In earnings news, Blackstone Group announced that it suffered a third-quarter loss of $113.2 million, compared to its year-ago profit of $372.5 million. The company's earnings were hurt by noncash charges due in part from equity-based compensation from its initial public offering. The New York alternative asset manager and financial advisory company posted a loss of 44 cents per share for the quarter. Revenue during the 3-month period climbed 14% to $526.7 million, lifted in part by increased management and advisory fees revenue.
The shares of BX continue to struggle from a technical perspective. The equity has dropped since its initial public offering in June, losing more than 30% along the way. The stock is now resting below resistance at its 10-day and 20-day moving averages. Meanwhile, Wall Street remains enamored of the company. According to Yahoo! Finance, the stock has earned 6 buy or better ratings and 1 hold. This configuration leaves ample room for potential downgrades.