Invesco Stock Falls After Announcing Purchase of European ETF

Invesco  (IVZ) shares were down 0.5% Friday morning after the company announced that it is purchasing European ETF provider Source, which has $18 billion in assets with another $7 billion in externally managed funds. 

Separately, the company announced first quarter earnings results of 61 cents per share on revenue of $1.19 billion. Analysts on average were expecting the company to report earnings of 56 cents per share on revenue of $1.22 billion. 

Wells Fargo reiterated its "outperform" rating on the stock with a valuation between $34 per share and $38 per share. 

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

More from Stocks

Jim Cramer: China Trade Tensions Make it Tougher to Pick Stocks

Jim Cramer: China Trade Tensions Make it Tougher to Pick Stocks

Lee Munson Discusses the Market and Areas of Opportunity for Investors

Lee Munson Discusses the Market and Areas of Opportunity for Investors

Jim Cramer on Larry Kudlow, Tariffs, Nucor, IBM and Domino's Pizza

Jim Cramer on Larry Kudlow, Tariffs, Nucor, IBM and Domino's Pizza

Dow Falls on Trade Worries but IBM Rises as Earnings Beat Forecasts

Dow Falls on Trade Worries but IBM Rises as Earnings Beat Forecasts

How to Invest in Cannabis - In Its Many Forms

How to Invest in Cannabis - In Its Many Forms