Morgan Stanley back in black; Boeing reports loss

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: Morgan Stanley reported better-than-expected third-quarter profit on Wednesday, ending a string of three straight losing quarters. Results were bolstered by strong fixed income sales and trading revenue and improved investment banking underwriting results.

The New York-based firm reported net income for common shareholders of $498 million. The firm reported consolidated net revenues of $8.7 billion in the quarter.

Boeing loss at $ 1.6 bn

Boeing Company on Wednesday posted a larger-than-expect quarterly loss on a cost reclassification related to its long-delayed 787 Dreamliner programme, sending shares lower.

The world’s second-largest plane-maker said net loss was $1.6 billion, or $2.23 per share, compared with a profit of $695 million, or 96 cents per share, a year earlier.

Wells Fargo profit soars

Wells Fargo & Co posted record third-quarter profit by limiting loan defaults and wringing savings out of Wachovia Corporation.

Profit almost doubled to $3.24 billion, or 56 cents a diluted share, from $1.64 billion, or 49 cents, a year earlier, San Francisco-based Wells Fargo said. Assets no longer collecting interest climbed 28% to $23.5 billion as of September 30 from the second quarter, the company said.

LG Electronics sales rise

Consumer durables major LG Electronics on Wednesday reported a robust third-quarter performance, with global sales soaring 16% to $11.2 billion as compared to the year-ago period. LG, which has a significant presence in India, saw operating profit climb to about $685 million.

Zuari net up 29.41%

Fertiliser company Zuari Industries on Wednesday said its net profit rose 29.41% to Rs 65.20 crore for the quarter ended September 30, 2009, compared to the same period last year. Net sales declined to Rs 825.51 crore in the latest quarter from Rs 2,100.46 crore in the same quarter in the previous fiscal, the ciompany said.

K Sera Sera net jumps

K Sera Sera Productions on Wednesday said consolidated net profit jumped two-fold to Rs 39.72 crore for the second quarter ending September 30, 2009, against Rs 16.80 crore in the same quarter last year. Total income for the quarter increased to Rs 112.34 crore from Rs 44.88 crore in the same quarter previous year.

Century Plyboards net up 31%