BlackRock Stock Falls 6% On Clearwater Analytics Investment Management Hire

(RTTNews) - BlackRock, Inc. (BLK) shares dropped 5.74 to $1,047.69 in Tuesday trading, despite no major announcements from the company. The decline could have occurred as Clearwater Analytics (CWAN) announced new senior leadership hires to enhance its investment management technology platform, a move that some market watchers speculate could intensify competitive pressures in the asset management technology space with BlackRock in association.

BlackRock traded between $1,033.77 and $1,076.47 on volume of 1.28 million shares, more than double its average of 603,681 on the New York Stock Exchange. The stock remains near the upper end of its 52-week range of $773.74 to $1,112.13.