FYI: The shares of many publicly traded asset managers and banks with related businesses have tumbled in October as firms from BlackRock Inc. BLK 3.51% to State Street Corp. STT 1.13% reported lackluster third-quarter results. Franklin Resources Inc., BEN 3.57% parent of Franklin Templeton Investments, joined those firms Thursday in reporting quarterly revenue that fell short of Wall Street’s expectations.
These declines represent an ominous signal that money managers are sending to their fellow investors, suggesting recent hiccups in the stock market could be early symptoms of a deeper ailment.
Regards,
Ted
https://www.wsj.com/articles/asset-managers-have-led-market-decline-a-bad-sign-for-stocks-1540490783?tesla=y&mod=article_inline
