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Rating:State Street Q1 Net Rises, But Stock Falls

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Wednesday, April 16, 2008

State Street Q1 Net Rises, But Stock Falls

by: Armie Margaret Lee

In Wednesday's Wall Street Journal Fund Track column, Brett Philbin covered State Street Corp.'s first quarter results and the subsequent market reaction. State Street Global Advisors' parent chalked up a 69 percent increase in first quarter net income due to higher revenues and the impact of its summer 2007 acquisition of Investors Financial Services. However, State Street's stock dipped 9.9 percent on Tuesday as investors expressed concern over the declining market value of securities in the firm's investment portfolio. According to State Street CFO Edward Resch, the loss on the firm's investment portfolio implied by market prices rose from $1.1 billion at the end of 2007 to $3.2 billion in the first quarter.  

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