Genworth Plunges On postponed IPO (GNW, PJC, PNG, KGC, BK, BLK)
Genworth Financial Inc (NYSE:GNW) plunged 22.08% to $6.0 as the company decided to postponed the initial public offering of its Australian unit backing home loans to early 2013 after “elevated” losses in the nation this year. The company had been targeting a 40 percent stake in the unit for the second quarter of this year.
Piper Jaffray Companies (NYSE:PJC) decreased 4.29% to $24.32. The Company posted first quarter net income of $2.48 million or $0.15 per share against $5.71 million or $0.38 per share in the prior year period. Revenues at the segment rose 22% quarter over quarter mainly driven by significantly improved fixed income institutional brokerage revenues.
PAA Natural Gas Storage L.P. (NYSE:PNG) slipped to 0.37% to $18.88. The Company announced its quarterly cash distribution of $0.3575 per unit on all the outstanding common and Series A subordinated units. The distribution will be payable on May 15, 2012.
The Bank of New York Mellon Corporation (NYSE:BK) moved down 2.31% to $23.25 after the Company posted first quarter results. Profit was $619 million versus $625 million in the previous year period. EPS was 52 cents compared to 50 cents in the prior year period. Revenue was flat at $3.65 billion.
BlackRock Inc (NYSE:BLK) fell 2.47% to $196.82 despite the company reported a better-than-estimated first-quarter results. The company posted a profit of $572 million, or $3.14 a share. Slightly up from a year ago profit of $568 million, or $2.89 a share. On an adjusted basis, the company earned $3.16 a share, ahead of analysts’ estimates by 13 cents.
Revenue during the quarter fell 1% to $2.25 billion from $2.28 billion, with modestly weaker revenue in each of the company’s units. Analysts were estimating revenue of $2.22 billion.
Assets under the management, the value of the assets BlackRock invests for its customers, edged up 1 percent to $3.68 billion from $3.65 billion a year ago.