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Thomson Reuters Stock Shaky Start |
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Written by Sean Hocking
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The new combined entity of Thomson Reuters didn't have the best day on the markets on its launch Tuesday
Shares fell in their debut on Thursday over jitters over a downturn in the financia sectors
Brokerage ABN started its coverage of the new company with a "sell" rating on the stock, arguing that the financial industry is bracing for big job cuts and takeovers.
"This is not a helpful backdrop for the market-data industry, which accounts for 60 percent of Thomson Reuters' proforma revenue and is a fixed cost business," ABN's media team said.
Shares in the company, which announced that it may buy back up to $500 million of its shares over the year, fell up to 4 percent in Toronto and New York
Read the full report here |
