strong trading volume on Wednesday. Shares ended Wednesday less than 1% below a 48.08 buy point in a seven-week cup base.
Bank of America has advanced 6% so far this year.
Morgan Stanley
Morgan Stanley earnings powered to $2.22 per share from 85 cents last year, which cleared analyst estimates for $1.70.
Revenue spiked 26% to $16.223 billion, while analysts polled by FactSet expected $15.03 billion.
Investment banking revenue increased 25% to $1.64 billion.
Morgan Stanley bolstered its provision for credit losses to $115 million from $3 million last year.
MS stock climbed 4% Thursday. Morgan Stanley rallied 4.8% on Wednesday, retaking support at its 50-day moving average and topped an early aggressive entry at 129.95.
That moved it closed to a 136.24 buy point for an eight-week flat base.
Banks generally rallied on Wednesday as JPMorgan Chase and Goldman Sachs led fourth-quarter bank results with strong beats.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
