Apollo Global Management LLC (APO.N) reported a rise in second-quarter earnings, helped by higher profits from its private equity unit, and said that the recent market falls potentially gave it opportunities to invest. Apollo, in its second quarterly earnings report since its initial public offering in March, said economic net income (ENI) -- a measure used by private equity firms -- was $140 million, up from $23 million a year earlier. Adjusted ENI per share was about 31 cents, according to Reuters calculations, which take into account compensation and tax. Analysts' average forecast was 31 cents, according to Thomson Reuters I/B/E/S. Apollo said it benefited from the sale of Hughes Communications, a broadband satellite services company that was sold to EchoStar Corp (SATS.O) in February for $1.33 billion. Apollo was a major shareholder in Hughes.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO fell by 1.21% or $-0.16/share to $13.08. In the past year, the shares have traded as low as $12.81 and as high as $19.00. On average, 319517 shares of APO exchange hands on a given day and today's volume is recorded at 531139.
EchoStar Corporation (EchoStar) is a holding company. Shares of SATS traded higher by 4.99% or $1.26/share to $26.52. In the past year, the shares have traded as low as $18.10 and as high as $38.47. On average, 188544 shares of SATS exchange hands on a given day and today's volume is recorded at 290116.
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