State Street Sees 2Q Profit Above Views; Stock Up

Shares of State Street Corp. (STT) rose Wednesday after the bank said it will report a second-quarter profit well above analysts' forecasts, putting the company on track to hit its full-year guidance.

State Street President and Chief Executive Joseph Hooley said the company's results were helped by "momentum in our servicing fee revenue as well as improvement in trading-services fee revenue."

State Street said that on an operating basis, which typically excludes charges as well as investment gains and losses, it expects to earn 93 cents a share and post $2.2 billion in revenue. Analysts polled by Thomson Reuters most recently forecast earnings of 72 cents on $2.21 billion in revenue.

State Street will officially report earnings July 20.

The positive pre-announcement prompted Janney Capital Markets to upgrade the stock to buy from neutral. The bank's shares were recently up nearly 10% to $36.63.

Read Full Article from Wall Street Journal

- Posted: 2010-07-07 11:54:17

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