Bank of America Drops, State Street Slips, Progressive Drops on Weaker Than Expected 3Q Results

On this episode of Stock Movers:

- Bank of America (BAC) shares drop. The bank reported trading revenue excluding DVA for the third quarter that missed the average analyst estimate. FICC trading revenue excluding DVA also missed expectations. The stock had been down around 1% ahead of results, after US regulators fined the lender more than $1.21 billion for money laundering and sanctions violations.

- State Street (STT) shares slip. The financial asset manager’s third-quarter net revenue fell short of analyst estimates. State Street also reported an unexpected $62 billion cash outflow in the third quarter, falling short of analyst expectations of a $10 billion cash inflow.

- Progressive (PGR) shares drop after the company reported weaker than expected third quarter results.

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