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.
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).
Works for me. Am expecting an earnings surprise and this just makes it that much easier for it to happen. The "book" at BX is very strong. If we could only get the market to be receptive to M&A and more IPOs...