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Bank of New York Mellon Down on Heavy Volume
The Bank of New York Mellon Corporation (BK - Analyst Report) 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").
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| Market Summary | Feb 09, 2010 23:20 pm ET |
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