BX

Blackstone Inc.

92.83
USD
1.75%
92.83
USD
1.75%
86.97 149.78
52 weeks
52 weeks

Mkt Cap 64.15B

Shares Out 691.09M

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Financial Sector Update for 04/21/2022: BX,EFX,MMC,FULT

Financial stocks turned sharply lower in Thursday afternoon trading, with the NYSE Financial Index declining 1.1% while the SPDR Financial Select Sector ETF (XLF) was off 1.6%. The Philadelphia Housing Index was falling 1.4% but the SPDR Real Estate Select Sector ETF (XLRE) was dropping 0.4% Bitcoin was increasing 1.5% to $41,629, while the yield for 10-year US Treasuries was climbing 7.4 basis points to 2.91%, touching its highest level since December 2018, after Federal Reserve chairman Jerome Powell told an International Monetary Fund panel that restoring price stability is "essential." In company news, Blackstone (BX) fell 6.5% after the company reported declines in its Q1 earnings compared with year-ago levels and cut its quarterly dividend by almost 9% to $1.32 per share. Equifax (EFX) dropped 7.4% after the consumer credit-reporting company issued Q2 and FY22 earnings guidance trailing Wall Street estimates. For the current quarter ending June 30, the company sees non-GAAP net income between $1.98 and $2.08 per share along with an adjusted FY22 profit between $8 to $8.30 per share. Analysts, on average, are expecting $2.15 per share and $8.63 per share, respectively. Among advancers, Fulton Financial (FULT) added 2% after Stephens on Thursday raised its stock rating for the bank holding company to overweight from equal weight previously. The upgrade follows Fulton on Wednesday reporting Q1 net income of $0.38 per share, down from its $0.43 per-share profit during the first three months of 2021 but still topping the Capital IQ consensus expecting it to earn $0.32 per share. Marsh & McLennan (MMC) climbed 3.2% after the insurance and risk management company reported non-GAAP Q1 net income of $2.30 per share, up from $1.99 during the prior-year quarter and above the consensus on Capital IQ for EPS of $2.14. Revenue increased 9.3% year-over-year during the March quarter to $5.55 billion, also exceeding the $5.5 billion Street view. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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