Blackstone Prices Largest IPO Since 2002

The market is under some selling pressure in early trading. There was no real negative news. Bond yields are creeping back up, with the 10-year yield at 5.17%. And oil is nearing $69. So both of those are certainly headwinds for the market.

The other notable event was the pricing of the biggest IPO since 2002. Blackstone (BX) priced its IPO at $31, giving it a market cap of $33.6 billion. It opened +17% higher when trading began, and is currently hovering around $36.

In other news, Bear Stearns (BSC) is throwing its two trouble hedge funds a $3.2 billion lifeline, stirring up memories of Long-Term Capital Management (1998). But I see very few similarities.

Also, the Russell 2000 will get is annual rebalancing after the close today.

I wouldn't be surprised to see the market firm into the close. The last 12 Fridays have been up days in the market as investors anticipate more deal making to occur over the weekend.