Shares of Blackstone Group LP sank during their second day of trading Monday, as the stock pulled back sharply following a widely hyped initial public offering.
The stock fell 7.5 percent, or $2.62, to close at $32.44. It was among the loss leaders on a percentage basis on the New York Stock Exchange, having fallen as low as $31.90 on volume of more than 35 million shares.
Barron’s, the investment magazine published by Dow Jones, ran a cover story on Blackstone in its new issue arguing the firm’s stock may disappoint investors. Blackstone’s IPO may hint at the top of the private equity boom, Barron’s contended, as the firm seeks to cash in on its business before rising interest rates and expensive stocks hamper the industry.
The Greater Wilkes-Barre Chamber of Commerce will hold a networking mixer from 5:30 to 7:30 p.m. Thursday, at Rejuven-Essence, 672 N. River St., Plains, in the Waterfront complex. Complimentary hors d’oeuvres and beverages will be served. For reservations, call 823-2101, ext. 124; or e-mail firstname.lastname@example.org.