BlackRock Looks Solid – US-FOREX.US
BlackRock’s strength should be on display Tuesday when the asset management firm releases its second quarter report.Wall Street analysts are, on average, expecting BlackRock
to report second quarter earnings of 1.58 per share, well shy of the 2.14 it recorded in last year’s corresponding period. Shares of the asset management firm rose 2.8%, or 5.03, to 184.82 on Monday, while over the past 12 months, BlackRock’s seen its stock increase 37.8%. Peers such as State Street
have increased 24.1%, while Legg Mason
has grown only 13.8%. The Financial Select Sector SPDR
exchange-traded fund has slipped 2.2%.”We’re expecting more feedback from its Barclays announcement and continued strong performance from the BlackRock Solutions Group,” said Macrae Sykes, an analyst at Gabelli & Co. BlackRock recently agreed to purchase Barclays
unit Barclays Global Investors, giving it 3.1 trillion in invested assets, as well as its exchange-traded-fund business iShares. Last month, PNC Financial Services
also agreed to purchase 506 million to help finance its purchase of the Barclay sunit. Media reports have also surfaced that it and Ameriprise Financial
may purchase pieces of Bank of America
‘s Columba Management, Pensions & Investments.Like Goldman Sachs
or JPMorgan Chase
, BlackRock appeared to has come out of the financial crisis in a relatively stronger position. BlackRock has also risen as an important player in the nation’s recovery, as it recently came forward with plans to raise between 4 billion and 5 billion for a federal program that deals with toxic assets.