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State Street Corp.
Nearest Resistance: $44
Nearest Support: $39
Another earnings name today is
State Street Corp.(STT - Get Report), the $20 billion trust bank whose clients are predominantly other financial institutions. State Street reported numbers yesterday that were largely in-line with estimates, posting a 7% increase over 2010's fourth quarter earnings. While shares gapped down hard yesterday on the news, they're being bolstered today (along with the rest of the industry) by
Bank of America's(BAC) swing to profitability this morning.
State Street's bounce off of $39 support yesterday was a positive signal (it means that shares are able to catch a bid in spite of selling pressures), but yesterday's capitulation is still a major factor that traders should be watching. If shares can make their way above $42, shareholders should feel much more comfortable about upside in this stock.