Apollo Global Management is Friday's IBD Stock Of The Day. The investment management firm is near an official buy point amid a 10% run since reporting first-quarter earnings as reports swirl it is seriously considering a takeover bid for a major media company.
That comes as several investment management peers also have performed well, including Ares Management, Blue Owl Capital and KKR
Apollo Global Management invests in private and public markets including credit, equity and real estate. The firm also provides retirement income products to public pension plans, corporate plans, endowments, foundations, sovereign wealth funds and individuals.
On May 2, the company delivered a 21% increase in earnings per share for the first quarter as sales grew 13%. That report came days after Apollo announced that it would acquire U.S. Silica Holdings in a $1.85 billion deal for the supplier of commercial silica used in the oil and gas industry.
Meanwhile, On April 19 it was reported that Apollo was in talks with Sony for a joint bid on media company Paramount Global. Last week, the New York Times reported that Sony and Apollo Global have signed nondisclosure agreements with Paramount, allowing them to look at Paramount's nonpublic financial information.
Paramount previously shared materials with Hollywood studio Skydance.
Analysts forecast Apollo Management profit will grow 12% in 2024 with a 34% increase in 2025, compared with 2023 levels.
Apollo Global Stock Performance
APO stock dropped 0.5% to 116.18 during market trade on Friday. That's off early highs of 119.55 and intraday lows of 113.22. The stock is in a flat-base pattern with an official buy point of 117.15, according to MarketSurge analysis.
Apollo Global Management stock gained 7.2% in May and is up nearly 25% in 2024.
As for its key peers, ARES stock jumped 5.3% in May while KKR stock has surged 10.5% this month. Meanwhile, OWL shares have advanced 20.7% this year. Ares has pulled back to just above a buy point while KKR has fallen below an entry. Blue Owl is nesting in its own flat base, but tumbled below its 50-day line Friday.
Apollo Global stock has a solid 94 Composite Rating out of a best-possible 99. The shares have an 89 Relative Strength Rating and a 95 EPS Rating.
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