Subtext

Morgan Stanley MS

SectorFinancials
Transcripts65
Date range2009-04-22 – 2025-04-11
Calls charted65

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-15-8+0+8+152009 Q12011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42009 Q1 · Overall: -0.32009 Q2 · Overall: +1.92009 Q3 · Overall: +1.82009 Q4 · Overall: -5.42010 Q1 · Overall: +5.62010 Q2 · Overall: +2.92010 Q3 · Overall: -1.52010 Q4 · Overall: +3.62011 Q1 · Overall: +4.22011 Q2 · Overall: +10.02011 Q3 · Overall: +1.82011 Q4 · Overall: +2.82012 Q1 · Overall: +8.22012 Q2 · Overall: +2.22012 Q3 · Overall: +6.92012 Q4 · Overall: +6.02013 Q1 · Overall: +10.02013 Q2 · Overall: +7.82013 Q3 · Overall: +5.52013 Q4 · Overall: +3.42014 Q1 · Overall: +7.12014 Q2 · Overall: +3.32014 Q3 · Overall: +7.32014 Q4 · Overall: +3.82015 Q1 · Overall: +11.12015 Q2 · Overall: +6.52015 Q3 · Overall: +3.92015 Q4 · Overall: -3.22016 Q1 · Overall: +3.92016 Q2 · Overall: +6.92016 Q3 · Overall: +11.12016 Q4 · Overall: +4.72017 Q1 · Overall: +5.72017 Q2 · Overall: +5.22017 Q3 · Overall: +6.02017 Q4 · Overall: +5.72018 Q1 · Overall: +8.22018 Q2 · Overall: +7.92018 Q3 · Overall: +5.82018 Q4 · Overall: +5.82019 Q1 · Overall: +5.52019 Q2 · Overall: +7.92019 Q3 · Overall: +9.92019 Q4 · Overall: +7.92020 Q1 · Overall: +11.02020 Q2 · Overall: +1.02020 Q3 · Overall: +4.52020 Q4 · Overall: +8.92021 Q1 · Overall: +8.12021 Q2 · Overall: +4.82021 Q3 · Overall: +6.72021 Q4 · Overall: +9.92022 Q1 · Overall: +1.82022 Q2 · Overall: -4.02022 Q3 · Overall: +1.42022 Q4 · Overall: +7.52023 Q1 · Overall: +1.92023 Q2 · Overall: +4.12023 Q3 · Overall: +6.12023 Q4 · Overall: +8.72024 Q1 · Overall: +13.42024 Q2 · Overall: +9.22024 Q3 · Overall: +11.62024 Q4 · Overall: +12.62025 Q1 · Overall: +1.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-20-10+0+10+202009 Q12011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42009 Q4 · CEO: -4.82010 Q2 · CEO: +2.32010 Q3 · CEO: -2.52011 Q1 · CEO: +13.42011 Q2 · CEO: +14.22013 Q2 · CEO: +16.12013 Q3 · CEO: +11.82013 Q4 · CEO: +8.82014 Q1 · CEO: +3.62014 Q3 · CEO: +9.02014 Q4 · CEO: +6.72015 Q1 · CEO: +13.12015 Q2 · CEO: +9.72015 Q3 · CEO: +6.22015 Q4 · CEO: +0.52016 Q2 · CEO: +8.02016 Q3 · CEO: +16.12016 Q4 · CEO: +6.92017 Q1 · CEO: +7.22017 Q2 · CEO: +4.92017 Q3 · CEO: +5.42017 Q4 · CEO: +7.12018 Q2 · CEO: +16.02018 Q3 · CEO: +8.62018 Q4 · CEO: +8.22019 Q1 · CEO: +6.92019 Q2 · CEO: +9.42019 Q3 · CEO: +11.92019 Q4 · CEO: +11.12020 Q1 · CEO: +15.12020 Q2 · CEO: +4.52020 Q4 · CEO: +10.32021 Q1 · CEO: -0.72021 Q2 · CEO: +8.82021 Q3 · CEO: +4.82021 Q4 · CEO: +13.52022 Q1 · CEO: +5.62022 Q2 · CEO: -4.42022 Q3 · CEO: +1.22022 Q4 · CEO: +12.22023 Q1 · CEO: +2.82023 Q2 · CEO: +5.82023 Q3 · CEO: -1.12023 Q4 · CEO: +14.02024 Q1 · CEO: +17.62024 Q2 · CEO: +7.32024 Q3 · CEO: +14.82024 Q4 · CEO: +14.72025 Q1 · CEO: -3.62014 Q3 · CFO: +4.02014 Q4 · CFO: +3.52015 Q1 · CFO: +11.12015 Q2 · CFO: -0.82015 Q3 · CFO: -3.62015 Q4 · CFO: -6.62016 Q1 · CFO: +0.62016 Q2 · CFO: +9.32016 Q3 · CFO: +3.62016 Q4 · CFO: +0.02017 Q1 · CFO: +12.42017 Q2 · CFO: +8.82017 Q3 · CFO: +8.72017 Q4 · CFO: +6.72018 Q1 · CFO: +6.42018 Q2 · CFO: +4.32018 Q3 · CFO: +2.82018 Q4 · CFO: +2.82019 Q1 · CFO: +2.12019 Q2 · CFO: +6.02019 Q3 · CFO: +6.92019 Q4 · CFO: +6.32020 Q1 · CFO: +8.52020 Q2 · CFO: -2.32020 Q3 · CFO: -0.52021 Q2 · CFO: +5.52024 Q1 · CFO: +14.5
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-34-17+0+17+342009 Q12011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42009 Q1 · Prepared remarks: +6.32009 Q2 · Prepared remarks: +6.92009 Q3 · Prepared remarks: +5.12009 Q4 · Prepared remarks: +0.42010 Q1 · Prepared remarks: +19.52010 Q2 · Prepared remarks: -7.42010 Q3 · Prepared remarks: -0.42010 Q4 · Prepared remarks: -9.32011 Q1 · Prepared remarks: +3.42011 Q2 · Prepared remarks: +15.02011 Q3 · Prepared remarks: +1.82011 Q4 · Prepared remarks: -1.62012 Q1 · Prepared remarks: +14.12012 Q2 · Prepared remarks: +7.32012 Q3 · Prepared remarks: +15.22012 Q4 · Prepared remarks: +9.22013 Q1 · Prepared remarks: +20.22013 Q2 · Prepared remarks: +13.92013 Q3 · Prepared remarks: +5.92013 Q4 · Prepared remarks: +6.82014 Q1 · Prepared remarks: +7.32014 Q2 · Prepared remarks: +4.32014 Q3 · Prepared remarks: +10.72014 Q4 · Prepared remarks: +8.12015 Q1 · Prepared remarks: +16.62015 Q2 · Prepared remarks: +12.72015 Q3 · Prepared remarks: +9.22015 Q4 · Prepared remarks: +0.92016 Q1 · Prepared remarks: +9.22016 Q2 · Prepared remarks: +15.62016 Q3 · Prepared remarks: +12.82016 Q4 · Prepared remarks: +7.92017 Q1 · Prepared remarks: +18.52017 Q2 · Prepared remarks: +16.12017 Q3 · Prepared remarks: +9.92017 Q4 · Prepared remarks: +8.12018 Q1 · Prepared remarks: +9.92018 Q2 · Prepared remarks: +12.62018 Q3 · Prepared remarks: +7.52018 Q4 · Prepared remarks: +7.02019 Q1 · Prepared remarks: +6.62019 Q2 · Prepared remarks: +6.92019 Q3 · Prepared remarks: +9.72019 Q4 · Prepared remarks: +7.92020 Q1 · Prepared remarks: +9.02020 Q2 · Prepared remarks: -1.22020 Q3 · Prepared remarks: +5.12020 Q4 · Prepared remarks: +15.12021 Q1 · Prepared remarks: +16.82021 Q2 · Prepared remarks: +14.22021 Q3 · Prepared remarks: +18.52021 Q4 · Prepared remarks: +22.82022 Q1 · Prepared remarks: +8.42022 Q2 · Prepared remarks: -2.02022 Q3 · Prepared remarks: -0.72022 Q4 · Prepared remarks: +9.22023 Q1 · Prepared remarks: +7.52023 Q2 · Prepared remarks: +9.82023 Q3 · Prepared remarks: +6.42023 Q4 · Prepared remarks: +13.02024 Q1 · Prepared remarks: +29.52024 Q2 · Prepared remarks: +22.02024 Q3 · Prepared remarks: +21.82024 Q4 · Prepared remarks: +22.12025 Q1 · Prepared remarks: +12.52009 Q1 · Q&A responses: -5.62009 Q2 · Q&A responses: +7.82009 Q3 · Q&A responses: +6.02009 Q4 · Q&A responses: -5.82010 Q1 · Q&A responses: +1.62010 Q2 · Q&A responses: +13.72010 Q3 · Q&A responses: -1.12010 Q4 · Q&A responses: +8.22011 Q1 · Q&A responses: +8.12011 Q2 · Q&A responses: +10.82011 Q3 · Q&A responses: +2.02011 Q4 · Q&A responses: +6.72012 Q1 · Q&A responses: +8.82012 Q2 · Q&A responses: +5.42012 Q3 · Q&A responses: +6.22012 Q4 · Q&A responses: +4.22013 Q1 · Q&A responses: +8.42013 Q2 · Q&A responses: +7.42013 Q3 · Q&A responses: +7.22013 Q4 · Q&A responses: +4.32014 Q1 · Q&A responses: +8.42014 Q2 · Q&A responses: +9.52014 Q3 · Q&A responses: +4.32014 Q4 · Q&A responses: +4.12015 Q1 · Q&A responses: +8.82015 Q2 · Q&A responses: +4.12015 Q3 · Q&A responses: +1.52015 Q4 · Q&A responses: -3.52016 Q1 · Q&A responses: +1.22016 Q2 · Q&A responses: +6.22016 Q3 · Q&A responses: +13.32016 Q4 · Q&A responses: +3.72017 Q1 · Q&A responses: +5.52017 Q2 · Q&A responses: +1.82017 Q3 · Q&A responses: +6.42017 Q4 · Q&A responses: +5.92018 Q1 · Q&A responses: +7.62018 Q2 · Q&A responses: +8.72018 Q3 · Q&A responses: +5.52018 Q4 · Q&A responses: +4.62019 Q1 · Q&A responses: +4.12019 Q2 · Q&A responses: +8.22019 Q3 · Q&A responses: +10.72019 Q4 · Q&A responses: +11.32020 Q1 · Q&A responses: +15.02020 Q2 · Q&A responses: +5.62020 Q3 · Q&A responses: +8.02020 Q4 · Q&A responses: +5.52021 Q1 · Q&A responses: +5.82021 Q2 · Q&A responses: +4.52021 Q3 · Q&A responses: +2.02021 Q4 · Q&A responses: +4.82022 Q1 · Q&A responses: +2.82022 Q2 · Q&A responses: -2.42022 Q3 · Q&A responses: +4.22022 Q4 · Q&A responses: +6.82023 Q1 · Q&A responses: +0.42023 Q2 · Q&A responses: +3.12023 Q4 · Q&A responses: +7.72024 Q1 · Q&A responses: +8.02024 Q2 · Q&A responses: +4.32024 Q3 · Q&A responses: +8.62024 Q4 · Q&A responses: +8.92025 Q1 · Q&A responses: -2.4
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.14$5.27$8.402009 Q12011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42014 Q1: $2.572014 Q2: $2.662014 Q3: $2.792014 Q4: $2.942015 Q1: $2.992015 Q2: $3.152015 Q3: $3.332015 Q4: $3.172016 Q1: $2.832016 Q2: $2.682016 Q3: $2.852016 Q4: $3.212017 Q1: $3.522017 Q2: $3.702017 Q3: $3.872017 Q4: $4.052018 Q1: $4.652018 Q2: $4.922018 Q3: $5.072018 Q4: $5.162019 Q1: $5.012019 Q2: $5.202019 Q3: $5.122019 Q4: $5.162020 Q1: $5.402020 Q2: $4.072020 Q3: $4.972020 Q4: $5.132021 Q1: $5.972021 Q2: $6.952021 Q3: $7.242021 Q4: $7.522022 Q1: $7.782022 Q2: $7.902022 Q3: $7.552022 Q4: $7.442023 Q1: $7.502023 Q2: $7.112023 Q3: $6.992023 Q4: $6.642024 Q1: $6.652024 Q2: $7.242024 Q3: $7.492024 Q4: $7.97

Forward P/E

4.9310.4415.952009 Q12011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42014 Q1: 12.382014 Q2: 12.282014 Q3: 12.772014 Q4: 12.492015 Q1: 12.282015 Q2: 12.552015 Q3: 10.382015 Q4: 10.602016 Q1: 8.882016 Q2: 9.222016 Q3: 11.062016 Q4: 13.352017 Q1: 13.022017 Q2: 12.142017 Q3: 11.952017 Q4: 13.132018 Q1: 12.262018 Q2: 10.502018 Q3: 9.692018 Q4: 7.622019 Q1: 8.462019 Q2: 8.302019 Q3: 8.672019 Q4: 9.822020 Q1: 5.692020 Q2: 11.752020 Q3: 10.302020 Q4: 12.522021 Q1: 14.052021 Q2: 13.122021 Q3: 14.242021 Q4: 13.222022 Q1: 11.802022 Q2: 9.622022 Q3: 11.542022 Q4: 12.162023 Q1: 11.382023 Q2: 12.382023 Q3: 12.482023 Q4: 12.902024 Q1: 13.432024 Q2: 13.492024 Q3: 13.272024 Q4: 15.19

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↓ -3.7 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2014 Q4 tone ↓ -3.4 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q2 tone ↓ -4.6 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -2.6 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q1 tone ↑ +7.1 fwd EPS ↓ -0.34 Tone rose while the forward EPS estimate was cut.
  • 2016 Q2 tone ↑ +3.0 fwd EPS ↓ -0.15 Tone rose while the forward EPS estimate was cut.
  • 2016 Q4 tone ↓ -6.3 fwd EPS ↑ +0.36 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -2.1 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↑ +2.0 fwd EPS ↓ -0.08 Tone rose while the forward EPS estimate was cut.
  • 2021 Q2 tone ↓ -3.3 fwd EPS ↑ +0.98 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -8.1 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -5.9 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↑ +5.5 fwd EPS ↓ -0.35 Tone rose while the forward EPS estimate was cut.
  • 2022 Q4 tone ↑ +6.1 fwd EPS ↓ -0.11 Tone rose while the forward EPS estimate was cut.
  • 2023 Q2 tone ↑ +2.2 fwd EPS ↓ -0.40 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↑ +2.6 fwd EPS ↓ -0.35 Tone rose while the forward EPS estimate was cut.
  • 2024 Q2 tone ↓ -4.2 fwd EPS ↑ +0.58 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-11+1.5——View →
2024 Q42025-01-16+12.6$7.9715.2View →
2024 Q32024-10-16+11.6$7.4913.3View →
2024 Q22024-07-16+9.2$7.2413.5View →
2024 Q12024-04-16+13.4$6.6513.4View →
2023 Q42024-01-16+8.7$6.6412.9View →
2023 Q32023-10-18+6.1$6.9912.5View →
2023 Q22023-07-18+4.1$7.1112.4View →