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Morgan Stanley Profit Falls for Third Consecutive Quarter

A dealmaking drought dinged Morgan Stanley third-quarter results, sending profit down 29% from a year ago.

The bank said Friday it posted a profit of $2.63 billion, or $1.47 a share. Analysts had expected $1.52 a share, according to estimates compiled by FactSet. Revenue fell 12% to about $13 billion in the quarter, which also missed expectations of $13.3 billion.