Waddell & Reed (WDR -0.5%) trades down after Sterne Agee cut the shares to Neutral earlier...

|About: Waddell & Reed Financial Inc (WDR)|By:, SA News Editor

Waddell & Reed (WDR -0.5%) trades down after Sterne Agee cut the shares to Neutral earlier today based on valuation. The firm says a longer time horizon is necessary for the financial planning giant to transition from a niche company with one key fund, to an asset manager with a suite of products with broad appeal and solid performance records.