Shares of Blackstone Group LP (BX) tumbled 5.28% in pre-market trading on Friday, following a series of news that may have impacted investor sentiment. The alternative asset management firm faced multiple headlines, including a price target reduction and new investment activities.

Bank of America Global Research cut its price objective on Blackstone from $219 to $207, potentially contributing to the downward pressure on the stock. While the reasons for the cut were not immediately clear, such adjustments from major research firms can often influence investor perceptions and trading decisions.

In other news, Blackstone announced plans to acquire a non-controlling interest in a new Canadian subsidiary of Rogers Communications. Additionally, reports emerged that the company is considering the sale of two AirTrunk data centers in Australia, each valued at approximately 2 billion Australian dollars ($1.24 billion). These strategic moves, while potentially positive for long-term growth, may have raised questions among investors about the firm's near-term financial outlook.

The pre-market plunge suggests that investors are reassessing Blackstone's valuation and future prospects in light of these developments. As the market opens, it remains to be seen whether the stock will recover or if the negative sentiment will persist throughout the trading session.