T. Rowe stock is down 5 percent today after reporting a great quarter that nevertheless failed to meet "expectations" by a penny per share.
Zack's is optimistic for the near term:

T. Rowe Price’s financial stability has the potential to take advantage of the improving economy and benefit from the growth opportunities in the domestic and global AUM.

With a debt-free position, higher return on earnings and improving investor sentiment witnessed in the current quarter, we believe fundamentals are expected to remain strong. Furthermore, relative mutual fund performance was also positive. However, higher operating expenses and stringent regulatory norms could be causes of concerns

UPDATE: T. Rowe spokesman Brian Lewbart points out that ALL financials are getting hammered today, which market seers attribute to uncertainty over the debt ceiling in Washington. T. Rowe announced earnings yesterday morning and was up on the day.