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Actionable news in WDR: WADDELL & REED FINANCIAL Inc,

Waddell & Reed (WDR) Stock Tumbles, Q1 Earnings, Revenue Miss Estimates

NEW YORK (TheStreet) -- Shares of Waddell & Reed Financial (WDR - Get Report) are dropping 9.71% to $21.02 on heavy trading volume early Tuesday afternoon following the release of weaker-than-expected results for the 2016 first quarter.

Before today's market open, the Overland Park, KS-based mutual fund and asset management company posted earnings of 45 cents per diluted share, missing analysts' estimates of 56 cents per share.

Revenue for the period was $323.8 million, which fell short of Wall Street's expectations of $328.1 million.

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