In this report: State Street Corp. (NYSE:STT), Fastenal Company (NASDAQ:FAST) and Officemax Inc. (NYSE:OMX).
State Street Corp. (NYSE:STT) is trading over 6 percent lower today after the bank reported its fourth quarter financials. Despite seeing its net income triple during the three month period STT missed Wall Street expectations which led to the drop in stock price during Wednesday’s session. The company posted a net income of $371 million, or 76 cents per share, up from last years same quarter net income of $81 million, or 16 cents per share. Adjusted earnings totaled 93 cents per share which missed analyst predictions by a penny. Revenue during the period totaled $2.32 billion, up from last years $2.04 billion but again failed to match analyst estimates of $2.41 billion. State Street currently trades at $39.98 per share.
Fastenal Company (NASDAQ:FAST) is trading over 2.4 percent lower today after the company posted its fourth quarter numbers. The company seen net income rise by 34 percent which helped beat analyst estimates. Net income during the period totaled $87.5 million, or 30 cents per share which topped analyst predictions by a penny. Revenue grew 22 percent compared to last years same quarter results to total $697.8 million. That result again beat Wall Street expectations of $689.3 million. Fastenal Company currently trades at $45.66 per share.
Officemax Inc. (NYSE:OMX) is trading over 11 percent higher today after the company received an upgrade by analysts at Barclays Capital. The firm upped its rating on the company citing cost cuts that would help stabilize retailers amid tight competition. Alan Rifkin, the analyst behind the upgrade, lifted his rating on the company to ‘Equal Weight’ from ‘Underweight’ which helped in boosting the stock during Wednesday’s session. OfficeMax currently trades at $5.18 per share.
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