Financial Newsletter_5

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Blackstone Sets Record in Assets Under Management

In the latest quarter, Blackstone delivered earnings that exceeded Wall Street’s expectations. The global leader in alternative investment has reached a record-breaking $1.1 trillion in assets under management (AUM), with an increase in the value of its funds. During the third quarter, the firm saw an influx of $41 billion, raising and committing $54 billion in capital, marking the highest level in over two years. Notably, the company’s private equity funds appreciated by 6.2% this quarter, while infrastructure funds rose by 5.5%, resulting in the largest overall fund appreciation for Blackstone in three years. The total distributable earnings for the third quarter amounted to $1.3 billion, reflecting a 6% growth compared to the previous year. According to LSEG data, this translates to distributable earnings per share of $1.01, surpassing analysts’ expectations of $0.92.

PPG Announces Layoffs of 1,800 Employees

PPG Industries, a prominent paint and coatings manufacturer, announced plans to lay off 1,800 employees in the U.S. and Europe as part of its cost-cutting strategy, coupled with the closure of several facilities. Based in Pittsburgh, Pennsylvania, PPG expects to save approximately $175 million in annual pre-tax costs once the plan is fully implemented, with savings of $60 million anticipated in 2025. The company disclosed that it would record $250 million in pre-tax expenses in the fourth quarter of 2024. Furthermore, PPG announced the sale of its architectural coatings business in the U.S. and Canada to American Industrial Partners for around $550 million.

Lucid Motors Raises $1.64 Billion Through Stock Offering

Struggling electric vehicle manufacturer Lucid Motors has announced a public offering of over 262 million shares, which could yield approximately $1.67 billion in proceeds. According to data compiled by LSEG, Lucid expects its operating losses for the quarter ending September 30 to fall between $765 million and $790 million, exceeding analyst predictions of $751.7 million. Additionally, the company has entered into an agreement with Ayar Third Investment, the subsidiary of its largest shareholder, the Saudi Public Investment Fund, to privately sell nearly 375 million shares. Lucid noted that Ayar is expected to continue holding about 59% of the company’s outstanding shares.

Robinhood Launches New Trading Platform

Retail brokerage firm Robinhood is launching a new tool aimed at more advanced traders as it seeks alternative avenues for growth. The firm has introduced Robinhood Legend, a desktop platform tailored for active traders. This new offering includes advanced charting tools designed for users seeking detailed analysis of stocks. In addition to the launch of Legend, Robinhood plans to soon introduce futures trading and index options on its mobile platform. According to a press release, customers will need to be approved for trading futures contracts, which will also ultimately be integrated into the Legend platform.