Diamonds and Dogs
Charles Schwab (SCHW) jumps on earnings. Schwab is up 3% after being lower earlier, following a beat by 3 cents as revenues rose 9.5% to $5.12 billion. Schwab's banking business side struggled during the quarter, but their investment offerings, brokerage business grew assets by $53 billion in March alone. The company will pause their share buyback as they increase their dividend by 14% to $.25 per share.
State Street (STT) is the top lower in the S&P 500 following earnings. The parent company to the popular SPDR ETFs is down 11% as assets under management fell 10% reflecting lower market levels and net outflows. Total deposits fell 5% in the first quarter to $224 billion, more than expected. State Street told analysts that another $4bn to $5bn of outflows of non-interest-bearing deposits could leave in the second quarter.
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