Credit Suisse stock drops after WSJ report State Street denies speculation of acquisition interest

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The U.S.-listed shares of Credit Suisse Group AG CS, -5.09% CSGN, -3.44% shed 4.0% in afternoon trading Thursday, after The Wall Street Journal reported that State Street Corp. STT, -1.30% said it was not pursuing an acquisition of, or any business combination with, the Switzerland-based bank. State Street said there was no basis to the continuing market speculation of an acquisition, according to the WSJ report. Credit Suisse’s shares had rallied 3.7% in European trading on Wednesday, despite the bank warning that it would report a third-straight loss, after Swiss publication Inside Paradeplaz reported State Street was preparing a friendly buyout bid. On Wednesday, State Street said in an emailed statement to MarketWatch that it would not respond to the speculation about a Credit Suisse deal, as it was focused on its pending acquisition of Brown Brothers Harriman’s Investors Service business. Credit Suisse’s U.S.-listed shares have tumbled 31.6% year to date, while State Street’s stock has dropped 25.5% and the S&P 500 SPX, -2.38% has lost 14.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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