State Street Corp.’s quarterly revenue disappointed investors Tuesday, pushing the shares down 3.2 percent. They rose only slightly Wednesday. Short-term interest rates are squeezing the bank. Net interest revenue fell 12 percent from a year earlier to $546 million. Overall revenue of $2.43 billion grew 3 percent from a year earlier but fell 5 percent from the previous quarter. Profit was $531 million, down 19 percent from a year earlier, when results included a tax benefit of 35 cents a share. On an operating basis, profit rose to $1.19 from 99 cents. The stock had been up 49 percent this year through Monday.
State Street stock rises slightly after big fall
October 24, 2013
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