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Morgan Stanley on Thursday said its third-quarter net income rose to $3.7 billion or $1.98 a share, from $2.7 billion, or $1.66 a share, in the year-ago period. Revenue increased to $14.8 billion from $11.7 billion a year ago. Analysts expected the investment bank to earn $1.69 a share on revenue of $13.93 billion. Chairman and CEO James P. Gorman said Morgan Stanley "delivered another very strong quarter, with robust revenues and improved efficiency" with a return on producing a return on avera