Robinhood Markets (NASDAQ:HOOD) shares gained 3.8% in Friday morning trading after Morgan Stanley Research moved the Overweight-rated retail trading app to top pick, owing to "many vectors for growth that’s not yet reflected in valuation and the shareholder base.

Morgan Stanley's profit increased in the fourth quarter, fueled by a wave of dealmaking and stock sales that drove its revenue to a full-year record. Investment banking fees gained from a surge in mergers and acquisitions as sentiment was boosted by a strong U.

Morgan Stanley said its profit more than doubled in the fourth quarter, fueled by its investment banking and trading businesses. Profit surged 145% to $3.71 billion. That amounted to $2.22 per share,

Morgan Stanley’s institutional securities group, which houses its investment banking and trading businesses, reported revenue of $7.3 billion in the fourth quarter, a 49% jump from $4.9 billion a year earlier.

CNBC's Leslie Picker joins 'Squawk Box ' to report on the company's quarterly earnings results.

Morgan Stanley’s profit more than doubled in the fourth quarter, fueled by a wave of dealmaking and stock sales that drove its revenue to a full-year record. The earnings rounded out a robust quarter for Wall Street banks,