Why Blackstone Group Stock Skyrocketed by Nearly 7% on Monday
Ever-acquisitive financial services titan Blackstone Group (NYSE: BX) might soon be the owner of a big utility, if a media report is to be believed. On Monday, investors clearly believed, as they traded the company's stock well up after the article was published. Blackstone's shares closed the day up by almost 7%, convincingly topping the S&P 500 index's nearly 3.3% rise.Before market open, Bloomberg reported that Blackstone unit Blackstone Infrastructure Partners is currently engaged in discussions to purchase TXNM Energy. Citing unnamed "people familiar with the matter," the financial news agency said that Blackstone is the top candidate to buy the utility, as other would-be acquirers dropped out of the bidding. Image source: Getty Images.Continue reading
Ever-acquisitive financial services titan Blackstone Group (NYSE: BX) might soon be the owner of a big utility, if a media report is to be believed. On Monday, investors clearly believed, as they traded the company's stock well up after the article was published. Blackstone's shares closed the day up by almost 7%, convincingly topping the S&P 500 index's nearly 3.3% rise.
Before market open, Bloomberg reported that Blackstone unit Blackstone Infrastructure Partners is currently engaged in discussions to purchase TXNM Energy. Citing unnamed "people familiar with the matter," the financial news agency said that Blackstone is the top candidate to buy the utility, as other would-be acquirers dropped out of the bidding.
Image source: Getty Images.
