On Monday, Blackstone Group LP (NYSE:BX)’s shares declined -3.57% to $27.79.
Blackstone (BX) declared that it has had its final close for its latest global private equity fund, Blackstone Capital Partners VII (BCP VII). Fundraising began in November 2014 and the fund had a record $15.7 billion first close in May, seven months after launching. There are more than 250 limited partners from 40 countries in the fund. Demand for the fund was significantly in excess of its hard cap of $17.5 billion. Taken together with Blackstone and its employees’ commitment of $500 million, BCP VII will have $18 billion of accessible equity capital to invest. Blackstone anticipates to start making investments out of this fund during the first quarter of 2016.
Commenting on the closing, Joseph Baratta, the global head of Blackstone’s private equity business, said, “We are enormously appreciative of our investors’ trust and strong support of BCP VII. We have an excellent team that is working tirelessly to continue generating favorable long-term returns for our investors.”
Blackstone’s private equity business manages more than $91 billion in equity as of the end of the third quarter 2015.
The Blackstone Group L.P. is a publicly owned investment manager. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations. The firm manages separate client focused portfolios.
Apple Inc. (NASDAQ:AAPL)’s shares dropped -0.62% to $112.48.
Apple (AAPL) shares are falling hard yet again Monday - dipping below $110 for the first time since October - marking the latest failure for the stock and a new push toward its lows, according to USA Today.
Shares of Apple Monday closed down 70 cents, or 0.6%, to $112.48 as concerns mount over slipping smartphones sales as the market matures. The stock fell as much as 3% to $109.79 earlier in the days before recovering. But the damage has been done. Shares of the gadget maker have been disappointing despite investors’ high hopes its gadgets would be hot sellers during the holidays.
The latest concern to hit Apple shares came Monday after Morgan Stanley cut its outlook for Apple smartphone sales. Morgan Stanley now sees smartphone shipments to fall 6% in the current fiscal year. A majority of Apple’s revenue comes from smartphones so any slowdown in sales would be a problem. USA Today Reports
Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players to consumers, small and mid-sized businesses, education, and enterprise and government customers worldwide.
At the end of Monday’s trade, Marathon Petroleum Corp (NYSE:MPC)‘s shares dipped -3.28% to $47.99.
Marathon Petroleum declared the completion of the formerly declared merger by which MarkWest Energy Partners, L.P. became a wholly-owned partner of MPLX LP (MPLX).
Effective with the closing are the following executive and director appointments:
Frank M. Semple has been elected to the board of directors of MPC. Mr. Semple will also serve as vice chairman of the general partner of MPLX and has been elected to its board of directors. Mr. Semple formerly served as MarkWest`s chairman, president and chief executive officer.
Randy S. Nickerson has been designated executive vice president, corporate strategy of MPC. Mr. Nickerson formerly served as MarkWest`s executive vice president and chief commercial officer.
Marathon Petroleum Corporation, together with its auxiliaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Pipeline Transportation.