BlackRock’s 1Q In-line – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19332/BlackRock%27s+1Q+In-line++-+Zacks+Tale+of+the+TapePosted on Tuesday, April 21st, 2009 | In Market Commentary, Stocks to Watch
BlackRock Inc. (BLK) reported first-quarter adjusted earnings of 81 cents per share, which matched the reduced consensus despite lackluster advisory income.
The stock has gained more than 9% today on volume of 827,000, compared to average volume of about 932,000.
The asset management major has been adversely affected by continuing weakness in global financial markets, which caused revenues to decline 24% year-over-year to $987 million during the quarter.
BlackRock also said that assets under management decreased 6% year-over-year during the first-quarter. This affected investment advisory and administration base income, which declined 29% year-over-year to $799 million.
The full-year consensus has been reduced 55 cents over the past 30 days to $5.10 as 5 out of 8 covering analysts lowered estimates. Moreover, the most accurate estimate is even more bearish at $4.90 a share.
BLK is a Zacks #5 Rank (”Strong Sell”) stock.
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