Morgan Stanley, second to report earnings in the brokerage industry, earnings declined 7% on 13% rise in revenue. Morgan Stanley third quarter earnings were $1.38 per share compared to $1.50 a year ago. Analysts were looking for $1.54 per share earnings. The company took bad debt loss of nearly $900 million linked to mortgage securities. Asset management revenue jumped 61% to $1.4 billion.
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