Sellers To Have A Ball As BlackRock Posts Disappointing Q2 Earnings
BlackRock, Inc. has posted its Q2 earnings results before the opening bell today. Investors were positive towards BlackRock ahead of the earnings report, since the firm is the largest provider of exchange traded funds. A newly announced Labor Department regulation, which would benefit passive investing, is expected to contribute to the company’s growth.
Nevertheless, the world’s largest asset manager has experienced a disappointing quarter with revenue at $2.8 billion, down 0.7% from the expectation of $2.82 billion. The firm’s earnings per share came in at $4.78, falling short of an analyst consensus of $4.82. Global economic and political turbulence, which triggered an investor flight to “cash in the bank” rather than in the markets, has contributed to the company’s poor quarterly performance.
On the hourly chart, the price has been in an uptrend during the last few sessions. RSI (14) has entered overbought territory and continued to move up to 76.7804. The stochastic chart also indicates that the stock is in the overbought zone. However the %K line is still above the %D line indicating that the stock is expected to surge further. The price is anticipated to climb slightly before pulling back.
Sell limit at 358.66, Take profit at 358.14, Stop loss at 358.82