UPDATE: Morgan Stanley Posts Upbeat Q4 Profit

Morgan Stanley

reported a 70% drop in its fourth-quarter profit. Morgan Stanley's quarterly profit declined to $181 million, from a year-ago profit of $594 million. Excluding one-time items, it earned $0.50 per share. Its revenue climbed 9.7% to $8.2 billion. However, analysts were estimating earnings of $0.45 per share on revenue of $8.01 billion. Morgan Stanley shares gained 2.31% to $32.74 in pre-market trading.