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Fly News Breaks for July 9, 2019
TW, VIRT, KKR, BX, ARES, APO, WETF, WOR, VRTS, VCTR, TROW, LM, IVZ, BLK, BEN, CG
Jul 9, 2019 | 08:06 EDT
Morgan Stanley analyst Michael Cyprys said he recommends owning Carlyle Group (CG) shares into the quarter, as he believes the company will announce plans to convert to a C-corporation along with its upcoming report, "albeit with a delayed effective date" to allow time for the complex underlying tax impact analysis. He thinks a conversion could bring greater clarity and visibility into targets, which could increase long only interest in the stock, Cyprys tells investors. In his broader preview of the earnings season for the Asset Manager group, the analyst noted that he lowered his Q2 EPS estimates by about 4% on average, cutting his estimates for Traditionals by 0.5%, for Alts by 11.5% and for Market Structure companies by 1.6%.
News For CG;BEN;BLK;IVZ;LM;TROW;VCTR;VRTS;WOR;WETF;APO;ARES;BX;KKR;VIRT;TW From the Last 2 Days
BX
Mar 27, 2024 | 06:37 EDT
Blackstone (BX) announced a new collaboration with Moderna (MRNA) through a development and commercialization funding agreement where funds managed by Blackstone Life Sciences will provide up to $750M to fund Moderna's influenza program. This new collaboration continues Blackstone Life Sciences' work and support for many of the world's leading and most innovative biopharmaceutical and medical technology companies. Blackstone seeks to provide customized financing solutions for companies across therapeutic areas to support mission critical scientific innovation and advance important products to patients.
APO
Mar 27, 2024 | 06:17 EDT
In the 2020 trial, Mohammed Ali Rashid, a former senior partner at Apollo Global, was accused of violating his duty to investors, Sujeet Indap of The Financial Times. At the time, Judge Kevin Castel concluded Apollo had been mistakenly and systematically charging expenses to the underlying funds, reducing their net returns and increasing Apollo's cut of overall profits. Castle ruled Apollo's accounting department deserved "significant blame," but still ruled Rashid violated U.S. securities law. Now, in 2024, Apollo's practices are back under the microscope, with an appeals court recently reversing Castel's decision, agreeing with Rashid that the private equity firm's expense system was broken enough at the time that Rashid could not have anticipated the victims of his illicit spending spree were Apollo's partners. Reference Link
KKR
Mar 26, 2024 | 12:26 EDT
"Game On" is The Fly's weekly recap of the stories powering up or beating down video game stocks. NEW RELEASES: While... To see the rest of the story go to thefly.com. See Story Here
VIRT
Mar 26, 2024 | 05:11 EDT
Citi raised the firm's price target on Virtu Financial to $22.50 from $21 and keeps a Buy rating on the shares. The environment for Virtu has seen some improvement in Q1, as healthier retail activity, higher 605 data and continued momentum in crypto should provide some offset to low volatility levels, the analyst tells investors in a research note. The firm says that while the environment is still not ideal, it believes the company is well positioned to benefit from an improving fundamental environment and longer term as it continues to make progress on growth initiatives.