Deals
Moelis Climbs Most Since IPO After Profit Beats Estimates
- Ken Moelis’s firm had record revenues in year’s first half
- Analyst says investment bank has been taking market share
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Moelis & Co., the firm founded by Wall Street veteran Ken Moelis, surged the most since its 2014 initial public offering after profit beat analysts’ estimates.
Moelis climbed 7.3 percent to $26.45 at 4:15 p.m. in New York. The company said late Wednesday that operating profit was 35 cents a share, beating by 6 cents the average estimate of eight analysts surveyed by Bloomberg.