Apollo Global Management, Inc. (APO) News & EventsAPOApollo Global Management, Inc.

Nasdaq Rises on SpaceX Earnings Report

The major averages closed broadly higher, led by the Nasdaq following upbeat results from SpaceX and Super Micro Computer. In addition to the space technology company reporting its first profit as a public company, Elon Musk said a merger with Tesla would be "a good idea," but one that needs to be studied by special committees formed by each of the companies' boards.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:SpaceXreported better-than-expected Q3 results, with the company noting it has 13.6M Starlink consumer subscribers and 11,100 satellites in orbitMeanwhile, Elon Musk said that SpaceX and Teslahave formed committees to consider a possible mergerNetflixreported upbeat Q3 results but provided a lower-than-expected outlook for Q4Abbottreported better-than-expected Q3 earnings and revenue and announced it will separate its global Nutrition business into an independent companyNvidiaintroduced DSX POD, a reference design for complete Vera Rubin AI factories built by partners inside modular containers2. WALL STREET CALLS:Netflixcut to Hold at Needham amid decelerating revenue growthNorthrop Grummanupgraded to Outperform at BairdChipotledowngraded to Hold at TD CowenZoom Communicationsupgraded to Outperform at OppenheimerBarclays downgraded Cirrus Logicto Underweight on Applesupply chain concerns3. AROUND THE WEB:Blackstoneand a unit of Apollo Globalare in discussion with the National Football League to join the league's list of approved private equity firms that can acquire minority interests in its franchises, Bloomberg reportsU.S. Senators Richard Blumenthal and Josh Hawley have sent a letter to GoogleCEO Sundar Pichai seeking answers about what the company knows about its AI tools' impact on children's mental health and educational development, WSJ saysMeta'sMuse AI companion surpassed 10M U.S. downloads within its first 40 days, ranking among just a dozen mobile apps to reach that milestone, TechCrunch saysAkzo Nobelis in early talks to sell its European vehicle refinishing business to secure antitrust approval for its planned $19B merger with Axalta, WSJ reportseBayplans to cut about 9% of its workforce to simplify operations and redirect resources toward faster-growing areas, following 6% layoffs in February, Reuters says4. MOVERS:Super Microgained after the company raised its Q1 revenue viewApplied Digitalincreased after Roth Capital reinstated coverage of the stock with a Buy ratingRoivantwas higher in New York after announcing its CLARITY-1 and CLARITY-2 trials met its primary endpointsAT&Twas lower after reporting Q3 results and raising its outlook for FY26Pegasystemsfell after reporting Q3 results5. EARNINGS/GUIDANCE:Thermo Fisherreported Q3 results and raised its guidance for FY26, with CEO Marc Casper calling it "another excellent quarter"Elevance Healthreported Q3 results and raised its outlook for FY26Danaherreported Q3 results, provided guidance for Q4, and increased its outlook for FY26UDRreported preliminary Q3 resultsWinnebagoreported Q4 results and provided guidance for FY27INDEXES:The Dow rose 360.21, or 0.69%, to 52,856.09, the Nasdaq gained 278.04, or 1.05%, to 26,702.86, and the S&P 500 advanced 44.60, or 0.58%, to 7,757.17.

Blackstone and Apollo Discuss Joining NFL's Approved Private Equity List

Blackstone (BX) and a unit of Apollo Global (APO) are in discussion with the National Football League to join the league's list of approved private equity firms that can acquire minority interests in its franchises, Bloomberg's Randall Williams and Giles Turner report, citing people familiar with the matter. The talks are preliminary and both firms would likely have to find a deal with a team before finalizing the approve process, the authors say, noting that approval isn't imminent and completion of the process would likely occur in 2027.

UDR and Apollo Form $2B Apartment Joint Venture

UDR, Inc. (UDR) and Apollo (APO) announced their intention to form a new, long-term joint venture involving a diversified portfolio of apartment communities. The joint venture will own a portfolio of 19 high-quality communities totaling 7,059 apartment homes and valued at approximately $2B. Under the terms of the transaction, UDR will continue to operate and manage the portfolio for which it will earn an asset management fee. Apollo-managed funds and affiliates will invest $1.34B of equity capital into a newly established joint venture, acquiring an approximate two-thirds interest. UDR will retain a one-third interest and consolidate the joint venture. The transaction, once completed, is expected to imply a capitalization rate of approximately 6.0% for a portfolio with average revenue per home of $2,058 and an age of 39 years. UDR will also retain an option to repurchase Apollo's interest in the joint venture at an expected 7.00-7.50% fixed return for a finite period starting at the fifth anniversary of closing. The transaction is expected to close on October 29, 2026, subject to execution of the documentation, and customary closing conditions.