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State Street Corporation (NYSE: STT) Shares on the Rise

Submitted by Andy Emerson on Wed, 2010-07-07 10:02.

Shares of State Street Corporation (NYSE: STT) are on the rise today right off of the opening bell. As of 9:55 there stock is up 8.82% and excitement is in the air. People are bidding the stock up in response to positive news that the company announced.

This morning before the open the company announced that it expects higher than expected income for its second quarter earnings release.

The company now expects to make $0.93 a share on revenue of $2.2 billion dollars. Wall Street analysts had a consensus forecast of $0.72 a share so this earnings revision completely blows away analyst estimates.

State Street is involved in the securities lending business and has recently been on hard times. The stock had fallen over 23% this year, which is twice as much as its industry rival Bank of New York Mellon. This was causing some shareholders to be disgruntled, but today is a day for State Street CEO Joseph Hooley to bask in the sunshine .

Shareholders are definitely happy today. And with the stock market having fallen so much recently many bulls are looking for bargains to buy in hopes they can make their money back by getting into hot stocks.

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