38.65 +0.03 (0.08%)
After hours: 7:59PM EDT
|Bid||38.65 x 1400|
|Ask||38.78 x 800|
|Day's Range||37.95 - 39.35|
|52 Week Range||26.88 - 40.60|
|Beta (3Y Monthly)||1.61|
|PE Ratio (TTM)||17.09|
|Earnings Date||Jul 17, 2019 - Jul 22, 2019|
|Forward Dividend & Yield||2.32 (6.63%)|
|1y Target Est||41.41|
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Blackstone to shift to a corporation from partnership https://on.ft.com/2Pl6LvM ...
The leading alternative asset manager said it would convert to a corporation from a partnership, broadening the base of potential investors.
It's the same action that we've had for much of this week. Stocks press lower near the open only to recover by lunch and push higher in the afternoon. The gains aren't remarkable, but the bulls' resilience is something to take note of. The sector rotation underway also remains astounding. On that note, let's look at a few must-see stock charts for Monday.Remember, the U.S. markets are closed tomorrow for Good Friday. Must-See Stock Charts for Monday 1: InvitaeInvestorPlace - Stock Market News, Stock Advice & Trading TipsAbove is the daily chart for Invitae (NASDAQ:NVTA) and below is the weekly. This morning on Twitter, I pointed out that NVTA could post a sweet bounce, but I didn't think it would be this vicious.Shares ripped off of the 10-week and 50-day moving averages, gaining almost 8% from today's lows. This is definitely one to watch next week to see if the momentum can continue.I would have loved to buy NVTA at $21, but over $22 and NVTA could be primed for more upside. Must-See Stock Charts for Monday 2: BlackstoneBlackstone (NYSE:BX) delivered a strong earnings report and announced it will switch from a partnership to a corporation. Anyone ever own BX before? I have and waiting for a K-1 form that doesn't usually come until April is a pain the you-know-what. Switching to a corporation will make sense for the business and potentially make its stock more attractive to investors. Plus it has a monster yield.Could that cause a further breakout? Perhaps. Over $38 is encouraging for more upside, with long-term uptrend resistance not playing a role until the $40s. Below $38 and bulls may need to let BX reset. Above and it's okay. Must-See Stock Charts for Monday 3: Canopy GrowthAn explosive couple of days have put Canopy Growth (NYSE:CGC) back on the radar. But if the strong rally on Wednesday and Thursday proved anything to me, it's how tough of resistance $38 is.I'm watching CGC next week to see if the stock can pierce this level. If it can, it would be very bullish to see CGC find $38 as support. As long as it holds $44, CGC should be good on the long side. Must-See Stock Charts for Monday 4: Union PacificBetter than expected earnings propelled Union Pacific (NYSE:UNP) to new 52-weeks high on Thursday. There sure are a lot of bearish calls out there despite so many names hitting new annual highs.Anyway, as long as UNP stock holds $160 next week, the bull case still looks strong. A pullback to the 10-week moving average that holds as support can be bought, while a run to channel resistance is possible over the intermediate term. Must-See Stock Charts for Monday 5: PinterestThe Pinterest (NYSE:PINS) and Zoom (NASDAQ:ZM) IPOs got off to a much better start than Lyft (NASDAQ:LYFT) did, currently up 30% and 75% on the day, respectively.For investors, there a lot less volatile plays out there than these fresh IPOs. But if you have to play them, investors at least have the IPO day range to work with. A red-to-green open on Monday could draw in more buyers for PINS, while a push through the highs could ad even more momentum to the name. * The Jobs Report Isn't an Effective Metric for the U.S. Economy If it's too short term for you, don't have any regrets about giving it more time to base. (Here are 13 things to know about the Pinterest IPO).Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long NVTA. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 Dividend Stocks Perfect for Retirees * 7 Reasons the Stock Market Rally Isn't Over Yet * 10 S&P 500 Stocks to Weather the Earnings Storm Compare Brokers The post 5 Must-See Stock Charts for Monday: CGC, PINS, NVTA, UNP, BX appeared first on InvestorPlace.
Blackstone CEO and Chairman Steve Schwarzman describes his “Marshall Plan” for the middle class to combat the widening gap between the rich and the poor in the United States.
Shares of the videoconferencing software company Zoom surged 72.2% on Thursday, its first day of trading. The bump gave Zoom a market cap of $16.7 billion. Pinterest PINS — Pinterest surged more than 28% in its first day of trading.
The credit arm of Blackstone Group LP posted a 3.1 percent net composite return on distressed assets for the quarter. Investors in distressed debt struggled to post meaningful gains last year because low interest rates and frothy credit markets have helped troubled issuers find new backers to bail them out. An 11 percent rally in distressed-debt indexes this year hasn’t made the job any easier for the GSO unit.
Changing the company’s structure opens up the stock for inclusion in indexes and will increase the firm’s “ability to reach a dramatically larger audience,” Schwarzman, the chief executive officer, said Thursday in a Bloomberg Television interview. Private equity firms including Blackstone, the world’s largest alternative asset manager, have seen their stock prices lag since going public even as investors have poured money into their buyout, credit, real estate and other funds. Blackstone has epitomized the industry’s fundraising muscle.
The chief executive officer of the world’s largest alternative asset manager is confident the U.S. isn’t headed toward a recession any time soon and is certain the nation will strike a trade deal with China, Schwarzman said in a Bloomberg Television interview Thursday. At his firm, Blackstone Group LP, assets have soared and shares surged in pre-market trading after the company announced it would change its corporate structure. Blackstone raised $43 billion in the first three months of the year and has gathered $126 billion in the past 12 months.
Blackstone Group and United Rentals surged Thursday, as stocks opened higher, then quickly turned mixed ahad of the holiday weekend.
Billionaire Steve Schwarzman also advocates for more technical training for people who didn't go to college.
The market has had a "good run" but its rate of increase may slow down, Blackstone's Steve Schwarzman says. ... But the rate of increase I think has to slow down," he says. The stock market has had a "good run" this year, but its rate of increase may slow down, the billionaire co-founder of Blackstone Group BX told CNBC on Thursday.
Blackstone said on Thursday that it would convert to a corporation, ditching a partnership status that has shielded much of its income from corporate taxation after concluding that tax cuts meant the complex structure was no longer worth the trouble. Blackstone shares rose more than 8 per cent in pre-market trade on Thursday to $39.05 as investors, cheered by the restructuring, brushed off earnings numbers that came in below analysts’ expectations.
Blackstone Group LP, the world's largest manager of alternative assets such as private equity and real estate, said on Thursday it would convert from a partnership to a corporation, in a bid to get more investors into its stock. Blackstone is hoping the move, which will take effect July 1, will boost its share price, which has traded at a discount to traditional asset managers such as BlackRock Inc for more than a decade. Under the so-called C-Corp structure, Blackstone will pay corporate taxes on all its revenue, in exchange for enabling investors such as mutual funds and index trackers to buy the stock.
The financial services company earned an adjusted $2.01 per share for the first quarter, 2 cents a share above estimates. American Express also reiterated its 2019 guidance. Honeywell HON — Honeywell earned $1.92 per share for the first quarter, compared to the consensus estimate of $1.83 a share.
Key InsightsBlackstone, the largest alternative asset manager, has epitomized the industry’s fundraising muscle. Blackstone amassed $42.9 billion in the quarter, driving assets under management to a record $511.8 billion, according to a statement Thursday.Private equity, the bedrock unit at the firm led by Stephen Schwarzman, got a lift from the stock market rally in the first quarter. Blackstone spent $11.8 billion in the quarter, a bit more than its quarterly average from last year.
On a per-share basis, the New York-based company said it had net income of 71 cents. Earnings, adjusted for non-recurring gains, came to 44 cents per share. The results fell short of Wall Street expectations. ...
Blackstone said it would shift from a partnership structure where most income passes through tax-free to investors to an incorporated form. Here, Blackstone itself would face a 21 per cent federal rate. The partnership structure is complex from a financial reporting standpoint, even if it is tax-advantaged.
When Blackstone Group LP acquired The Cosmopolitan hotel and casino in 2014, the private equity firm was rolling the dice on the Las Vegas casino scene. Las Vegas visitation reached a four-year low in 2018. According to The Wall Street Journal, New York-based Blackstone put the 3,000-room hotel on the auction block.
The investment firm is working with Deutsche Bank AG and PJT Partners Inc. to solicit interest from potential buyers for the resort, which could fetch $4 billion or more, said the person, who asked not to be named because the matter is private. Representatives for Blackstone and Deutsche Bank declined to comment. Blackstone acquired the hotel and casino for $1.73 billion in 2014 from Deutsche Bank, which gained ownership through a crisis-related loan default in 2008.
Blackstone's stock pops after the company announces it its converting from a partnership to a corporation. Yahoo Finance's Seana Smith and Brian Cheung discuss.