NEW YORK (AP) — Morgan Stanley's income fell 48 percent in the first quarter on a sharp drop in revenue from sales and trading of fixed-income securities and commodities.

The New York investment bank on Thursday said it earned $736 million, or 50 cents per share, compared with $1.4 billion, or 99 cents a share in the first quarter of last year. The earnings were well ahead of the 42 cents per share estimated by analysts surveyed by FactSet.

Revenue fell 16 percent to $7.6 billion.

Morgan Stanley's revenues from fixed income and commodities sales and trading fell to $1.8 billion compared with $2.7 billion.

Morgan Stanley's stock rose 2.2 percent to $26.60 in pre-market trading.