Why BlackRock Fell Today
Shares of (NYSE: BLK), the world's largest asset manager, fell 5.4% on Tuesday as of 3 p.m. ET.
BlackRock reported earnings that actually beat on the bottom line, but missed on the top line. With a somewhat full valuation and investors wary of how fast the world's largest asset manager can grow with markets at all-time highs, the stock shed some recent gains.
In the second quarter, BlackRock grew revenue 12.7% to $5.42 billion, while adjusted non-GAAP (generally accepted accounting principles) earnings per share grew 16.3% to $12.05. That top-line number actually missed expectations, but the bottom-line figure handily beat expectations by $1.23.
Source Fool.com
