Category Archives: Syndicated
Wells Fargo CEO warns of severance costs of nearly $1 billion in fourth quarter as layoffs loom
(CNBC) Wells Fargo CEO Charlie Scharf said Tuesday that low staff turnover means the company will likely book a large severance expense in the fourth quarter. “We’re looking at something like $750 million to a little less than a billion […]
Bitcoin tops $44,000 for the first time since April 2022 as ETF optimism grows
(CNBC) Bitcoin is building on its upward momentum, with the flagship cryptocurrency topping $44,000 for the first time since April 2022 on Tuesday. The price of bitcoin was last higher by more than 4% to $43,794.99, according to Coin Metrics, […]
Ex-OpenAI director Reid Hoffman says we still don’t ‘fully know’ why board forced out Altman
CNBC) Three weeks after OpenAI’s board briefly pushed out CEO Sam Altman without providing a specific reason for its decision, former director Reid Hoffman says he’s still puzzled by what took place and why. “Reading the blog post was like, […]
Elon Musk’s AI startup — X.AI — files to raise $1 billion in fresh capital
(CNBC) X.AI, an artificial intelligence startup founded by Elon Musk, has filed with the SEC to raise up to $1 billion in an equity offering. The company has already brought in nearly $135 million from four investors, with the first […]
Goldman veteran joins Lazard as global head of small-cap equities after closing hedge fund
(Hedgeweek) Sean Gallagher, a Goldman Sachs Group veteran of some 18 years, has joined Lazard Ltd’s asset management unit to run a roughly $3bn business after shutting down his hedge fund, according to a report by Bloomberg. To read this […]
CTAs buy stocks in early December
(Hedgeweek) Trend-following hedge funds went into the final month of the year in bullish mood, adding US, European and Japanese stocks to their holdings, according to a report by Reuters citing a prime brokerage note from JP Morgan. To read […]
Stock futures inch lower Monday night as major averages pause their late-2023 rally:
(CNBC) Stock futures ticked down Monday night after the major averages took a break from their latest hot streak. Futures tied to the Dow Jones Industrial Average slipped 43 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures each […]
Fed is ‘disconnected’ from reality, must cut rates 5 times next year, portfolio manager says
(CNBC)The Federal Reserve needs to cut interest rates at least five times next year to avoid tipping the U.S. economy into a recession, according to portfolio manager Paul Gambles. Gambles, co-founder and managing partner at MBMG Group, says the Fed was […]
Uber shares pop as company is slated to join S&P 500
(CNBC) Shares of Uber closed up more than 2% on Monday after S&P Dow Jones Indices announced Friday that the ride-hailing company has been selected to join the S&P 500. Uber’s spot in the benchmark index is not official until […]
Spotify jumps after saying it will cut 17% of workforce — read the full memo from CEO Daniel Ek
(CNBC) Spotify shares closed up more than 7% Monday after the music streaming service said it is laying off 17% of its workforce, in a dramatic move aimed at reducing its costs and adjusting for a slowdown in growth. In […]
Tisch grandson leaves Millennium to launch new hedge fund
(Hedgeweek) Samuel Tisch, a grandson of the late billionaire Larry Tisch, has ended a ten-year stint at family friend Izzy Englander’s Millennium Management, to set up his own hedge fund firm, according to a report by Bloomberg. To read this […]
Tiger Global’s biggest venture fund down 18% after markdowns
(Hedgeweek) Hedge fund Tiger Global Management’s biggest venture capital fund chalked up a paper loss of 18% at the end of September after the firm slashed valuations on multiple portfolio companies, according to a report by Bloomberg. To read this […]