Why BlackRock Stock Surged 6.6% Higher on Thursday
BlackRock (NYSE: BLK) shares gained ground Thursday following the morning release of its third-quarter report. The stock fell by some 5.2% at the opening bell, but then surged higher throughout the day, and was up 6.6% at the closing bell to $566 per share. BlackRock is still down 38% year to date.
Though they dropped initially, all of the major U.S. indexes ended Thursday's session higher, with the S&P 500 up 93 points (2.6%), the Dow Jones Industrial Average up 828 points (2.8%), and the Nasdaq Composite up 232 points (2.2%).
BlackRock's third-quarter results were a mixed bag. The world's largest investment manager beat earnings estimates, but it fell short of revenue estimates. Its net income of $1.4 billion ($9.25 per share) was down 16% year over year. However, that topped earnings estimates. Revenue was down 15% to $4.3 billion, but that was shy of the $4.4 billion consensus forecast.
Source Fool.com
