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The Ledger - EST. 1978 - Nashville Edition

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VOL. 36 | NO. 41 | Friday, October 12, 2012

Morgan Stanley shares rise on higher earnings

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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.