BlackRock beats estimates while State Street drops on fee revenue
Two asset managers reported Wednesday, and the market's reaction split.
Two big money managers reported on Wednesday and investors treated them very differently. BlackRock beat estimates, while State Street fell after its fee revenue disappointed.
BlackRock tops forecasts
BlackRock earned $15.93 a share as adjusted, above the $14.30 analysts expected, on revenue of $7.75 billion, against $7.44 billion expected (Investing.com). On a reported basis it earned $10.57 a share (BlackRock; Financial Current). Net inflows were $205 billion and assets under management reached $15.5 trillion, Investing.com reports. The stock rose in premarket trading (Investing.com, Yahoo Finance).
State Street slides
State Street earned $3.69 a share, a penny or so ahead of estimates, on revenue of $4.0 billion, just under the $4.03 billion expected (Newsquawk, Seeking Alpha). Seeking Alpha said fee revenue of $3.14 billion fell short of expectations and the company raised the upper end of its expense growth guidance. The shares were down about 8.5% in premarket trading (Seeking Alpha) and down 7.64% at $160.81 by 10:49 AM ET (RTTNews).
Both results came the same morning as the Morgan Stanley beat and Bank of America's miss, covered in our First Light story.
