Why Bank of New York Mellon Stock Dropped and Then Popped Today
Shares of investment bank Bank of New York Mellon (NYSE: BK) initially sold off on its third-quarter earnings report this morning, despite beating estimates. However, the stock recovered and surged into positive territory once the company's earnings call began, as management's comments seemed to reassure investors that its turnaround was making progress.
The stock had traded down as much as 5.2% in the morning but was up 3.9% as of 12:28 p.m. ET.
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Source Fool.com