STT Sends Bank Stocks and Markets Lower in Early Trading

STT reported fourth quarter operating income of +1.18 per share ahead of estimates of +1.14, however net income including non-recurring charges were +0.15 down from +0.57 in the year ago period. STT also stated they expected 2009 revenues to approximate 2008 below their long term growth of 8% to 12%. This warning of no growth sent STT lower in pre-market trading and shares gapped down $16 on the open as 4 million shares traded in the first 4 minutes. After falling to $16.31 in those first 4 minutes, shares have stablized and started to rise from that low during the first 60 minutes of trading. The STT has sent bank stocks lower once again and indices have slipped below Friday's low and held above Thursday's low during the first half hour of trading. During the second half of trading stocks have begun to rally and are now above Friday's lows. This certainly is making for an interesting trading day on this historical Inauguration Day. 10:40 ET - DJIA -134 , SPX -18, Nasdaq -38