JPM Reduces BX Earnings for 2Q
Ref: Barron.com - JP Morgan reduces second quarter earnings forecast for BX to 12 Cents. See Article below:
Investors' Soapbox PM THURSDAY, JULY 5, 2012
Alternative Asset Managers Hit a Soft Patch
JMP Securities notes the group will see weaker second-quarter results.
JMP Securities
We are reducing second-quarter earnings-per-share estimates due to lowered performance expectations.
This report focuses on the private-equity-centric alternative-asset managers in our coverage universe (Apollo Global Management (ticker: APO), Blackstone Group (BX) and Kohlberg Kravis Roberts & Co. (KKR)).
Reflecting the soft performance in the global equity markets, we believe the volatile quarterly mark-to-market process will negatively impact the second quarter, and we are reducing our quarterly EPS forecasts for Apollo to a loss of three cents (from earnings of 67 cents), Blackstone to 12 cents (from 41 cents), and KKR to five cents (from 46 cents).
While economic ...