Bruce Wrobel, a prominent American investor in Africa who until recently ran Blackstone's Sithe unit, has died.» Read More
Stocks closed a wild trading session modestly lower, but the Dow still managed to end the quarter with a three-month gain of 8.5%. "It was a little all over the place today, but I was happy to see the rally at the end of the day," said Joe Ranieri, managing director of Nasdaq trading at Canaccord Adams.
As the Wall Street bulls struggled with worries about credit market conditions, brokerage stocks as measured by the AMEX Securities Broker/Dealer Index were among the weakest of the stock groups on Friday.
The Chicago Board Options Exchange, the largest U.S. options market, said it will list options on The Blackstone Group starting on Monday.
Australian retailer Coles Group said on Thursday that Texas Pacific, Blackstone and Carlyle will not make a bid for Coles by Saturday's deadline, but have not withdrawn from the bidding process.
Stocks closed higher, led by gains in technology and energy shares. Major indexes had fallen earlier in the day after weaker-than-expected durable goods data but then rebounded. "I think a lot of people see setbacks to be bargain time", said Michael Metz of Oppenheimer.
Carlyle Group, a U.S. private equity firm, is considering a stock market listing similar to last week's initial public offering by rival Blackstone, Dow Jones Newswires reported on Wednesday.
Blackstone Group has pulled out of a consortium of three firms bidding for Australian retailer Coles Group, a source familiar with the situation said.
Stocks finished lower in a choppy session that was overshadowed by concerns about the housing slowdown and a meltdown in the subprime mortgage industry. "The financials tend to lead the market down and that's what they were doing today," said Robert Albertson, chief strategist at Sandler O'Neill. "I think it goes well beyond subprime. "
Blackstone Group units tumbled more than 6 percent in morning trade, falling below the $31 price the private equity giant fetched in its initial public offering last week.
All five commissioners of the U.S. Securities and Exchange Commission are to appear Tuesday at a Congressional hearing that is expected to explore hedge fund activities, access to corporate proxy statements and so-called soft-dollar arrangements.
Stocks ended lower as investors were rattled by concerns regarded leveraged mortgage securities held by two Bear Stearns hedge funds. "We will see a splash near term as some of these funds need to unwind positions in paper that really isn't traded too much," said Jack Ablin of Harris Private Bank.
The new issue market is on track for its best year since 2000.
Blackstone Group had a stellar debut on the New York Stock Exchange Friday. The successful offering marks the biggest U.S. IPO in five years, and could open the floodgates for other alternative investment funds to go public. But the private-equity boom is coming under growing fire in Washington, with Congress moving to increase taxes on hedge funds and private-equity firms.
Stocks ended the week lower as investors were rattled by rising energy prices and worries about the potential fallout from two struggling mortgage securities funds managed by Bear Stearns.
Stocks ended broadly lower as Wall Street pondered the fate of two Bear Stearns mortgage debt funds. Losses were compounded by adjustments in several key indexes.
Blackstone's IPO has renewed debate over the so-called quiet period--when the company issuing stock is subject to SEC restrictions on public statements. Andy Thorpe, associate from Morrison & Foerster, and Brian Lane, partner from Gibson, Dunn & Crutcher discussed on "Morning Call" whether quiet period rules should be eliminated.
Powerful House Democrats on Friday proposed increasing the tax burden on managers of hedge funds and private-equity firms, racheting up the debate on expanding the government's tax grip on Wall Street
Blackstone Group stock closed around $35 after its debut on the New York Stock Exchange.
Ken Fisher, CEO of Fisher Investments, told CNBC’s “Morning Call” that private equity is in the middle of a “perfect storm” and there will be more IPOs like Blackstone Group in the future.He said P/E ratios are lower in relation to interest rates than they’ve been in about 25 years. This allows a company to borrow money to buy back its shares or to take over a competitor, boosting earnings per share
Douglas Lowenstein, president of the Private Equity Council, told CNBC’s “Squawk Box” that a bill pending in Congress could drive private equity offshore.