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Morningstar's Profits Surge 83% in Third Quarter

Morningstar's earnings surged 83% in the third quarter to $7.5 million, up from $4.1 million a year earlier, driven by strong sales in investment advice, the company said. The company was able to benefit from the 2003 investment research settlement, which required 10 Wall Street investment houses to hire outside research companies for client information. Since then, six of the 10 houses, including Morgan Stanley, have hired Morningstar.

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