Flash | 15 Jul 2026 09:34:50 ET │ 13 pages Morgan Stanley (MS.N) 2Q26 Initial Take - ~54c Core PPNR Beat Led by Equities Trading CITI'S TAKE MS reported a 54c core PPNR beat driven by a large beat from Institutional Securities (55c to cons). While banking was modestly ahead of expectations, Equities trading produced a record quarter up 69% y/y. WM continues to be an area of strength, aiding 8c in the consensus beat with NNA growth of $148 bil (~8.1% annualized) and a 30.5% pre-tax margin, while Investment M ...