Why Franklin Resources Stock Jumped More Than 4% Today
Franklin Resources (NYSE: BEN) spiked 6.1% just after the opening bell at 9:39 a.m. ET on Thursday and was up 4.3% at the closing bell to $26.53.
The asset manager, which runs the Franklin Templeton fund family, among others, rose on a better-than-expected earnings report released Thursday that beat analysts' estimates.
It is no doubt a difficult market for asset managers, given that the overall market is hovering around bear market territory. Asset managers earn fees based on assets under management, and when those assets go down, so does fee income.
Source Fool.com
