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Morgan Stanley, Union Pacific earnings — What to know in markets Thursday

Heidi Chung

Earnings will continue to be the focal point for investors on Thursday.

Nearly all of the big banks reported earlier this week, but Morgan Stanley (MS) joins the pack when it releases its quarterly results ahead of the opening bell.

Results for the big banks surprised to the upside this week. Even as names like Goldman Sachs (GS) fell short of expectations for several key metrics, shares ended the day higher. The biggest test lies ahead for the financials, as a low interest rate environment threatens hit the rate-sensitive group and their profitability going forward.

Morgan Stanley is expected to report adjusted earnings of $1.10 per share on $9.59 billion in revenue during the third quarter.

Union Pacific locomotive on display at the Harvey house railroad depot in Barstow, California

In addition, transportation giant Union Pacific (UNP) will also be closely watched by investors. Within the transportation industry, the rails have been hit especially hard by the ongoing trade war between the U.S. and China. Much like its peers, Union Pacific has been seeing weaker shipping volume with freight volume dropping 4% during the second quarter. The company forecast freight volume falling 2% in the second half of this year. Union Pacific has been cutting costs and raising prices to offset the falling volume. Investors will be looking to hear about updates on how the recent layoffs have affected the company.

Analysts polled by Bloomberg are expecting the rail giant to report adjusted earnings of $2.31 per share on $5.65 billion in revenue.

Other notable earnings reports scheduled for Thursday include BB&T Corporation (BBT), KeyCorp (KEY), M&T Bank Corporation (MTB), SunTrust Banks (STI), Dover Corporation (DOV), Honeywell (HON), Textron (TXT), Philip Morris (PM) before market open; E-Trade Financial Corporation (ETFC) after market close.

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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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