Reuters wins State Street’s shock results; shares plummet 58 pct

Reuters was way ahead of with institutional money manager State Streets shock fourth-quarter results on Jan. 20, including its disclosure of billions of dollars of investment losses. The news spooked investors and wiped out $8 billion of the company’s market value. Our headlines about the $6.3 billion in investment losses beat Bloomberg by 10 seconds and Dow Jones by about 3 minutes. On the results, Reuters beat Bloomberg by 6 minutes. Reuters was also ahead of rivals on State Streets flat forecast for 2009 and on the company electing not to raise capital at this time. Shares of the company tumbled as much as 58 percent on the day as investors drove the stock down to a 12-year low.