BlackRock ( NYSE:BLK ) stock rose on Thursday after the publication of its third-quarter report in the morning. The stock sank 5.2% at the opening bell but then rocketed higher throughout the day, finishing up 6.6% to $566 per share. BlackRock stock ( NYSE:BLK ) is still down 38% for the year.
Despite initially falling, all of the main US indices finished 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%).
Market Analysis of BlackRock Stock
The third-quarter earnings from BlackRock stock ( NYSE:BLK ) were a mixed bag. The world’s biggest investment manager exceeded profit expectations but fell short of sales projections. Its net income was $1.4 billion ($9.25 per share), a 16% decrease year on year. However, profits exceeded expectations. Revenue fell 15% to $4.3 billion, falling short of the $4.4 billion average projection.
Long-term net inflows (excluding money market funds) were $65 billion in the quarter and $248 billion for the first three quarters of the year. Bond exchange-traded funds (ETFs) received $37 billion in inflows during the quarter, while actively managed institutional equity funds received $71 billion, offsetting net withdrawals from retail funds and institutional index funds. Net inflows into ETFs totaled $22 billion.
Total assets under management fell almost 6% to $7.96 trillion. Decreased asset totals led to lower management fees, resulting in reduced overall revenue. This decrease in sales was compensated by a 10.6% decrease in total expenditures, allowing the business to surpass profit p...
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