Why Comerica Stock Was Sliding Today
A mixed earnings report sent shares of Comerica (NYSE: CMA) downward on Monday. By mid-afternoon, the financial services company's shares were down by more than 5%, a steeper decline than the 3.2% fall of the S&P 500 index at that point in the trading session.In the first quarter, Comerica booked $829 million in total revenue. Although that was up 6% compared to the prior-year period, it didn't quite meet the analysts' consensus estimate for revenue of slightly more than $831 million. The picture was brighter on the bottom line, where the company's GAAP net income rocketed 25% higher year over year to land at $172 million, or $1.25 per share. The average analyst's projection was for $1.16. Continue reading
A mixed earnings report sent shares of Comerica (NYSE: CMA) downward on Monday. By mid-afternoon, the financial services company's shares were down by more than 5%, a steeper decline than the 3.2% fall of the S&P 500 index at that point in the trading session.
In the first quarter, Comerica booked $829 million in total revenue. Although that was up 6% compared to the prior-year period, it didn't quite meet the analysts' consensus estimate for revenue of slightly more than $831 million.
The picture was brighter on the bottom line, where the company's GAAP net income rocketed 25% higher year over year to land at $172 million, or $1.25 per share. The average analyst's projection was for $1.16.