U.S. stocks traded lower on Thursday, erasing most of their gains from their biggest rally in three weeks after a round of upbeat economic data and a warning from hedge-fund titan David Tepper that he was “leaning short” against both stocks and bonds on expectations the Federal Reserve and other central banks will continue tightening … Read more
Amid the rising cost of living and higher taxes, top hedge fund talent is moving away from financial centres like London and New York to the UAE, Saudi Arabia, Kuwait, and Bahrain, according to headhunters. This year, global hedge funds such as All Blue Capital and ExodusPoint Capital Management opened offices in Dubai. All Blue … Read more
Ken Griffin, Citadel, at CNBC’s Delivering Alpha, Sept. 28, 2022. Scott Mlyn | CNBC Hedge-fund billionaire Ken Griffin has sued the IRS and the Treasury Department over the “unlawful disclosure” of his tax information, escalating the battle in Washington over leaked tax filings of super-wealthy people including Warren Buffett and Jeff Bezos. In a complaint … Read more
On the heels of last week’s bullish turn for stocks, the setup is looking slightly less positive for Monday. Hong Kong stocks may be affecting the mood with a giant slump after China’s leader cemented his power. And we’re entering Fed blackout period ahead of next week’s meeting that’s expected to deliver yet another three-quarters … Read more
Gary Burchell | Getty Images Company: Salesforce (CRM) Business: Salesforce is a global leader in customer relationship management (CRM) technology that brings companies and their clients together. It was founded in 1999 and is a pioneer in the cloud software space. It started as a tool to help enable sales teams to increase their productivity … Read more
Daniel Loeb Simon Dawson | Bloomberg | Getty Images Dan Loeb’s Third Point has built a sizeable stake in consumer giant Colgate-Palmolive, according to CNBC’s David Faber. Loeb sees hidden value in Colgate’s subsidiary Hill’s Pet Nutrition, a pet food company, if it were spun off. The investor believes as a stand-alone business, Hill’s could … Read more
Jeffrey Smith, CEO of Starboard Value LP and Chairman of Papa John’s International Inc. Brendan McDermid | Reuters Starboard Value LP has taken a stake in Salesforce, with founder Jeff Smith saying a significant opportunity remains in the enterprise software maker, according to CNBC’s David Faber. Dow-component Salesforce jumped 7% in premarket trading Tuesday. Shares … Read more
Ancora Holdings, one of the hedge funds that spearheaded a board shake-up last year at Kohl’s, is now pushing for the removal of the retailer’s chief executive and board chairman, according to a letter sent to the company on Thursday. The move marks the beginning of a new round of shareholder unrest for Kohl’s after the company explored … Read more
Mergers in software may be about to break out. Top investment banker Rick Sherlund of Bank of America sees a wave of struggling companies putting themselves up for sale at cheaper prices due to the economic downturn. related investing news Ray Dalio says higher interest rates to squash inflation could tank stock prices by 20% … Read more
Dan Loeb Justin Solomon | CNBC Daniel Loeb’s Third Point has taken a new stake in Disney, pushing the entertainment giant to spin off its sports network ESPN, according to a letter obtained by CNBC’s David Faber. The shares jumped as much as 2% on the news. In a letter to Disney CEO Bob Chapek, … Read more