Blackstone Finally Gets Going With Hilton Purchase

Includes: BX, HLT-OLD
by: Bespoke Investment Group

Hickey and Walters (Bespoke) submit: Tuesday was a finally a good day for Blackstone Group (NYSE:BX).

Not only did the stock have its first up day following six days of down or unchanged trading since its IPO pop on 6/22, but the company also announced its first major deal since going public with its purchase of Hilton (HLT-OLD) for $47.50 per share in cash.

bx daily

Speaking of Hilton (HLT-OLD), Tuesday's trading before the deal was announced certainly raises eyebrows. With over a 6% gain on the day, it was its largest up move since December 2005. News of this deal appears to have been about as private as the personal life of Paris Hilton.

HLT top five days

Looking at Tuesday's HLT option volume also shows some unusual activity. Total option volume for the day was the highest since at least 2005, and this came on a day when the market was only open for slightly more than half a day!

hlt options