Monthly Archives: May 2023
Google employees complain about CEO Sundar Pichai’s pay raise as cost cuts hit rest of the company
(CNBC) Google CEO Sundar Pichai received a hefty pay raise last year, making him one of the highest-paid CEOs in America. Last week, his company announced the authorization of a $70 billion stock buyback. Meanwhile, Google parent Alphabet has been […]
Apple expected to announce $90 billion in buybacks and dividends when it reports earnings
(CNBC) When Apple reports quarterly earnings on Thursday, the results are expected to be somewhat muted — the company already guided investors to a 5% revenue decline due largely to decreases in Mac and iPad sales. But Apple will still […]
PacWest falls more than 50% after hours on report bank is considering strategic options
(CNBC) PacWest Bancorp shares tumbled 56% in extended trading on Wednesday following news that the bank is weighing strategic options. The regional bank is assessing options, including a possible sale, and bringing in advisors to evaluate longer-term plans for the […]
Qualcomm gives light forecast, phone chip sales fall 17%
(CNBC) Qualcomm reported second-quarter earnings on Wednesday that were in line with analyst expectations, but sales from handset chips, a core business for the company, declined 17% from a year earlier. Qualcomm shares fell over 4% in extended trading. To […]
SEC Alleges Son and Father-in-Law Touted Faith to Target Church Members in $20 Million Offering Fraud
(HedgeCo.Net) The Securities and Exchange Commission has charged Brett M. Bartlett, his father-in-law Scott A. Miller, and their companies for fraudulent securities offerings that raised at least $20.5 million, some of which Bartlett and Miller misused for personal expenses. According […]
Lawmakers led by Democrats urge the Fed to halt rate hikes ahead of Wednesday’s announcement
(CNBC) A group led by several prominent Democratic lawmakers is calling on the Federal Reserve to halt rate hikes to avoid risking too much damage to the economy. The 10 senators and representatives, led by Sen. Elizabeth Warren of Massachusetts […]
Stock futures fall slightly as investors look ahead to Fed rate decision: Live updates
(CNBC) U.S. stock futures fell slightly on Tuesday night as investors looked ahead to the Federal Reserve’s latest policy decision. Dow Jones Industrial Average futures fell by 11 points, or 0.03%. S&P 500 and Nasdaq 100 futures dipped 0.08% and […]
Odey and Brook among short sellers hit by $18bn losses on tech stock rally
(Hedgeweek) Several big-name hedge fund hedge fund firms, including Crispin Odey’s Odey Asset Management and James Hanbury’s Brook Asset Management have racked up big losses on the back of a 16% rally in the Nasdaq Composite so far this year, […]
Wall Street is cutting more jobs as Morgan Stanley plans 3,000 layoffs
(CNBC) As Wall Street’s slump in IPOs and mergers deepens this year, top advisory firms including Morgan Stanley, Bank of America and Citigroup have turned to job cuts in recent weeks. Morgan Stanley plans to eliminate roughly 3,000 positions by […]
Chegg shares drop more than 40% after company says ChatGPT is killing its business
(CNBC) Chegg shares tumbled after the online education company said ChatGPT is hurting its growth. “In the first part of the year, we saw no noticeable impact from ChatGPT on our new account growth and we were meeting expectations on […]
SEC Charges Florida Trader with Microcap Stock Manipulation Scheme and Obtains Final Judgment
(HedgeCo.Net) The U.S. District Court for the Southern District of New York has entered a final consent judgment against Carlos Eduardo Reyes Alvarez of Port Saint Lucie, Florida, permanently enjoining him from violating the antifraud and anti-manipulation provisions of the […]
Jamie Dimon says ‘this part of the crisis is over’ after JPMorgan Chase buys First Republic
(CNBC) The crisis that led to the downfall of three regional U.S. banks in recent weeks is largely over after the resolution of First Republic, according to JPMorgan Chase CEO Jamie Dimon. JPMorgan emerged as the winner of a weekend […]