[ by Melanie Gretchen ] Morgan Stanley shares surged more than 6% in pre-market trading on Thursday, after reporting quarterly earnings soared past analysts' expectations.  Despite an accounting rule that cost the firm $2 million, wealth-management revenue and cost cutting drove profits, according to the Wall Street investment bank's reports. The Numbers. The accounting item - Debt Valuation Adjustment, or DVA - requires companies to reflect changes to their own debt values, leading to charges when values rise and gains when values decline.  Due to that, the investment bank reported a loss of $119 million, or 6¢ per share during the period, compared with a profit of $736 million, or 50¢ per share, in the year-ago period. Excluding DVA, Morgan Stanley's trading revenue rose 33% to $5 billion. Pre-tax income from trading, excluding DVA, more than doubled, to $1.67 billion from $621 million.  A year prior, the firm reported earning $1.1 billion, or 59 cents per share, also excluding DVA.       [CNBC, 4/19/12].