What Happened?
Shares of alternative investment manager Blackstone (NYSE: BX) jumped 3.3% in the afternoon session after major banks and asset managers reported first-quarter earnings that surpassed Wall Street expectations.
Leading the charge, giants like BlackRock, Bank of America, and Morgan Stanley all announced profits that topped analyst forecasts, driven by a significant rebound in investment banking and robust trading activity. According to reports, Bank of America saw record equities trading, with revenues up 30%, while Morgan Stanley's trading desk saw a 25% rise. This surge was partly due to recent market volatility, which increases trading volumes and generates higher revenues for these firms.
Additionally, a healthier climate for mergers and acquisitions bolstered investment banking divisions, signaling renewed corporate confidence and providing a powerful tailwind for the financial industry to start the year.
After the initial pop the shares cooled down to $130.58, up 3.4% from previous close.
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What Is The Market Telling Us
Blackstone’s shares are somewhat volatile and have had 10 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 2 days ago when the stock gained 5.2% on the news that analyst sentiment improved as Oppenheimer upgraded the company's stock to "Outperform."
The firm called the alternative asset manager a “premier franchise at a very attractive valuation.” The upgrade came after a difficult period for the stock, which had fallen significantly year-to-date.
Adding to the positive news, BMO Capital Markets also raised its price target on Blackstone to $132 from $126 while keeping an "outperform" rating. In other company news, Blackstone moved forward with plans for a new investment platform focused on digital infrastructure. The company submitted a filing to list the Blackstone Digital Infrastructure Trust on the New York Stock Exchange, with a primary focus on acquiring data centers.
Blackstone is down 17.8% since the beginning of the year, and at $130.58 per share, it is trading 30.8% below its 52-week high of $188.68 from September 2025. Despite the year-to-date decline, investors who bought $1,000 worth of Blackstone’s shares 5 years ago would now be looking at an investment worth $1,639.
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