Private equity giant, Blackstone announced on Thursday it will abandon its partnership structure and become a corporation, a move other publicly traded peers have taken in an effort to expand the ownership of their stocks.For private-equity firms, a conversion to a C corporation became a realistic option after Congress passed the new tax law in late 2017. The new law made it more plausible to make the switch, which the firm hopes will make their stock more attractive to mutual funds and other institutional investors. Those types of investors typically do not invest in publicly traded partnerships. Publicly traded private-equity firms have long complained that their stock prices don’t reflect the underlying assets and performance of their businesses. Peers such as KKR & Co. and Ares Management Corp. have already made the switch to corporate status.
Amazon Inc. is checking out of China’s fiercely competitive domestic e-commerce market.
The company told sellers on Thursday, beginning July 18, that it will no longer operate its third-party online marketplace or provide seller services on its Chinese website, Amazon.cn. As a result, domestic companies will no longer be able to sell products to Chinese consumers on its e-commerce platform. The move marks an end to a long struggle by U.S. e-commerce giants in China. Amazon entered the Chinese market with great fanfare in the early 2000s only to wither in the face of competition from China’s faster-moving internet companies . Despite the pull out, Amazon remains committed to China through its global stores, Kindle businesses and web services.
Asia: Most of the major Asian markets are closed today however, the ones that are open closed higher after a positive handoff from the U.S.
Europe: European stocks closed higher on the final day of a shortened trading week, as investors looked past weak euro zone data and towards fresh corporate earnings.
U.S: U.S. markets closed higher on Thursday as Wall Street digested more corporate earnings reports, solid retail data and two highly anticipated initial public offerings. DJIA: +110.00 26559.54 NASDAQ: unchanged S&P: +4.58 2905.03
Word Of The Day:
The stock of a company either directly involved in or associated with activities widely considered to be unethical or immoral.
Dinner or Drink:
1 1/2 oz dark creme de cacao
1/2 oz vodka
1 tsp chocolate syrup
1 tsp cherry brandy
Shake creme de cacao and vodka with ice. Strain over ice in an old-fashioned glass. Float chocolate syrup and cherry brandy
We wish you and your family a safe and Happy Easter!