Blackstone plunged over 3% and hit $21.30 this morning, pushing well into new low territory since its IPO. Without fearing even the most expensive crabs, Blackstone played “just the tip” with the $21-$22 range earlier in the week and subsequently decided to plunge deep into new, lower territory.
It’s only a matter of time before Blackstone attempts to muster up some good will by claiming that its share price is tumbling for the sake of greater national interests. China has lost over $800 million on its $3 billion investment into the Blackstone IPO so far.
In other misguided IPO news, Fortress is healthily above its 52-week low of $16.05, but heading back in the direction of new depths, down over a percent today at $17.31. Fortress’ 52-week high ($37.00) was almost double its IPO price of $18.50.
How Low Can Blackstone Go? [DealBook]
Posted by MG, Sep 07, 2007 11:28AM
That's about $0.60 per Chinese citizen, for what that's worth.