Morgan Stanley reported earnings that beat analysts’ estimates as equity-trading revenue jumped the most among the biggest Wall Street firms and profitability at the brokerage unit, the world’s biggest, increased.
Investors had declared the stock of AllianceBernstein Holding LP a loser. From Jan. 1, 2010, to Aug. 23, 2012, it had declined 43 percent compared with a 33 percent gain for the Standard & Poor’s 500 Index. Nevertheless, on that day, Credit Suisse Group AG analyst Craig Siegenthaler lifted his rating on the New York-based money manager’s shares to a buy.
Apollo Global Management LLC is the top-performing stock among publicly traded alternative-asset managers as Chief Executive Officer Leon Black demonstrates that reaping gains from buyout holdings while raising new investment funds is the key to pleasing stockholders.
Nasdaq OMX Group Inc. may bid for TMX Group Inc. to block London Stock Exchange Group Plc’s agreement to buy the Toronto bourse, or pursue a deal with CBOE Holdings Inc., according to Credit Suisse Group AG.