Why KKR Stock Rocketed Almost 5% Higher Today
The equity of sturdy investment company KKR (NYSE: KKR) made for a fine investment all its own on Tuesday. Its stock price leaped by nearly 5% that trading session, thanks to news of a big institutional investor's reversal on a planned sale (which likely would have pushed the stock's price down). KKR's share gain easily beat the slightly over 1% advance of the S&P 500 index.That sizable investor is China Investment Corporation (CIC), the country's sovereign wealth fund. Before market open, Bloomberg, citing unidentified "people familiar with the deal," reported that CIC has canceled a planned sale of several stakes it held in U.S. investment management companies. Image source: Getty Images.Continue reading
The equity of sturdy investment company KKR (NYSE: KKR) made for a fine investment all its own on Tuesday. Its stock price leaped by nearly 5% that trading session, thanks to news of a big institutional investor's reversal on a planned sale (which likely would have pushed the stock's price down). KKR's share gain easily beat the slightly over 1% advance of the S&P 500 index.
That sizable investor is China Investment Corporation (CIC), the country's sovereign wealth fund. Before market open, Bloomberg, citing unidentified "people familiar with the deal," reported that CIC has canceled a planned sale of several stakes it held in U.S. investment management companies.
Image source: Getty Images.
