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Why Franklin Resources Stock Was Down 3.6% on Tuesday

TheMotleyFool

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Why Franklin Resources Stock Was Down 3.6% on Tuesday: https://g.foolcdn.com/editorial/images/707259/person-looking-at-data-on-a-tablet.jpg

Franklin Resources (NYSE: BEN) saw its stock price drop 3.6% on Tuesday to $22.60 per share. The asset management firm had been down as much as 8% on the day at 11:33 a.m. ET but rallied somewhat in the afternoon.

All the major indexes were down on Tuesday. The Dow Jones Industrial Average dropped 60 points (-0.2%), the S&P 500 fell 13 points (-0.3%), and the Nasdaq was down 89 points (-0.8%).

The asset management firm posted its fiscal fourth-quarter and fiscal year-end 2022 numbers on Tuesday and it was a mixed bag. It beat revenue and earnings estimates, but the totals were down given the difficult market conditions for the firm, which runs the Franklin Templeton fund family among other investments.

Source Fool.com

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