Ares Management stock holds gains despite broad market losses on stronger-than-expected profit

Ares Management Corp. (ARES) stock was up 1.5% on Tuesday after beating its second-quarter earnings target, despite losses in financial stocks. Ares reported an adjusted profit of 90 cents a share, ahead of the analyst target of 85 cents a share, according to FactSet data. The company also said funds managed by its credit group closed about $4.1 billion in U.S. direct lending commitments across 51 transactions during the second quarter. In the year-ago quarter, Ares closed about $5.9 billion in U.S. direct lending commitments across 58 transactions. Meanwhile, the financial Select SPDR ETF (XLF) is down 0.4% and the SPDR S&P Bank ETF (KBE) is lower by about 2.1%.

-Steve Gelsi

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08-01-23 1102ET

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