Morgan Stanley posts loss due to special charges

NEW YORK: Morgan Stanley says it recorded a loss during the third quarter because of special charges tied a loss on discontinued operations and the changing value of its own debt.

Net loss applicable to common shareholders was $91 million, or 7 cents per share, during the quarter. That compares to earnings of $498 million, or 38 cents per share, during the same quarter last year.

Morgan Stanley has taken a $731 million charge to reflect the greater cost it would incur to repurchase outstanding debt. It also took a $229 million charge as it cut the value of Revel Entertainment Group, a business it no longer operates.

Earnings from continuing operations totaled $313 million, or 5 cents per share.