Why Shares of State Street Are Plunging Today
Shares of large custodian bank State Street (NYSE: STT) traded more than 13% lower as of 10:29 a.m. ET today. State Street reported diluted earnings per share of $1.52 on total revenue of roughly $3.1 billion. The main culprit behind the miss was a drop in fee revenue, which fell 1% in the quarter and was down 9% year over year.