Morgan Stanley profit down, not gloomy: Goldman Sachs, even in bad quarter, makes $845 million

In an effort to boost investor confidence, Morgan Stanley rushed out its quarterly results posting a 7.7% net income drop to $1.43 billion, or $1.32 per share, while net revenue rose 1.1% to $8.05 billion in the quarter ended August 31. Morgan Stanley's shares dropped 11% to close at $28.70 on the New York Stock Exchange. In related news, Goldman Sachs Group Inc. reported a third-quarter net income of $845 million, a 70% drop from the previous year while net revenue dropped 67% to $2.7 billion. The company also reported $1.1 billion in losses stemming from the mortgage and financial market crisis. Goldman's stock dropped 1.8% to close at $133.01 on Tuesday.