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Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023. The hedge fund billionaire is planning to launch a closed end fund, investing in 12 to 24 large-cap, investment grade, "durable growth" companies in North America, according to a regulatory filing. Ackman is waiving the management fee for the first 12 months and after the first year will charge a flat 2% fee. Ackman has become one of the world's most prominent hedge fund investors after years of market-topping returns and vocal activist campaigns. The popular investor's hedge fund held only seven stocks at the end of 2023, including Alphabet , Chipotle Mexican Grill and Howard Hughes Corporation.
Persons: Bill Ackman, Pershing, Ackman Organizations: Pershing, Capital Management, Delivering Alpha, New York Stock Exchange, Grill, Howard Hughes Corporation, CNBC PRO Locations: New York City, North America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHoward Hughes Corporation CEO David O'Reilly talks developing the Tin Building and investing in NYCDavid O'Reilly, Howard Hughes Corporation CEO, joins 'Last Call' to talk the development of the Tin Building in New York City and other development plans in the works across the U.S.
Persons: Howard Hughes, David O'Reilly Organizations: Howard, Howard Hughes Corporation Locations: New York City, U.S
He trusts the city will have enough water to brew his coffee and fill his faucets. Buckeye’s affordability has attracted growing numbers of Black and Latino families from California, the Midwest and other corners of Arizona over the past 20 years. On the far western reaches of the city, the realities of limited groundwater will soon start coming into focus. The development, which is owned by the Howard Hughes Corporation, has gotten approval from state water authorities to build 7,000 homes. The limits mean that cities on the outer edges of Maricopa County, home to 4.5 million people, must redouble their hunt for new sources of water.
Persons: , Organizations: Howard Hughes Corporation Locations: California, Midwest, Arizona, Buckeye, Maricopa County, Mexico
Actor Mark Wahlberg lobbied Nevada state lawmakers Wednesday to pass a bill that would coax more film production to Las Vegas. The electronics giant has committed to spend $1 billion on film production in Nevada over a decade, but only if the tax incentive package, known as the Nevada Film Studio Infrastructure Act, passes. That studio would sit on the University of Nevada Las Vegas technology park, which would also include educational facilities for job training in the film industry. "For a company to earn $190 million tax credit ... they would have to spend $633 million filming and creating economic development for this whole valley." Other states have seen film production tax credits become a financial drain, according to analysis by the Nevada Policy Research Institute.
Persons: Mark Wahlberg, Wahlberg, I've, Sen, Roberta Lange, Howard Hughes, Tony Vinciquerra, David O'Reilly, O'Reilly, Birtcher Organizations: CNBC, Nevada Legislature, Birtcher Development, Sony Pictures Entertainment, Howard, Howard Hughes Corp, Sony, Nevada Film Studio, Las Vegas Media, University of Nevada, Nevada Policy Research Institute Locations: Nevada, Las Vegas, Summerlin, University of Nevada Las Vegas
Premarket stocks: The return of the Reddit investor
  + stars: | 2023-03-09 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
What’s happening: Retail investors are pouring a record $1.5 billion per day into the stock market, according to data from Vanda Research. Brunswick has conducted its annual survey on the digital habits of institutional investors for over a decade. This year, it polled 257 institutional investors across North America, the United Kingdom, and the European Union. Retail investors amass funds, and power: Retail investors now account for half of all wealth globally, according to a recent report by Bain & Company. Fed officials have expressed concern that a tight labor market could keep upward pressure on wages and, in turn, inflation.
New York CNN —Recent headlines point to a slumping US housing market — as mortgage rates average near 7%, an increasing number of potential homebuyers are finding it difficult to finance homes. David O’Reilly, CEO of the real estate developer Howard Hughes Corp., told CNN that he’s “cautiously optimistic” that the residential housing market is rebounding after a downturn in the second half of 2022. Recent data point to doom and gloom for the housing market. Are you having issues attracting new buyers because of higher mortgage rates? On Thursday, Challenger, Gray & Christmas is set to release its job cuts numbers for February, and Friday brings the main show — the US jobs report for February.
Housing plans for upwards of 800,000 people in Arizona might be put on hold because of the state's challenge with water. Newly elected Governor Katie Hobbs made a point to recognize the state's water struggles in her State of the State address on January 9. The state water finance board is reviewing plans for a new water desalination plant, which could help convert groundwater or water imported from Mexico into usable water. However, researchers like Kathleen Ferris at Arizona State university say the plant probably won't be available in time to mitigate the water shortage that Arizona is already experiencing. "We should not be allowing this growth to occur when the water isn't there," Ferris told the Arizona Republic.
BUCKEYE, Ariz.—Earth movers were grading the scraped desert in this city 40 miles west of Phoenix one day last month in preparation for construction of the first 1,100 homes in a master-planned community called Teravalis. Developer Howard Hughes Corp. last year spent $600 million to buy 37,000 acres in a valley flanked by two mountain ranges. It plans to build 100,000 homes over the next half-century, along with 55 million square feet of offices and other commercial real estate—the largest such project in state history, according to the developer.
Citigroup — Citigroup rose more than 1% after its third-quarter revenue climbed more than analysts expected, helped by rising interest rates. However, its earnings fell 25% from the year-earlier period as it bulked up its credit loss provisions and investment banking slumped. Wells Fargo — The bank stock was up 3% after Wells Fargo reported quarterly earnings and revenue that topped analysts' expectations. US Bancorp - Shares of US Bancorp rose 3.7% after the bank's third-quarter earnings came in above Wall Street analyst expectations. First Republic Bank — The bank stock dropped more than 14% after First Republic posted its third-quarter results.
New York CNN Business —Mortgage rates are soaring. And for many prospective home buyers, especially first-time purchasers, the combination of rising home loan costs and still sky-high real estate prices make the idea of purchasing a home prohibitively expensive…if not impossible. But don’t tell that to the CEO of real estate developer Howard Hughes Corp. In an interview with CNN Business, David O’Reilly said that he’s not too worried about another housing market crash and explains why. apartment buildings) but that they are “running away from retail, offices and hotels.”Weakness in commercial real estate is probably one of the main reasons why Howard Hughes (HHC), like the stocks of other real estate companies, has plunged this year.
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