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Why Blackstone Stock Stumbled Today
The powerful investment management company Blackstone (NYSE: BX) wasn't looking all that mighty on the stock exchange Wednesday. On news that it's considering the sale of a promising, next-generation tech company, investors were wary of its stock. The shares closed the day down by more than 1%, contrasting unfavorably with the S&P 500's (SNPINDEX: ^GSPC) slight gain of 0.2%.After market close on Tuesday, Reuters published an article stating that Blackstone is pushing forward with plans to sell off Sphera. The tech company specializes in sustainability and risk management software, and offers related consulting services. Citing three unnamed "people familiar with the matter," the news agency said Blackstone has hired investment bankers to manage the sale. The effort to unload Sphera is in its early stages, those sources said.Continue reading
The powerful investment management company Blackstone (NYSE: BX) wasn't looking all that mighty on the stock exchange Wednesday. On news that it's considering the sale of a promising, next-generation tech company, investors were wary of its stock. The shares closed the day down by more than 1%, contrasting unfavorably with the S&P 500's (SNPINDEX: ^GSPC) slight gain of 0.2%.
After market close on Tuesday, Reuters published an article stating that Blackstone is pushing forward with plans to sell off Sphera. The tech company specializes in sustainability and risk management software, and offers related consulting services.
Citing three unnamed "people familiar with the matter," the news agency said Blackstone has hired investment bankers to manage the sale. The effort to unload Sphera is in its early stages, those sources said.
