Bank of New York Mellon Down on Heavy Volume – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/20106/Bank+of+New+York+Mellon+Down+on+Heavy+Volume+-+Zacks+Tale+of+the+TapePosted on Tuesday, May 12th, 2009 | In Market Commentary, Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
The Bank of New York Mellon Corporation (BK) is down more than 2.5% today on heavy volume of almost 37 million shares, compared with the average of 21 million.
The bank reduced its quarterly dividend to 9 cents from 24 cents per share.
Bank of New York Mellon reported first-quarter earnings of 53 cents per share, which missed estimates by 15.87%.
Thirteen analysts out of 16 cut back on expectations in the last month, sending the 2009 average estimate down to $2.10 per share from $2.51.
The company is a Zacks #4 Rank (”Sell”).
“BK” Free Stock Analysis: Buy? Sell? Hold?
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