Deals wrap: BlackRock results beat Street
BlackRock reported a big jump in fourth-quarter profit and revenue, topping analysts’ estimates. With markets on an upswing, the $3.6 trillion behemoth created when Chief Executive Laurence Fink bought Barclays’s investment unit for $15 billion just over a year ago finally appears to be paying off for investors.
Cross border deals are providing an opportunity for boutique investment banks to shine, reports NYT.
“An unusual burst of trading ahead of a $3.5 billion takeover for cardboard box maker Smurfit-Stone Container Corp left some analysts remarking on the timing,” reports WSJ.
Private equity firms need show a profit to past investors to lure in new investors but expectations are muted for the expected flood of IPOs, reports WSJ.
Also in the news:
Texas Instruments’ margins disappoint, envisions spending hike
Tellabs sales disappoint and shares tumble
EMC beats Street, shares fall on VMware margins
Kimberly-Clark restructures pulp, tissue business