Schaeffer's Street Stories: State Street Corporation Hammered to New Lows on Earnings Warning
CINCINNATI--([ BUSINESS WIRE ])--The shares of State Street Corporation (NYSE: STT) have plummeted more than 50% this afternoon following news that quarterly earnings fell sharply and unrealized losses jumped in its commercial paper program and investment portfolio.
For the fourth quarter, net income came in at $65 million, or 15 cents per share, down from $223 million, or 57 cents per share, a year earlier. The numbers include expenses to cut its workforce and prop up ailing funds. On an operating basis, earnings were $511 million, or $1.18 per share, down from $540 million, or $1.38 per share, a year earlier.
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