Fri, Aug. 28, 11:10 AM
- There's plenty of precedent for the recent market action, says Morgan Stanley's Adam Parker, noting the market has dropped more than 5% 16 times since March 2009, and each time has moved on to new highs.
- His half-glass view is that the economy is in the middle of its longest expansion ever, and a less-active Fed, a nervous consumer maybe saving more, a lower oil price, and a flattish dollar all argue for continued expansion.
- Morgan's top ideas to buy on the pullback: AGN, AMZN, AAPL, AVGO, BAC, BKU, DAL, GILD, GOOG, GOOGL, HLT, JPM, KR, LEN, LMCK, MGA, MBLY, NWL, QCOM, SABR, CRM, SBAC, SBUX, BX, TMO, VRSK, WWAV, XL.
Wed, Aug. 26, 3:35 PM
- “Volatility can be your friend if you have a medium to long term perspective,” says Chris Heady, head of Blackstone's (BX +6%) Asia real estate business. “People are still spending money and standards of living are improving."
- For now, says Heady, Blackstone is focused on choice properties in top-tier and second-tier cities. Less-developed cities tend to be reliant on a single industry, and are thus not as attractive.
- Blackstone is the gorilla in Asia real estate, and its Blackstone Real Estate Partners Asia is the region's largest - having raised $5B since 2013.
- The "real economy" in China is more important than the stock index or the devaluation of the yuan, says Heady, and he's seen very little change over the past few weeks or months. "There’s going to be a series of bumps along the road as the economy transitions away from heavy fixed asset investment, which over time will have a diminishing return on investment."
- Source: WSJ
Fri, Aug. 21, 6:10 PM
- Blackstone (NYSE:BX) is taking a majority stake in California-based wholesale/retail mortgage lender Stearns Holdings.
- Terms weren't disclosed. "We chose Stearns to be our partner because it is a leader in the mortgage market with a world-class management team and a strong platform," said Blackstone's Chinh Chu.
- Stearns Lending has more than 1,700 employees and is the top wholesale lender nationwide; over the past four years, it says its companies have funded $46B across 187,762 loans. It booked $521.7M in revenues last year.
- Blackstone was up fractionally after hours, after declining 1.7% today.
Thu, Aug. 20, 3:39 PM
- The Weather Channel is hoping some buyer can make it rain, as it's reportedly hired J.P. Morgan and PJT Partners to seek a sale for up to $3B.
- The network -- owned in part by NBCUniversal (CMCSA -2.2%) along with Bain Capital and Blackstone (NYSE:BX) -- could sell as a whole or in parts. The digital pieces (websites, Weather Underground and several B2B sites) might be the most valuable.
- The 2008 deal to purchase the company was valued at $3.5B. It reportedly began interviewing banks last year.
- In its second-quarter earnings, Comcast said its net income included $252M of equity in net losses of investees resulting from its proportionate share of an impairment loss at The Weather Channel.
- Previously: Dish signs multi-year deal with Weather Channel, including Sling TV (Apr. 21 2015)
- Previously: Carriage dispute drops Weather Channel from Verizon FiOS (Mar. 10 2015)
- Previously: Weather Channel reportedly mulling strategic options (Sep. 12 2014)
Thu, Aug. 20, 9:31 AM
- Blackstone (NYSE:BX) would be looking to get about $861M for Devonshire Square, reports Bloomberg, after having purchased the property three years ago for about three-fifths of that amount.
- Sell high: The office vacancy rate in London of 5.2% is at its lowest level in 14 years, and prime rents climbed 8.5% in the twelve months ending in June.
- Investors are paying up - buying properties at 4-caps in Q2, down from 4.5% a year earlier.
Tue, Aug. 18, 10:45 AM
- "Companies should be built privately," says John Bartling, CEO of Blackstone's (BX -2%) Invitation Homes. “Unless you can communicate it and forecast it well, you’re going to struggle with investors as they try to determine how to forecast your earnings.”
- Indeed. The stock prices of four publicly traded home-rental companies - American Homes 4 Rent (NYSE:AMH), Silver Bay Realty (NYSE:SBY), American Residential Properties (NYSE:ARPI), and Starwood Waypoint (NYSE:SWAY) - all trade below their IPO prices of a few years ago and below their NAV, according to Morgan Stanley. “They had to grow under a microscope and have generated less income so far than investors expected," says KBW's Jade Rahmani. "They should basically be looked at as startups.”
- With nearly 50K properties, Blackstone appears to be in no rush to take Invitation Homes public, though the P-E firm's real estate head Jon Gray hinted in April the company could be ready in 12-24 months.
- Source: Bloomberg
Tue, Aug. 18, 7:51 AM
- Buyout firms are dominating the bidding at Airbus's (OTCPK:EADSY) defense asset auction, according to Bloomberg.
- Carlyle (NASDAQ:CG), KKR and Blackstone (NYSE:BX) are among private-equity firms that bid in the first stage of the auction. Rheinmetall (OTCPK:RNMBY) and Thales (OTC:THLEY) also submitted proposals by a July deadline.
- The operations, which comprise Airbus’s defense sensors and border security businesses, are said to have operations with 2015 revenue estimated at €1.1B.
Fri, Jul. 24, 12:43 PM
- Blackstone's (NYSE:BX) Senior Managing Director and Head of International Private Equity Michael Chae has been appointed to replace Laurence Tosi who yesterday became the latest Wall Streeter to leave for Silicon Valley.
- Chae has also been Head of Private Equity for Asia/Pacific since Dec. 2010.
- Previously: Airbnb close to hiring Blackstone CFO (July 24)
Fri, Jul. 24, 3:00 AM
- Airbnb (Pending:AIRB) is close to hiring Blackstone's (NYSE:BX) Laurence Tosi as Chief Financial Officer, adding to the list of Wall Street CFOs who have packed their bags for Silicon Valley (Ruth Porat, Anthony Noto, Vanessa Wittman).
- Tosi's appointment, could better position Airbnb to go public. The 47-year-old executive joined Blackstone in 2008, one year after the private equity firm joined the stock market.
Thu, Jul. 23, 9:39 AM
- Blackstone (NYSE:BX) started iLevel Solutions in 2006 to organize performance and valuation data from its hundreds of portfolio companies and report the information to fund investors, and spun the unit out in 2010.
- The buyer is Ipreo Holdings, a data provider acquired by Blackstone and Goldman Sachs' merchant banking unit from KKR last year.
- Other iLevel owners include the family office of Blackstone President Tony James, Carlyle Group, Hamilton Lane Advisors, and Duff & Phelps.
- Terms of the sale were not disclosed.
- Source: Bloomberg
Wed, Jul. 22, 7:23 AM
- Blackstone (NYSE:BX) agrees to acquire a portfolio of office and logistics properties in Norway and Sweden from 10 funds currently managed a subsidiary of Norway's Agasti Holding for 22B kroner (nearly $3B), and also agrees to buy a 34% interest in subsidiaries of Agasti for 250M kroner.
- Agasti rose more than 30% in Oslo on the news.
- "We have had a long-standing ambition to increase our presence in the Nordics,” says James Seppala, Blackstone's head of European acquisitions.
- Source: WSJ
Mon, Jul. 20, 11:53 AM
- First Eagle Investment Management manages $100B in equity, fixed-income, and multi-asset strategies. Blackstone (NYSE:BX) - along with Corsair Capital - is buying a majority stake, with the price putting First Eagle's enterprise value at $4B.
- First Eagle's management and investment leadership will continue to run the firm on a day-to-day basis.
- The deal is expected to close in Q4.
- Source: Press release
Thu, Jul. 16, 7:33 AM
- Q2 economic net income of $508M or $0.43 per share vs. $1.3B and $1.15 one year ago.
- Performance fees of $569.7M down 59% Y/Y. Investment income of $10.8M down 94%. Expenses of $673.2M down 24%.
- Distributable earnings of $1.03B vs. $765M one year ago as realized performance fees hit $985M, up 45% Y/Y.
- Fee-earning AUM of $239B up 14% Y/Y.
- Private equity quarterly appreciation of 3.5%, up 9.4% YTD, up 16.5% LTM. Q2 ENI of $169.4M down 74% Y/Y, with performance fees of $241M down 66%.
- Real estate quarterly appreciation of 1.2%, up 9% YTD, up 20.3% LTM. ENI of $137M down 72%, with performance fees of $180.5M down 67%.
- Hedge fund solutions ENI of $92M up 11% Y/Y.
- Credit ENI of $119M up 15% Y/Y.
- Conference call at 11 ET
- Previously: Blackstone misses by $0.07, misses on revenue (July 16)
- BX -2.5% premarket
Thu, Jul. 16, 7:02 AM
Wed, Jul. 15, 5:30 PM
Tue, Jul. 14, 4:49 AM
- The nation's largest banks report their second-quarter results this week, beginning with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) today.
- Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) are due to report later in the week, along with private equity firm Blackstone (NYSE:BX) and asset manager BlackRock (NYSE:BLK).
- Despite the stable economy in the U.S., analysts are expecting relatively ho-hum results.
BX vs. ETF Alternatives
Blackstone Group LP is an alternative asset manager. It also provides financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.
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