Stephen Schwarzman, founder and CEO of the giant U.S. private-equity firm Blackstone, was already one of the world's richest men. But after an announcement that the partnership will convert to a stock corporation sparked the biggest one-day rally in its publicly traded units, Schwarzman is immediately $573 million richer on paper.
The private-equity firm says the conversion will allow investors to buy its shares without creating the need for a Schedule K-1, an Internal Revenue Service tax form that's used to report earnings from partnerships.
The company is facing increasing competition from a host of mobile apps for its core business.
With the bar set low ahead of earnings day, Morgan Stanley's all-around beat will likely serve as encouragement for investors to set aside concerns that had started to mount in the latter part of 2018.
Citigroup produced the best trading results during the first quarter, with the least-bad performance during a period marred by lackluster client activity, the prolonged U.S. government shutdown and nagging uncertainties about the trajectory of the global economy. The 2018 leader, Goldman Sachs, slipped to last place.
Some major names report earnings next week. Find out what Wall Street analysts have to say about their prospects.
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