Morgan Stanley shares rise on higher earnings

NEW YORK (AP) ? Morgan Stanley shares are up in pre-market trading after the bank reported higher net income and revenue for the third quarter.

Excluding an accounting charge, the bank earned $535 million for common shareholders in July to September, up from $39 million a year ago.

Revenue rose 18 percent to $7.5 billion after excluding the charge. That beat the $6.4 billion that analysts were expecting.

Revenue rose in most areas where the bank does business. It was up by the biggest proportion in the asset management unit, which helps clients ? mostly institutions ? invest in private equity, real estate and other investments.

The stock is up about 1 percent, rising 16 cents to $18.65, in pre-market trading.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-10-18-US-Earns-Morgan-Stanley/id-2c15572e037646a18b531a65333914ad

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