BlackRock (BLK) Misses Q1 EPS by 4c
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April 15, 2016 7:40 AM EDT
UBS reiterated a Buy rating on BlackRock (NYSE: BLK), and raised the price target to $390.00 (from $350.00), following the company's 1Q earnings report. While the cost saves generated by this quarter's restructuring efforts are expected to be reinvested in higher growth opportunities, the outlook for expenses was generally positive. UBS raised 2016 EPS... More
April 14, 2016 6:37 AM EDT
By Trevor Hunnicutt and Sudarshan Varadhan
(Reuters) - BlackRock Inc (NYSE: BLK) said on Thursday it will cut 400 jobs and take a $76 million restructuring charge after posting a 20 percent drop in first-quarter profit amid a dramatic reversal in financial markets.
The world's largest asset manager's investment performance stumbled and its net inflows, albeit still tens of billions of dollars last quarter, fell as U.S. markets marked a rough start to the year.
"We did have a tough quarter," BlackRock Chief Executive Officer Larry Fink told Reuters. U.S. stocks,... More
