Blackstone Group (NYSE: BX) Narrows Loss
There used to be a time when you could tell a stock was reporting because of outsized movement in the stock... nowadays outsized moves are a daily occurrence so actual earnings releases are lost in the mix.
Blackstone Group (
NYSE: BX) reported yesterday morning; the results were ok - essentially we started this position as a play on government largess. (
Mar 31, 2009: Bookkeeping - Starting Blackstone Group) The theme has truly caught on as even the public semi hedge funds / semi private capital firms have exploded higher.
I chose Blackstone because it was actually the conservative play in the group with a good chance of profits in the
future - but as with every sector during this run, buying the most speculative would of done you far better.
Fortress Investment Group (
FIG) has had a run of epic proportion... you can tell we are back to old times because yesterday FIG ran up well over $1 in after hours just from a mention on "Fast Money" TV show.
On to
Blackstone's report
- Private equity company Blackstone Group LP (BX) reported a quarterly loss Wednesday and said its ability to do leveraged deals was still limited, but it topped Wall Street forecasts and paid a full quarterly distribution of 30 cents a share, sending its shares up 10 percent. Blackstone's chief operating officer, Tony James, said on a conference call the company should be able to make a full distribution of $1.20 per share this year, absent any big surprises.
- Blackstone, which makes its money buying distressed companies and then selling them for a profit, said it lost $231.6 million, or 84 cents per common unit, compared with a loss of $251 million, or 95 cents per common unit, during the same quarter last year.
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