Why Bank of Montreal Stock Tanked on Tuesday

Investors weren't in a forgiving mood after digesting Bank of Montreal's (NYSE: BMO) latest news on Tuesday. After the north-of-our-border lender divulged its latest set of quarterly results, investors assertively traded out of the stock. When the smoke cleared, Bank of Montreal shares closed the day more than 6% lower; meanwhile, the S&P 500 index finished in positive territory, with a 0.2% gain.Bank of Montreal's fiscal third quarter of 2024 saw the company earn just over 8.2 billion Canadian dollars ($6.1 billion) in revenue, which was marginally higher than in the same period of 2023. Going in the opposite direction was non-GAAP (adjusted) net income; this came in at CA$1.98 billion ($1.47 billion), or CA$2.64 ($1.96) per share. The profit in the year-ago quarter was $2.15 billion ($1.59 billion). That bottom-line result fell short of professional expectations. On average, analysts tracking Bank of Montreal stock were estimating CA$2.77 ($2.05) per share in adjusted-net income. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool