Morgan Stanley shares rose 5% in premarket trade, after the firm reported better-than-expected profit and revenue for the third quarter. Morgan Stanley said it had net income of $1.718 billion, or 84 cents a share, up from $889 million, or 45 cents a share, in the year earlier period. Revenue came to $8.907 billion from $7.950 billion a year ago. Results included positive revenues related to the change in the fair value of certain long-term and short-term borrowings resulting from the fluctuation in the firm's credit spreads and other credit factors (Debt Valuation Adjustment, or DVA) of $215 million, compared with negative revenues of $171 million a year ago. Excluding DVA, revenue totaled $8.7 billion and per-shares earnings were 77 cents. The FactSet consensus was for per-share earnings of 54 cents a share and revenue of $8.168 billion. Shares are up 3.7% in the year so far, while the S&P 500 is up 0.8%.
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