As China's economic growth declines, some analysts say Beijing may have to spend more on infrastructure, adding to concerns about high debts.China Economyread more
U.S. President Donald Trump said Tuesday that Washington and Beijing have a long way to go on trade, adding that America could place tariffs on an additional $325 billion...Asia Marketsread more
"The charts, as interpreted by Carley Garner, suggest that the upside in the stock market has gotten more limited," Jim Cramer says.Mad Money with Jim Cramerread more
John Paul Stevens, who served on the Supreme Court for nearly 35 years and became its leading liberal, has died.Politicsread more
The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
The WTO ruling recognized that the United States had proved that China used state-owned enterprises to subsidize and distort its economy. But the U.S. must accept Chinese...World Economyread more
Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
Delta is gathering more data from customers than ever in hopes of avoiding customer service problems and increasing customer satisfaction, its CFO says.At Workread more
The Biden team's second-quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
BlackRock on Monday posted second-quarter earnings and revenue that missed expectations.
The world's largest asset manager reported second-quarter adjusted earnings per share of $5.24 on revenue of $2.965 billion. In the year-earlier period, the company had posted adjusted earnings of $4.78 per share on sales of $2.804 billion.
BlackRock shares fell 2.8 percent in the premarket following the report's release.
The firm's second-quarter assets under management rose 16 percent year over year to $5.689 trillion, topping analyst expectations.
BlackRock also said assets under management for its exchange-traded fund business iShares topped $1.5 trillion, helped by record net inflows of $74 billion. BlackRock also saw long-term net inflows of $104 billion.
Revenue from investment advisory, administration fees and securities lending rose to $2.675 billion, roughly in line with expectations.
Here's a side-by-side comparison of the company's results against Wall Street's expectations:
"While significant cash remains on the sidelines, investors have begun to put more of their assets to work," CEO Larry Fink said in a statement. "I have never seen more opportunity than I do today for BlackRock to help investors achieve their financial goals. As we look to provide increased value both for clients and shareholders, we will continue to strategically invest for enhanced growth going forward."
Shares of the asset management firm have outperformed the broader stock market and the financials sector this year.
In that period, BlackRock's stock has risen 15 percent, while the S&P 500 and the Financials Select Sector SPDR exchange traded fund have risen 9.8 percent and 6.9 percent, respectively.
BlackRock (blue) vs. S&P 500 (green) and XLF (purple) in 2017
The company had reported first-quarter results that beat Wall Street's estimates on April 19.
BlackRock reported its iShares ETFs saw then-record inflows of $64 billion during the first quarter, capturing the No. 1 share of ETF industry flows globally.
Earlier this year, the company announced it would use more computers to pick stocks as part of its efforts to overhaul its active management business.
"We are reorienting some of the humans' jobs in terms of doing more data science and data analysis," Fink said on "Squawk Box " on April 6. "We'll have the same amount of employees in our equity division a year from now that we do today. "