This morning, Morgan Stanley (MS) released weaker-than-expected results for its second quarter. MS reported second-quarter EPS of $1.39, vs. $1.85 last year, on an 11% decline in revenues. Results were below expectations for $1.56 per share, largely due to an extra ordinarily high amount of regulatory expense related to a specific matter.

Other than that, I think the quarter went pretty much as expected, with investment banking revenues down more than 50% as underwriting dried up. Trading results were the one bright spot, as the company’s clients were active in the volatile market. Wealth Management provided stability, with operating income flat at $1.55 billion.

I believe the results show that MS can still earn $6.00 a share in a rough environment, making the stock a good value at the current price. Buy MS under $78. My target is $90.