Apollo Global Management, LLC (APO) - NYSE
  • Thu, Jun. 2, 2:33 PM
    • Concordia Healthcare (CXRX -14.2%) was up big earlier today on a rumor Blackstone (NYSE:BX) was near a deal to purchase. Now the WSJ is reporting both Blackstone and The Carlyle Group (NASDAQ:CG) did not submit final bids which were due on Tuesday, leaving Apollo Global (NYSE:APO) as potentially the last P-E suitor standing.
    | Thu, Jun. 2, 2:33 PM | 35 Comments
  • Mon, Apr. 18, 11:56 AM
    • Glass and metal packaging company Ardagh is the lead bidder for assets that Ball (BLL +2.3%) and Rexam (OTCPK:REXFF) are selling as part of their merger, potentially fetching ~$4B, Bloomberg reports.
    • Apollo Global Management (NYSE:APO), Blackstone (NYSE:BX) and Madison Dearborn Partners also are among bidders for the assets, according to the report.
    • In January, the EU approved BLL’s £4.4B ($6.3B) takeover of Rexam, creating the biggest maker of food and beverage cans, after agreeing to sell 12 plants on the continent to eliminate antitrust concerns.
    • Now read Ball upgraded at J.P. Morgan; Rexam risk/reward seen as more favorable
    | Mon, Apr. 18, 11:56 AM | 1 Comment
  • Tue, Mar. 15, 10:31 AM
    • Ferro (FOE +7.2%) spikes after a Bloomberg report that it recently received a takeover approach from Apollo Global Management (APO -1.3%).
    • FOE rebuffed the initial approach, but it is not clear whether the maker of chemicals for the manufacturing industry plans to engage in negotiations or if APO plans to return with a fresh proposal, according to the report.
    • Activist investor FrontFour Capital yesterday released a letter calling for FOE to pursue strategic alternatives, including a potential sale of the business.
    | Tue, Mar. 15, 10:31 AM
  • Mon, Mar. 14, 7:43 AM
    • Shares of The Fresh Market (NASDAQ:TFM) soar in early trading after the company agrees to a cash tender offer from P-E firm Apollo Global Management (NYSE:APO).
    • The P-E firm will pay $28.50 per share for the grocery store chain for a deal price of $1.36B.
    • Under the terms of the deal, The Fresh Market has 21 days to solicit other offers, putting Kroger (NYSE:KR) on a short clock.
    • Previously: Reuters: Apollo nears deal to acquire The Fresh Market (Mar. 13 2016)
    • TFM +22.93% premarket to $28.25.
    | Mon, Mar. 14, 7:43 AM | 2 Comments
  • Wed, Feb. 10, 3:15 PM
    • These MOUs are paid to take their capital and reap big returns doing deals, not try and support the stock price with share repurchases. “It doesn’t make much sense, obviously,” says UMass economics professor William Lazonick.
    • Yet The Carlyle Group (CG +3.3%) today joined Apollo Global (APO -0.9%), KKR (KKR -5.2%), and Fortress Investment (FIG -1.7%) in launching sizable share repurchase programs, with Carlyle CEO David Rubenstein saying (earnings call transcript) none of his company's owners finds the current stock price "satisfactory or acceptable."
    • Don't look for Blackstone (BX +1.9%) to join the crowd. “Limited partners believe that if you don’t invest in your own funds, you don’t show confidence or alignment,” said Stephen Schwarzman on his recent earnings call (transcript). "We always want to have a lot of money around." Just to be clear, Schwarzman has also been very vocal about how cheap he believes Blackstone shares are.
    • The last word goes to Lazonick: “At least they’re not buying high, but that’s not relevant ... They should be trying to figure out how to invest better.”
    • ETFs: PSP, PEX
    | Wed, Feb. 10, 3:15 PM | 26 Comments
  • Mon, Feb. 8, 7:09 AM
    • Apollo Education Group (NASDAQ:APOL) announces it accepted a buyout offer from a consortium of buyers at $9.50 per share.
    • The buyers group includes Vistria Group and funds affiliated with Apollo Global Management (NYSE:APO).
    • APOL +28.63% premarket to $8.94.
    | Mon, Feb. 8, 7:09 AM | 6 Comments
  • Thu, Feb. 4, 9:57 AM
    • "To us [the share price] is kind of an absurdity," says Apollo Global (APO +4.9%) CEO Leon Black on the company earnings call yesterday (transcript). Black was speaking after Apollo announced the launch of its first-ever stock repurchase program (for roughly 5% of the float).
    • APO is lower by about 13% YTD and nearly 50% Y/Y.
    • Asked about funding, Black says the company has $600M in the bank as well as a $500M undrawn revolver.
    • Previously: Apollo Global launches buyback alongside Q4 results (Feb. 3)
    | Thu, Feb. 4, 9:57 AM | 9 Comments
  • Mon, Jan. 11, 5:03 PM
    • Apollo Education is now up 23%, bouncing off a 52-week low of $6.31, after Dow Jones' report that it was in "advanced talks" to be bought out by Apollo Global Management (NYSE:APO) for about $1B.
    • A deal could be reached in the next few weeks, sources said. Apollo Education (NASDAQ:APOL) -- no relation to the private-equity firm -- said its board was in talks that could "potentially lead to a change of control of the company."
    • It had been in talks with other P-E firms, but AGM is the last one reportedly standing. The company is controlled by its chairman, Peter Sperling, and a trust.
    • Earlier, Apollo Education posted its third loss in four quarters, with EPS of -$0.56/share in GAAP terms. Excluding restructuring costs, its profit/share of $0.29 missed by $0.02.
    • Shares are down 54% over the past six months and down 76.3% over the past year. They'd lost 16.8% of value already in 2016.
    • Previously: More on Apollo Group's FQ1 (Jan. 11 2016)
    • Previously: Apollo Education eyes strategic options (Jan. 11 2016)
    • Previously: Apollo misses by $0.02, misses on revenue (Jan. 11 2016)
    | Mon, Jan. 11, 5:03 PM
  • Mon, Jan. 11, 4:25 PM
    | Mon, Jan. 11, 4:25 PM | 8 Comments
  • Mon, Jan. 11, 4:12 PM
    • Blackstone (NYSE:BX) could have interest in entering the nontraded REIT business, says FBR's Daniel Altscher, and buying NorthStar Asset Management (NYSE:NSAM) could be a way in.
    • As for Apollo Global (NYSE:APO), Altscher reminds it tried, but failed to buy AR Capital last year.
    • Other possible suitors include traditional asset managers, brokers, sovereign wealth funds, PE funds, and insurance companies.
    • NorthStar's "stable income stream" could be used to support a far higher debt level, says Altscher, and the sale price could end up being at a meaningful premium to the current level. The stock gained 11% today,  but is off more than 40% Y/Y.
    • As for NorthStar Realty Finance (NYSE:NRF) and NorthStar Realty Europe (NYSE:NRE), a sale of either is unlikely, says Altscher.
    • Previously: Strategic alternatives at NorthStar Asset Management; stock up 3.3% (Jan. 11)
    | Mon, Jan. 11, 4:12 PM | 30 Comments
  • Dec. 10, 2015, 10:26 AM
    • Outliers to the upside in private-equity today are KKR (KKR +3.8%) and Apollo Global (APO +3.9%) as Jefferies initiates coverage on three of the battered sector's names.
    • KKR is started with a Buy and $20 price target - 27% upside to last night's close. Apollo is started with a Buy and $19 PT - 25% upside to last night's close.
    • The Carlyle Group (CG +0.7%) is initiated with a Hold and $19 price target.
    | Dec. 10, 2015, 10:26 AM | 14 Comments
  • Dec. 8, 2015, 9:52 AM
    • With the stock price charts of all three moving sharply down and to the right for several months, Bank of America pulls Buy ratings on Apollo Global (APO -3%), Blackstone (BX -2.6%), and Carlyle Group (CG -1.5%). All are downgraded to Neutral.
    • Not completely giving up on the sector, BofA upgrades the equally beaten-down Ares Management to a Buy.
    | Dec. 8, 2015, 9:52 AM | 11 Comments
  • Nov. 30, 2015, 5:56 PM
    • Tribune Publishing (NYSE:TPUB) finished today up 9.6%, but went on the record to dispute a claim from no less than Rupert Murdoch that the company was in talks to split and sell itself.
    • “Tribune Publishing remains committed to its strategy and transformation plan and is not engaged in discussions or a process to sell the company,” it said in a memo to staff.
    • Murdoch ([[NWS] +0.6%], NWSA +0.7%) had used his Twitter account to say there was "strong word" that a "big Wall Street firm" would buy Tribune and the Los Angeles Times would be sold to a group led by Eli Broad.
    • Apollo Global Management (NYSE:APO) has reportedly told Tribune Publishing's chairman, Eddy Hartenstein, that it was interested in buying the company, though Tribune has declined to schedule meetings.
    | Nov. 30, 2015, 5:56 PM
  • Aug. 6, 2015, 2:35 PM
    • CEO Michael Weil and CFO Brian Jones will be replaced at RCS Capital (RCAP -26.8%) once successors can be found.
    • Apollo Global (APO -1%) will purchase RCAP's wholesale distribution division for $25M, and - along with Luxor Capital Partners - invest another $37.5M in convertible preferred stock of RCAP.
    • RCAP's business will be refocused on Cetera Financial Group, with Cetera entering a strategic relationship with Apollo in which its sales force will sell Apollo products.
    • The RCS Capital Management services agreement will be terminated, with 3M shares issued to Luxor Capital and 2.6M shares issued to members of RCAP management as part of the termination.
    • Apollo co-founder Marc Rowan and Anthony Civale - COO of Apollo Credit - will join the RCAP board.
    • The board also forms a committee to explore further options to enhance shareholder value.
    • RCAP shares are halted from trade, but were up sharply ahead of the announcement.
    | Aug. 6, 2015, 2:35 PM | 9 Comments
  • Jul. 23, 2015, 8:26 AM
    • The threat of bankruptcy now lingers around Caesars Entertainment (NASDAQ:CZR) after a devastating court ruling sent shares crashing late yesterday, down 40.7% at the bell.
    • The company says it will fight the decision which puts it on the hook for hundreds of millions owed by its operating unit.
    • Other stocks hit late yesterday by the Caesars drama include Caesars Acquisition Company (NASDAQ:CACQ) which fell -13.5% and PE-backer Apollo Global Management (NYSE:APO) with a -2.8% loss.
    • CZR is down another 4.7% in today's premarket session.
    | Jul. 23, 2015, 8:26 AM
  • May 20, 2015, 3:19 PM
    • Morgan Stanley's thesis that cash earnings would decline as Apollo Global (APO +1.5%) neared the end of its harvesting cycle played out in Q1, with the P-E business contributing just $0.13 per share in net realized performance fees (vs. the $1.08 peak in 2013 Q2).
    • With the stock underperforming by 1,900 basis points in 2015, things could be bottoming out, says Morgan, upgrading to Equalweight from Underweight.
    • If the shares were going to go much lower, says Morgan, they would have already done so given management stock sales and the weakest results in nearly three years.
    • "Faster deployment in Fund VIII won't benefit near-term cash earnings, but it could boost or pull forward the start of APO's next harvest and the meaningful inflection point in cash earnings we expect in 2018."
    | May 20, 2015, 3:19 PM
Company Description
Apollo Global Management LLC is a global alternative investment manager. It provides private equity, credit-oriented capital markets and real estate. The company raises, invests and manages funds on pension and endowment funds as well as other institutional and individual investors. It operates... More
Sector: Financial
Industry: Diversified Investments
Country: United States