BlackRock Founders as Q2 Earnings Fail to Reach Goal

The Black Rock logo is seen at the Black Rock Japan headquarters in Tokyo Japan

The Black Rock logo is seen at the Black Rock Japan headquarters in Tokyo Japan

Shares fell 0.3% to $437 during premarket trading on light volume as the firm's adjusted earnings came in 17 cents lower than analysts' expectations and sales also came up short.

In the past five years, New York-based BlackRock's assets under management have surged more than 50% to at least $5.7 trillion - bigger than the U.S. Federal Reserve.

"While significant cash remains on the sidelines, investors have begun to put more of their assets to work", CEO Larry Fink said in a statement.

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Meanwhile, it's steadily emerged that more and more people were at that Russian Rendezvous , including a former Soviet counterintelligence officer-turned-Russian lobbyist.

As a way to access the market, many investors have been lifting up funds and moving away from more expensive products.

BlackRock's flows reinforce the continuing shift in investor taste for lower-cost passive funds that track the performance of indexes.

The iShares ETFs drew in a record of about $73.7 billion in the second quarter, surpassing the previous quarterly high of $65 billion recorded during the first three months of the year, BlackRock said. "As we look to provide increased value both for clients and shareholders, we will continue to strategically invest for enhanced growth going forward". BlackRock's technology and risk management revenue grew 12% year-over-year. The ETF gains helped drive BlackRock's overall inflows to about $103.6 billion for the period; by comparison analysts at brokerage firm Jefferies analysts estimated that the next-closest competitor, Alliance Bernstein LP (AB), attracted just $1 billion.

Trippier signs new deal with Tottenham Hotspur
The 26-year-old has committed himself to Spurs until 2022, and it comes off the back of an impressive end to last season during which he pushed Kyle Walker out of the side for some important games.

Profits of $860m were up 8% on a year earlier, while net operating income of $1.25bn was up 6% on the second quarter of 2016.

Revenue from investment advisory, administration fees and securities lending rose to $2.675 billion, roughly in line with expectations. Analysts polled by Thomson Reuters had projected $5.39 a share in adjusted earnings on $3.02 billion in revenue.

BlackRock's stock has risen 15% while the S&P 500 has risen 9.8% respectively.

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And it turned a tidy profit, reporting $66 million in net income, up about 50 percent from the same period past year . Last earnings report, Netflix said that it expected to add 3.2 million subscribers during the second quarter.

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