State Street (STT) Falls After Discussing Conduit Asset Buy
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After opening higher after issuing a solid earnings report in an uncertain environment, shares of State Street (NYSE: STT) have sold off 8% after the conference call started as the company discussed conduit asset purchases.
On its call, State Street said it bought $850 million of assets from commercial paper-backed conduits that it sponsors. State Street said it has $1.49 billion unrealized mark-to-market conduit loss and $28.3 billion in conduit assets as of March 31. [LJ]
On its call, State Street said it bought $850 million of assets from commercial paper-backed conduits that it sponsors. State Street said it has $1.49 billion unrealized mark-to-market conduit loss and $28.3 billion in conduit assets as of March 31. [LJ]
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