Shares of The Bank of New York Mellon (NYSE:BK) are sliding more than 2% in late trading as the company is facing a new lawsuit. The bank is being sued by New York Attorney General Eric Schneiderman over its foreign exchange transactions. Competitor State Street (NYSE:STT), is also facing allegations regarding its foreign exchange operations.
Yum! Brands (NYSE:YUM) is heading lowing after the closing bell, despite a strong earnings report. Net income for YUM! Brands Inc. rose to $383 million (80 cents per share) vs. $357 million (74 cents per share) in the same quarter a year earlier. This marks a rise of 7.3% from the year earlier quarter. Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 76 cents a share to 74 cents over the last ninety days. The company competes with McDonald’s (NYSE:MCD), Wendy’s Arby’s Group (NYSE:WEN), and Chipotle Mexican Grill (NASDAQ:CME).
Don’t Miss: Your Cheat Sheet to Yum! Brands Earnings.
Apple (NASDAQ:AAPL) continues to fall in extended hours, despite the company’s new iPhone. Apple unveiled its new iPhone 4S on Tuesday, more than 15 months after the iPhone 4 was released. It will be available to consumers in the United States on Oct. 14. However, investors were expecting a game changer iPhone 5 to be announced.
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