| Blackstone Reports in the Red and Brookfield Infrastructure Announces Exercise of Over-Allotment Option |
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The Blackstone Group (NYSE: BX - News) reported third quarter 2011 economic net loss of 31 cents per share, way below the Zacks Consensus Estimate of income of 5 cents and the prior-year quarter(TM)s economic net income (ENI) of 31 cents.Blackstone(TM)s results were severely impacted by negative revenues due to sluggish equity markets. However, growth in assets under management (AUM) and lower operating expenses were the positives.Blackstone reported economic net loss of $341.9 million for the third quarter compared with ENI of $339.3 million in the year-ago quarter. The loss was primarily due to market-driven declines in the carrying value of assets across the company(TM)s investment segments, partially mitigated by the rise in management and advisory fees.Blackstone(TM)s total revenue was negative $124.1 million as against the positive revenue of $784.0 million in the prior-year quarter. [Read the full article] SIOUX FALLS, S.D.--(BUSINESS WIRE)-- Summit Hotel Properties, Inc. (NYSE:INN - News) (the Company) today announced the pricing of an underwritten public offering of 2,000,000 shares of its 9.25% SeriesA Cumulative Redeemable Preferred Stock (SeriesA Preferred Stock) at a public offering price of $25.00 per share. Dividends on the Series A Preferred Stock will be payable quarterly in arrears on or about the last day of February, May, August and November of each year, commencing on or about November 30, 2011, at the rate of 9.25% per annum of the $25.00 liquidation preference, which is equivalent to $2.3125 per annum per share. The offering is expected to close on October 28,2011. The underwriters have a 30-day option to purchase up to an additional 300,000 shares of SeriesA Preferred Stock to cover over-allotments, if any. All the shares are being sold by the Company. [Read the full article] Harold C. Brown & Co. LLC Harold C. Brown & Co. LLC Latest from The Business Journals 401K plans are on a roller coaster ride yet againWNY job-seekers, employers encountering disconnectVeteran investment advisers preach focus Follow this company , a longtime independent brokerage and investment firm in Buffalo, is planning to close its doors, possibly as soon as the end of the year. The company(TM)s decision, which came after its most recent strategic planning initiative, stems in part from growing regulatory compliance requirements, according to Maureen Maguire, vice president and chief operating officer. As a brokerage firm and a registered investment advisor, the firm is regulated by two bodies: the Financial Industry Regulatory Advisory and the U.S. Securities and Exchange Commission, Maguire said. [Read the full article] 
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