MORGAN STANLEY’S EARNINGS PLUNGE

Morgan Stanley capped off bank earnings season with a thud — thanks to volatility that hit in August, leading to a 15% drop in trading revenue. The investment bank, which makes its money on activities like trading and corporate lending, earned $1.02 billion, or 48 cents a share, in the third quarter, down from $1.65 billion, or 59 cents a share, earned last year. Morgan Stanley’s shares tumbled 4.8% to close at $32.32 Monday on the miss.