SEI Investments Earns 28 Cents a Share

Today was a pretty ugly day for our Buy List. The market was down 1.28% and our Buy List was off 2.39%. Stryker (SYK) was down much more than I was expecting although Gilead (GILD) mostly sidestepped the selling pressure.
Before the opening bell, SEI Investments (SEIC) reported Q2 earnings of 28 cents per share which was a penny ahead of the Street. Revenue dropped by 9.4% and assets under management fell as well.
The stock dropped by 5% which is far worse than the numbers indicate. Relative to earnings, SEIC is usually on the pricey side but that’s because the business has been so consistent over the years. The drop puzzles me but I think it only makes the stock more attractive. Today’s drop basically erases the gain since the beginning of the month. I don’t see any problems for shares of SEIC.
We’ll have three more earnings reports tomorrow.

Posted by on July 21st, 2010 at 4:25 pm


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