Tuesday, January 20, 2009

State Street Next Blowup?

State Street (STT) stock tumbled 33% in premarket trading (last at $24/share). The world's largest money manager for institutions said 2009 profit will be little changed from last year after Q4 earnings fell 71%. What is curious is that according to Bloomberg out of the 18 analysts who cover the stock, 9 have a buy rating, 9 have a hold and 0 are at sell...yup, good to see sell-side research ahead of the ball on this one too. Dick Bove will have more reasons to vent his anger at Vikram, with his STT price target of $50.


Stock trading at $18 post open

*********UPDATE 2**********

Closed $14.89 - wow Sphere: Related Content
Print this post