Apollo Global Swings to Profit

Apollo Global Management LLC APO +1.21% swung to a third-quarter profit that exceeded Wall Street forecasts as executives expressed caution about the outlook for the economy and rising prices for leveraged buyouts. Apollo, founded by Leon Black, said the value of its private-equity portfolio rose 8% in the quarter, matching Blackstone Group LP's BX -0.48% 8% gain and surpassing the 6.1% increase for KKR KKR -0.35% & Co. and 5% rise for Carlyle Group CG +0.87% LP.  

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