Blackstone (BX)

Feb. 25 (Bloomberg) -- Blackstone Group LP, the world’s biggest private-equity company, reported fourth-quarter profit of $329.4 million as it resumed deal-making and marked up the value of companies it owns.....“We believe the worst is behind us,” Stephen Schwarzman, Blackstone’s 63-year-old chairman and chief executive officer, said in a statement.....
I believe, as does the market (Blackstone shares closed yesterday at $14, less than half their June 2007 IPO price of $31) that while the worst may indeed be behind us, as Mr. Schwarzman says, Blackstone still has their work cut out for them. They have 8 companies laying in the IPO wings, paying down the debt is crucial for Blackstone, and investors are anxious to see some return on their investments. It will be interesting to watch the path of these eight, market conditions will certainly have to improve form them to come public.

Feb 25 · 9:35:00 AM · Source: Bloomberg
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by Jerry Byrne