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Actionable news in BX: THE BLACKSTONE GROUP L.P,

Blackstone profit sinks in volatile quarter

Blackstone Group LP said Thursday its first-quarter profit tumbled as its selling of older investments waned during another period of market volatility.

The New York private-equity firm reported earnings of $150 million, or 23 cents a share, down from $629.4 million, or $1 a share, a year earlier.

Blackstone's first-quarter economic net income fell to $371 million, or 31 cents a share, from $1.62 billion, or $1.37 a share, a year earlier. The...