Why State Street Stock Plummeted Today
It wasn't a happy Friday for shareholders of storied bank and financial services company State Street (NYSE: STT). The company released its latest set of quarterly metrics and figures, and to say the market was displeased is an understatement. They traded the stock down by more than 12%, which was quite a big move, considering that the benchmark S&P 500 index closed essentially flat on the day.
For its second quarter, State Street managed to increase its total revenue by 5% to $3.11 billion, due in no small part to net interest income that grew 18% (to $691 million). This made up for the sluggish 2% growth in total fees reaped by the bank.
Similar to that figure for fee revenue, the company's net income crept only 2% higher. It landed at $763 million, or $2.17 per share.
Source Fool.com
