Oh how short-sighted retail investors can be. Shares of State Street (STT) - Get Report tanked on Friday, as the bank and financial services provider said it would buy investment management software developer Charles River Development for $2.6 billion in cash. Charles River develops software to handle portfolio management, risk analytics, trading and trade settlement, compliance and other processes for more than 300 international investment firms that manage $25 trillion in assets. Shares of State Street dropped about 7% to $85.75 on the deal, which State Street expects to be accretive in 2020. The stock is down 11.6% on the year. "The deal is attractive strategically from a longer-term perspective, but we expect near-term scrutiny" on the time it takes to reach earnings accretion, the suspension of the buybacks and the stock issuance, Ken Usdin of Jefferies wrote in a Friday note.

Are the pizza wars over? We've all been privy to the decline of Papa John's (PZZA) - Get Report  since its founder John Schnatter made some racist comments and was subsequently ousted. Then there's Yum! Brands' (YUM) - Get Report  Pizza Hut franchise that has also seen some softness. Now some bears may be clamoring about Domino's (DPZ) - Get Report  , after the company reported weak same-store sales growth and a miss on international revenues. Domino's, because it is so big, so sprawling, periodically will have growing pains or it won't open enough stores in a given quarter or two and the fantastic growth gets obscured by some "off" same store sales numbers," writes TheStreet's founder Jim Cramer over on Real Money. "The blowup [at Papa John's] coupled with the continued softness at Pizza Hut, to me spells good things to come." Shares of Domino's are off about 2% for the week, but rebounded slightly on Friday to a close of $277.17 for the week.

Markets today: Stocks ended mixed on Friday, July 20, as Microsoft (MSFT) - Get Report  trimmed earlier gains that had lifted the Dow Jones Industrial Average. The Dow Jones Industrial Average fell 7 points, or 0.03%, to 25,058, the S&P 500 fell 0.09% and the Nasdaq lost 0.07%. Microsoft rose 1.8% to $106.27 on Friday after the software giant posted better-than-expected fiscal fourth-quarter earnings on the surging strength of its cloud computing business.

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