No News Is Good News: State Street Shares Up 5% (STT)

Loading...
Loading...
Shares of State Street Corporation
STT
surged today after the company reported its financial results. The stock has climbed nearly 5% to $39.20 per share in afternoon trading. Analysts covering the stock have a consensus price target of $53.82 per share. Although the results were in line with Wall Street estimates and the company's 2010 outlook remained unchanged, State Street Corporation (
STT
) benefited from solid revenue growth and a swing to profitability from last year's loss, which was attributed to a multibillion dollar charge. The company reported before the market opened that it swung to a 2nd quarter profit of $432 million, or 87 cents per share, from a loss of $3.3 billion, or $7.12 per share, during the same quarter a year earlier. Excluding special items, State Street earned 93 cents per share. Revenue rose to $2.3 billion, up from $2.12 billion a year earlier. A survey of analysts by Thomson Reuters showed an average analyst estimate of expected earnings of 93 cents per share for STT, on revenue of $2.25 billion. Boston, Massachusetts based State Street Corporation provides a variety of financial services to to institutional investors through its subsidiaries. Read more
from Benzinga's Company news.
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceMarketsMovers
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...