NEW YORK (
) -- Financial stocks sunk after several U.S. banks reported earnings Wednesday that either disappointed or fell short, creating few winners in the financial sector.
Financial Select Sector SPDR
fell 30 cents, to $16.32, in early afternoon trading.
The drop was led by
fell 61% from a record-breaking 2009 as trading activity slowed. Goldman's stock fell $5.08 to $169.63.
State Street Corp.
stock plummeted $2.00 to $48.06 after releasing earnings that topped analysts' expectations by a penny, but reported a
in the fourth quarter due to a "repositioning" of its portfolio.
stock also dropped $1.45 to $44.94 after the company
a $113 million pre-tax charge in the fourth quarter as a result of a restructuring that would cost 550 employees their jobs.
shares fell 94 cents to $26.37 after announcing fourth quarter earnings. The bank beat analysts' estimates for the
with net income of $974 million, or 49 cents per share, and total net revenue of $4.7 billion. Analysts' consensus was that the bank would report a profit of 46 cents a share on $4.52 billion in revenue.
stock slipped down 75 cents to $31.74 even though earnings came right in line with
Bank of New York Mellon
shares fell 13 cents to $31.89 after the bank missed
but still kept its quarterly dividend stable at 9 cents per share.
Wednesday after announcing CEO Vikram Pandit promoted John Havens to president and chief operating officer in an effort to align executive responsibilities with Citi's restructured business lines. The stock was down two cents at $4.78.
The winner of the day was
which reported that its acquisition of Postbank will post slightly positive pretax profit in the fourth quarter. The bank's profit will take a writedown of about $134 million, according to
The bank's stock was up 20 cents at $58.41.
--Written by Maria Woehr in New York.
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