Shares of Morgan Stanley /zigman2/quotes/209104354/composite MS +2.22% fell 1.3% in premarket trading Friday, even after the financial services company reported first-quarter profit that more than doubled and revenue that jumped 60% to record levels, boosted by strength in the institutional securities business. Net income rose to $3.98 billion, or $2.19 a share, from $1.59 billion, or $1.01 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at $2.22, above the FactSet consensus of $1.72. Revenue rose 60.7% to $15.72 billion, beating the FactSet consensus of $14.10 billion, as institutional securities (IS) revenue grew 65.6% to $8.58 billion to top expectations of $7.25 billion. Within IS, equity revenue increased 17.4% to $2.88 billion and fixed income revenue increased 43.8% to $2.97 billion. Net interest income rose 49.6% to $2.03 billion, above the FactSet consensus of $1.60 billion. The company said it repurchased $2.1 billion worth of its stock during the quarter. The stock has rallied 17.9% year to date through Thursday, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF +1.21% climbed 19.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.97% gained 11.0%.