Why Blackstone Stock Stumbled Today

The powerful investment management company Blackstone (NYSE: BX) wasn't looking all that mighty on the stock exchange Wednesday. On news that it's considering the sale of a promising, next-generation tech company, investors were wary of its stock. The shares closed the day down by more than 1%, contrasting unfavorably with the S&P 500's (SNPINDEX: ^GSPC) slight gain of 0.2%.

Worried over a $3 billion deal?

After market close on Tuesday, Reuters published an article stating that Blackstone is pushing forward with plans to sell off Sphera. The tech company specializes in sustainability and risk management software, and offers related consulting services.

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Citing three unnamed "people familiar with the matter," the news agency said Blackstone has hired investment bankers to manage the sale. The effort to unload Sphera is in its early stages, those sources said.

Sphera is a prominent operator in its field. According to Reuters, its annual revenue tops $300 million, and it has more than 8,400 clients located throughout the world. Among its clientele are significant companies such as Mercedes-Benz and Siemens. The people cited in the article said a sale could potentially reap nearly $3 billion.

Neither Blackstone nor Sphera has officially commented on the article.

Selling on speculation

Blackstone investors might not like the idea that a successful operator that has carved a lucrative niche for itself is about to be dropped from the company's asset list. Yet if the story is accurate, it would be in line with Blackstone's stated goal to be more assertive about portfolio sell-offs this year compared to last.

I feel we shouldn't rush to judgment about Blackstone and Sphera until we get a better idea of how a potential deal is unfolding. The former could do very well indeed in the sale of such an attractive asset.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Blackstone. The Motley Fool has a disclosure policy.