UBS’s Takeover of Credit Suisse Was a Steal. Now Comes the Bumpy Part.

UBS’s first loss in nearly six years shouldn’t make investors take their eyes off the road.

While the Swiss bank said Tuesday that third-quarter net income was a negative $785 million—almost twice as large as the median analyst forecast—its shares rose about 3% in early trading. Investors are wise to look through the fog and see that this was another set of encouraging figures.