Why Apollo Global Was Surging Today
Shares of private equity giant Apollo Global Management (NYSE: APO) were on the rise Wednesday, rising 8.5% as of 2:10 p.m. ET.
The company reported earnings this morning, and while its headline adjusted non-GAAP (generally accepted accounting principles) earnings fell just short of estimates, there were apparently enough positive data points within the release to give investors reason to cheer.
Of note, Apollo's stock had fallen about 15% since its summer highs on economic fears, rising rates, and a slower merger and acquisitions market. So perhaps its better-than-feared performance was enough to satisfy the bulls.
Source Fool.com
