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☆ Trim Alphabet, buy Microsoft: How major hedge funds invested in tech during the first quarter
▼ + stars: | 2024-05-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Hedge funds took a diversified approach to technology investing in the first quarter as the sector built on its 2024 rally. Both Appaloosa and Coatue trimmed stakes in Nvidia during the period, with the latter shrinking his stake by 68% to $1.25 billion. Stanley Druckenmiller told CNBC last month that he cut his Nvidia stake in late March and called AI a "little overhyped" in the short run. Apple caught renewed attention from Viking Global and cuts from Coatue and Warren Buffett's Berkshire Hathaway. Coatue, Third Point, Viking Global and Tiger Global upped their Amazon stakes, while Appaloosa and D1 Capital trimmed their holdings.

Persons: Michael Burry, Ole Andreas Halvorsen zeroed, David Tepper's, Chase, Seth Klarman's Baupost, Dan Sundheim's, Phillippe Laffont's Coatue, Dan Loeb's, Halvorsen, Tepper, Sundheim, Laffont, Brad Gerstner, Stanley Druckenmiller, Warren Buffett's Berkshire, Coatue Organizations: Technology, Nasdaq, Nvidia, Meta, Capital, Microsoft, Street's, CNBC, Apple, Viking Global, Warren Buffett's Berkshire Hathaway, Tiger Global Locations: Coatue, Warren

☆ Dan Loeb's Third Point adds to megacap tech holdings in Q1— with one exception
▼ + stars: | 2024-05-16 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Dan Loeb's Third Point largely bought into the big technology space during the first quarter, offering a sign of confidence in further gains after a big rally. That can indicate expectations of more room to run within megacap tech and "the Magnificent Seven." He raised his Amazon stake by more than 20%, making the e-commerce stock his second-largest holding at about $920 million. The big tech name, which joined the Dow Jones Industrial Average earlier this year, gained close to 19% in the first quarter. Outside of tech, he opened stakes in names including Goldman Sachs and Cinemark during the quarter.

Persons: Dan Loeb's, It's, bode, Loeb, Warburg Pincus, Goldman Sachs Organizations: Microsoft, Google, Dow Jones, Columbia, UC, Berkeley, Meta, Jefferies, Citigroup, United States Steel, DuPont de Nemours Locations: New York, McKesson

☆ The US is worried about an invasion, but China could take control of Taiwan without firing a shot, war experts warn
▼ + stars: | 2024-05-16 | by ( Chris Panella | ) www.businessinsider.com time to read: +8 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Defense experts say that an aggressive Chinese coercion campaign, short of war but still threatening, is more likely than a full-scale invasion and the US needs to prepare for such an event. Economic and diplomatic pressure is notable, and Chinese misinformation operations and the potential to slowly set up a blockade of Taiwan are also concerns. Annabelle Chih/Getty ImagesThe report identifies four things key to resisting Chinese coercion. CM-11 tanks fire artillery during the 2-day live-fire drill, amid intensifying threats military from China, in Pingtung county, Taiwan, 7 September 2022.

Persons: —, Han, Annabelle Chih, MANDY CHENG, Lai Ching, Lai, Ceng Shou Yi, John Aquilano, Xi, Aquilano, Carlos Del Toro, Frank Kendall Organizations: Service, Business, American Enterprise Institute, Institute for, Liberation Army, PLA, AEI, Cobra, Getty, Democratic Progressive Party, Taiwan, Getty Images, US, Pacific Command, US Armed Services, Air Force, Department of Defense Locations: Taiwan, China, Pingtung, US, Pacific, Hualien, AFP, Pingtung county, Guam, Japan

☆ Third Point's Dan Loeb adds big stake in Alphabet, says AI takes up nearly half his portfolio
▼ + stars: | 2024-04-30 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Third Point's Dan Loeb said he built a "substantial" stake in Google parent Alphabet in the first quarter, adding that he's so bullish on artificial intelligence that almost half of his portfolio is somehow tied to the theme. Loeb had just exited Alphabet in the fourth quarter following a big run in 2023. At one point in 2023, he owned more than $500 million worth of Alphabet stock, one of his biggest holdings. Alphabet, which also owns YouTube, has gained another 17% in 2024 after surging 58% last year. In the first quarter, Third Point also added to its Taiwan Semi investment, initiated in May of last year.

Persons: Dan Loeb, Loeb, " Loeb, TSMC, — CNBC's Scott Wapner Organizations: CNBC, Microsoft, Amazon, London Stock Exchange, Taiwan Semiconductor Manufacturing, YouTube, Taiwan Semi Locations: Taiwan

☆ Former Third Point data chief Matt Ober's side hustle is solving one of the data industry's biggest headaches — and growing rapidly
▼ + stars: | 2024-04-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +4 min

"There's a lot going on in the space," said Judy Kimball, a senior director of investor marketing at Yipit. Initial Data Offering launched last December, and its user base has grown rapidly, according to Ober. The site is simple — it's a place where data vendors can share new products, and data buyers can get in touch with sellers on items that interest them. Now, his side hustle is growing faster than he could have imagined, and he hopes to expand beyond the typical hedge fund crowd. Because this isn't Ober's day job, the build-out can be less about revenue and more about growing the community.

Persons: Carlyle, aren't, Judy Kimball, It's, Lowenstein Sandler, Matt Ober, Ober, Kimball, Yipit Organizations: Business, IDO Locations: San Diego, Ober

☆ Adam Neumann’s bid to buy back WeWork faces uphill battle due to financing challenges
▼ + stars: | 2024-03-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Adam Neumann has sent a preliminary offer to buy WeWork out of bankruptcy for more than $500 million, five years after he was ousted by the office-sharing company he founded. CNBC spoke with multiple people familiar with the company and Neumann's offer. Investment firm Rithm Capital, which acquired Daniel Och's Sculptor Capital Management in November, is one of parties interested in financing the bid, sources told CNBC. That's because Neumann has previously named other financing sources in prior communications with WeWork's advisors that haven't come to fruition, the sources say. Baupost Group also was floated as a potential financing source months earlier but didn't join Neumann's latest bid, the people said.

Persons: Adam Neumann, Neumann, Daniel Och's, haven't, Dan Loeb's, Baupost, WeWork, — Organizations: CNBC, Rithm, Capital Management, Baupost, Neumann's, Financial Times

☆ Adam Neumann makes a $500 million bid for WeWork that could hit $900 million if financing and diligence firm up
▼ + stars: | 2024-03-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Adam Neumann has submitted an unsolicited bid in excess of $500 million to acquire WeWork out of bankruptcy, a person familiar with the matter told CNBC. That bid could go up to $900 million pending due diligence, the person said. Neumann, his family office Nazare, and his Andreessen Horowitz-backed real estate venture Flow filed a notice of appearance in WeWork's bankruptcy docket on Monday. Flow did not respond to CNBC's request for comment regarding the $900 million potential bid. Neumann's bid, which was first reported by the Wall Street Journal, may complexify WeWork's bankruptcy proceedings.

Persons: Adam Neumann of WeWork, Victor Fung Kwok, Adam Neumann, Dan, Neumann, Andreessen Horowitz, —, WeWork, we've, it's, lessors Organizations: Fung Group, CNBC, Board, Wall Street Locations: Shanghai, China

☆ Adam Neumann is trying to buy back WeWork
▼ + stars: | 2024-03-25 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

Adam Neumann submitted a bid to buy back WeWork. The WeWork cofounder has been trying to regain control of the company since parting ways five years ago. AdvertisementWeWork cofounder Adam Neumann is trying to regain control of the bankrupt coworking company. Neumann has submitted a bid to buy WeWork for more than $500 million, The Wall Street Journal reported Monday. The move comes after an attorney for Neumann and his new real estate company Flow Global sent a letter to WeWork's lawyers detailing efforts to buy back the company last month.

Persons: Adam Neumann, —, Neumann, Dan Loeb's, hadn't, we've, it's, WeWork Organizations: Service, Street, Flow Global, Business, Wall Street, Flow, Global, Bloomberg, Board

A different kind of battle for Third PointA small computer chip design company, R2 Semiconductor, has been notching wins in a potentially big patent fight against Intel over the past few months — a dispute that could force Intel to stop selling several chip lines in Europe. The context: R2 sued Intel, as well as two customers, Hewlett Packard Enterprise and Dell, in Germany, alleging that the chipmaker had infringed on a patent dealing with voltage regulation in semiconductors. A regional court in February issued injunctions against the sale of at least some Intel chips. And on March 8, a higher court rejected Intel’s effort to halt the decision. Meanwhile, a trial in Britain over the patent is set to begin next month.

Persons: DealBook, Dan, haven’t Organizations: R2 Semiconductor, Intel, Amazon Web Services, Fujitsu, Hewlett Packard Enterprise, Dell Locations: Europe, Germany, Britain

☆ Stocks making the biggest moves midday: Southwest, Oracle, 3M, New York Community Bancorp and more
▼ + stars: | 2024-03-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Oracle — The database software stock surged 11% and headed for its best day since December 2021 after posting fiscal third-quarter earnings that topped Wall Street's expectations. Asana — The stock shed about 11% after the work management platform issued weak full-year revenue guidance. Asana said to expect revenue between $716 million and $722 million, less than the forecast of $725 million estimated by analysts polled by LSEG. American is expecting an adjusted loss of 15 cents to 35 cents per share, versus a 22 cent loss expected from analysts polled by FactSet. On lost 0.05 Swiss franc per share, while analysts polled by StreetAccount expected On to earn 0.10.

Persons: Oracle, William Brown, Asana, Microstrategy, Canaccord, TD Cowen, Dan Loeb's, StreetAccount, Archer, Daniels, Samantha Subin, Lisa Han, Alex Harring, Sarah Min Organizations: Southwest Airlines —, Boeing, Southwest, Oracle, L3Harris Technologies, LSEG, Wall Street, Boeing —, New York Times, Max, Alaska Airlines, Acadia Pharmaceuticals, American Airlines —, FactSet, Management, Advance, Swiss, Revenue, Daniels, Midland, Daniels Midland, . New York Community Bancorp Locations: .

☆ Stocks making the biggest moves after hours: Oracle, Vail Resorts, Advance Auto Parts and more
▼ + stars: | 2024-03-11 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Oracle — The database software stock surged about 10% in extended trading after fiscal fourth-quarter results topped analysts' earnings estimates. Vail Resorts — Shares of the ski resort operator fell more than 3% after its latest quarter missed estimates on the top and bottom lines. Vail also cut its full-year guidance amid lower snowfall across Western North American resorts through January. Asana — Shares of the work management platform rose slightly in after-hours trading after fiscal fourth-quarter results topped estimates. A sign is posted in front of the Oracle headquarters in Redwood Shores, California, on March 11, 2024.

Persons: Vail, Asana, Dan Loeb's, Justin Sullivan Organizations: Vail, Advance, Oracle Locations: Redwood Shores , California

☆ Advance Auto Parts reaches deal with Dan Loeb's Third Point, Saddle Point for three board seats
▼ + stars: | 2024-03-11 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

An exterior view of the Advance Auto Parts store at the Sunbury Plaza, in Sunbury, Pennsylvania. Dan Loeb's Third Point and activist Saddle Point have a stake in Advance Auto Parts and reached a settlement with the company that will give the activists three board seats, the company confirmed Monday. Tom Seboldt, Gregory Smith and Brent Windom will join Advance Auto Parts' board effective immediately, the company said. Advance Auto Parts shares rose 3.7% after The Wall Street Journal reported the news of Third Point's position and settlement. Roy Katzovicz, Saddle Point CEO and former Pershing Square partner, said Advance Auto Parts had "enormous potential."

Persons: Dan Loeb's, Tom Seboldt, Gregory Smith, Brent Windom, Shane O'Kelly, " O'Kelly, Point's Loeb, Roy Katzovicz Organizations: Advance, Street Journal, Pershing Square Locations: Sunbury, Sunbury , Pennsylvania

☆ Hedge funds took profits in these popular technology stocks during the fourth quarter
▼ + stars: | 2024-02-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Hedge funds appeared to take profits in a host of winning " Magnificent Seven " stocks during the fourth quarter at the end of a blowout year for the septet. Still, Nvidia shares rallied 14% in the fourth quarter, extending a 3% gain in the September quarter. Nor was Nvidia the only semiconductor maker that hedge funds cut back on in the fourth quarter. Reducing exposure to the rest of Magnificent Seven Hedge funds also took profits in a handful of other popular Magnificent Seven stocks that helped power 2023's AI-fueled market rally. Beyond the most prominent companies, hedge funds also made key reductions in other popular technology and semiconductor bets last quarter.

Persons: Dan Sundheim zeroed, Stanley Druckenmiller, David Tepper's, Phillippe Laffont's Coatue, Global's Chase Coleman, Jensen Huang, chipmaker, Tepper, Ole Andreas Halvorsen, Druckenmiller, Baupost Group's Seth Klarman, Coatue's Laffont, Point's Dan Loeb, Berkshire Hathaway, Value's Jeffrey Smith, Marc Benioff, Appaloosa's Tepper, Michael Burry, Druckenmiller amped, Point's Loeb, Coatue, Laffont, Tiger Global's Coleman, —, Alex Harring, Yun Li Organizations: Appaloosa Management, D1, Technology, Wall, Nvidia, Management, Devices, Intel, Qualcomm, Taiwan Semiconductor, Viking, Arm Holdings, VanEck Semiconductor, Google, Microsoft, Duquesne, Viking Global, Corvex Management, Sundheim's D1 Capital, Baidu, Arista Networks, Scion, Oracle, Amazon, Tiger Global, Apple, Taiwan, Broadcom Locations: TSM, Meta, Berkshire, Salesforce, Chinese, China

BOSTON (AP) — Brandt Clarke scored on a breakaway with 27 seconds left in overtime for his first career goal and the Los Angeles Kings rallied to beat the slumping Boston Bruins 5-4 on Saturday. Photos You Should See View All 33 ImagesJames van Riemsdyk scored twice and added an assist for the Bruins, and Ullmark finished with 30 saves. Van Riemsdyk scored first-period goals on rebounds and Richard scored 13:04 in the second to put Boston up 3-1. Van Riemsdyk had an assist for his third point of the game. It was the second two-goal game for van Riemsdyk since he signed with the Bruins as a free agent last summer.

Persons: — Brandt Clarke, Clarke, David Pastrnak, Linus Ullmark, David Rittich, Anze Kopitar, Matt Roy, Vladislav Gavrikov, Alex Laferriere, Jim Hiller, Angeles, Todd McLellan, Pierre, Luc Dubois, James van Riemsdyk, Ullmark, Trent Frederic, Anthony Richard, Pastrnak, Van Riemsdyk, Richard, Gavrikov, Kevin Shattenkirk, Frederic swooped, Rittich, Morgan Geekie, van Riemsdyk, Andreas Englund, Trevor Lewis, Jake DeBrusk, Mikey Anderson, ___ Organizations: BOSTON, Los Angeles Kings, Boston Bruins, Boston, Kings, NHL, Bruins, Harvard, Nashville, Pittsburgh, Dallas Stars Locations: Boston

☆ Wall Street billionaires dump Alphabet. How they traded 7 other portfolio stocks as well
▼ + stars: | 2024-02-16 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

In the fourth quarter, specifically, shares of Alphabet rose 6.75%. Third Point owned Alphabet for less than a year , while Druckenmiller traded in and out of the stock in recent quarters. Some Wall Street veterans merely pared back their exposure to Alphabet in the quarter, including David Tepper's Appaloosa Management . Baupost Group — the hedge fund run by value investor Seth Klarman — sold about 23% of its Alphabet stock over the same stretch. Berkshire parted ways with about 10 million shares of the iPhone maker, leaving the conglomerate with more than 905 million shares, worth $174.35 billion, at the end of the quarter.

Persons: Dan Loeb's, Stanley Druckenmiller, Druckenmiller, David Tepper, David Tepper's, Seth Klarman —, Jim Cramer, Michael Bury, Bill Ackman's, Tepper, Druckenmiller —, —, Eli Lilly, Lilly, Danaher, Warren Buffett's Berkshire Hathaway, Buffett, Jeff Smith's, Marc Benioff, shouldn't, Jim, Jim Cramer's, Justin Sullivan Organizations: Club, Securities and Exchange Commission, SEC, Microsoft, Apple, Nvidia, Palo Alto Networks, Wall, Management, Bill Ackman's Pershing, Capital Management, Duquesne Family, Trust, CNBC, Warren, Berkshire, BNSF Railway, Geico, Inclusive, Jim Cramer's Charitable Locations: Palo, 13Fs, Jim's, Mountain View , California

CNN —Talks on a hostage and ceasefire deal for Gaza appear to be at an impasse. During the process, Israeli troops would gradually withdraw from Gaza, hostages would be released and Palestinian prisoners in Israel – including those serving life sentences – would be freed. The Israeli leader has repeatedly said that the war in Gaza will continue until Israel destroys Hamas’ leadership and rescues the hostages. Even as talks continue in Cairo, the Israeli military has been conducting operations in Gaza designed to hunt down top Hamas figures. The Israeli prime minister on Wednesday said that Hamas must change its negotiating position before talks can continue in Cairo.

Persons: CNN —, Benjamin Netanyahu, Bill Burns, David Barnea, Israel –, Said Khatib, ”, ’, –, Netanyahu, “, Matthew Miller, Ronen Zvulun, Shin Bet, Gadi Eisenkot, Netanyahu –, ” Netanyahu, Antony Blinken, “ We’re, we’re, Joe Biden, ” Miller Organizations: CNN, Hamas, CIA, Israeli, Getty, “, US State Department, ’, IDF, State Department, The Washington Post Locations: Gaza, Cairo, Israel, Rafah, Paris, AFP, Qatar, “ Qatar, Doha, Aqsa, Jerusalem, Tel Aviv, “, Egypt, Albania, The Washington, Palestinian, United States

☆ Third Point’s Dan Loeb exits Alphabet, trims Big Tech bets on Amazon and Microsoft
▼ + stars: | 2024-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Dan Loeb's Third Point dumped its stake in Alphabet after owning the YouTube parent for less than a year, according to the latest regulatory filing. The hedge fund manager also trimmed Big Tech bets on Amazon and Microsoft . The New York-based hedge fund exited its Alphabet stake, worth about $120 million, entirely in the fourth quarter. Third Point slashed its Amazon holding last quarter by 10%, owning 4.2 million shares at the end of December worth some $638 million. The hedge fund also cut its Microsoft stake by about 9%, down to a $758 million bet at the end of 2023 — the fund's second biggest position.

Persons: Dan Loeb's, Loeb Organizations: YouTube, Tech, Microsoft, Google, Verizon Communications, Fleetcor Technologies, Apollo Global Management, EQT Corp, Biomarin Pharmaceutical Locations: New York

☆ Adam Neumann is trying to buy bankrupt WeWork, DealBook reports
▼ + stars: | 2024-02-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Billionaire Adam Neumann is trying to buy back bankrupt real-estate company WeWork, which he founded in 2010 and was ousted from in 2019, DealBook reported Tuesday. Neumann had tried to arrange financing of up to $1 billion in October 2022 but was rebuffed by former CEO Sandeep Mathrani. WeWork advisors resisted Neumann's efforts but eventually suggested that Neumann provide DIP financing instead of a term sheet, according to the letter. Neumann stepped down in 2019 as the company faced mounting investor concerns over its corporate governance and valuation. Third Point, Neumann and Spiro did not immediately respond to CNBC's request for comment.

Persons: Adam Neumann, DealBook, Neumann, Dan Loeb's, Dealbook, Alex Spiro, Sandeep Mathrani, WeWork, Spiro, Read Locations: Neumann

NEW YORK (AP) — Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. According to Monday's letter, Neumann and his affiliates have been attempting to obtain information from WeWork necessary for a purchase offer since December but have been met with a “lack of engagement” from the company. Neumann founded WeWork with Miguel McKelvey back in 2010. That debacle led to the ousting of Neumann, whose erratic behavior and exorbitant spending spooked early investors. Japan’s SoftBank stepped in to keep WeWork afloat, acquiring majority control over the company.

Persons: — Adam Neumann, Dan Loeb’s, WeWork, Neumann, “, Miguel McKelvey, Japan’s SoftBank Organizations: The Associated Press, Flow Global Holdings, Associated Press, WeWork, Street Journal Locations: —, New York

WeWork’s founder is trying to buy itAdam Neumann shot to fame by turning WeWork into a cultural and business phenomenon, before being ousted from the work space operator in dramatic fashion. But for the past several months, he has been trying to buy the now-bankrupt business — with the help of the hedge fund mogul Dan Loeb, DealBook is the first to report. Neumann’s new real estate company Flow Global is pushing WeWork to consider its takeover approach, according to a letter his lawyers sent to WeWork’s advisers on Monday. Flow which has already raised $350 million from the venture capital firm Andreessen Horowitz, disclosed in the letter that Loeb’s Third Point would help finance a transaction. Flow has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat.

Persons: Adam Neumann, Dan Loeb, DealBook, Andreessen Horowitz Organizations: Flow

☆ WeWork cofounder Adam Neumann is reportedly trying to pull a Steve Jobs
▼ + stars: | 2024-02-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Adam Neumann is exploring an offer to buy back the now-bankrupt WeWork, per the NYT. It could be a similar move to Steve Jobs' revival as the Apple CEO, 12 years after he resigned. AdvertisementWeWork cofounder Adam Neumann is exploring an offer to buy the now-bankrupt company, The New York Times' DealBook first reported. Neumann has met with WeWork several times since December to discuss buying it or its assets, or providing it with financing, per the letter. In a statement shared with Business Insider, a WeWork spokesperson said: "WeWork is an extraordinary company.

Persons: Adam Neumann, Steve Jobs, Neumann, Dan Loeb's, —, DealBook, Alex Spiro, WeWork, Jobs, Gil Amelio, Amelio's Organizations: WeWork, Apple, Service, The New York Times, Elon, Flow, NeXT, Macworld, Business

☆ Dan Loeb's Third Point sold chip stocks last quarter. Here's where his money went instead
▼ + stars: | 2023-11-15 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Dan Loeb's Third Point hedge fund took profits on a handful of chip stocks in the third quarter, instead buying into other, marquee technology names, regulatory fillings show. While contending with these challenges in the third quarter, the billionaire fund manager sold of his holdings in the three chip stocks. Those gains have come amid the artificial intelligence boom that has driven up chip makers and other stocks tied to the technology. In the same vein, Loeb raised the size of his Microsoft stake by 46% in the third quarter. In addition to the chip makers, Leob also sold out his entire stakes in HCA Healthcare and Black Knight , among others.

Persons: Dan Loeb's, Loeb, Warburg Pincus, Leob, Black Knight Organizations: Devices, Micron Technology, Nvidia, Securities and Exchange, VanEck Semiconductor, Nasdaq, Meta, Microsoft, Xbox, Intercontinental Exchange, Jacobs Solutions, Warburg, Jefferies, Citigroup, Taiwan Semiconductor, DuPont de Nemours, Healthcare, Black Locations: New York, Meta, California

☆ The AI craze is overblown - and the S&P 500 will suffer if the 'Magnificent 7' stocks falter, veteran investor warns
▼ + stars: | 2023-11-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The AI-fueled boom in the "Magnificent 7" tech stocks has propped up the stock market this year. AdvertisementAdvertisementSmead emphasized the Magnificent Seven are "the only thing keeping the rally in the S&P 500 index alive this year." He included a chart showing the 10 largest S&P 500 stocks by market cap have accounted for an unprecedented 96% of the index's performance for 2023. "AI looks like tech stock and S&P 500 index life support to us," Smead said. "What happens if the seven stocks that have propped up the passive S&P 500 Index go through what every stock of popularity has done historically?

Persons: Bill Smead, —, Smead, Watson Organizations: Service, Smead Capital Management, Big Tech, Microsoft, Nvidia, Department, Federal

☆ NHL roundup: Rangers complete first 5-0-0 road trip
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +6 min

The Rangers continued their strong start under new coach Peter Laviolette by winning for the seventh time in nine games. New York went unbeaten on a road trip of at least five games for the first time in team history. New York's Artemi Panarin had a goal and added two assists to extend his season-opening point streak to nine games. Chris Kreider scored the tying goal with 6:48 left in the third, and Igor Shesterkin made 27 saves for the win. David Gustafsson and Nikolaj Ehlers scored for the Jets, who lost their second straight game but also gained a point for the fifth straight contest (3-0-2).

Persons: Mika Zibanejad, Tyler Myers, Simon Fearn, Peter Laviolette, Artemi Panarin, Chris Kreider, Igor Shesterkin, David Gustafsson, Nikolaj Ehlers, Cole Perfetti, Connor Hellebuyck, Pavel Zacha, Brad Marchand, Charlie McAvoy, Linus Ullmark, Aleksander Barkov, Sam Reinhart, Hill, Shea Theodore, Paul Cotter, William Carrier, Sean Monahan, Nick Suzuki, Sam Montembeault, Jack Eichel, Jared McCann, Nicholas Paul, Alex Wennberg, McCann, Vince Dunn, Philipp Grubauer, Teuvo Teravainen, Stefan Noesen, Michael Bunting, Frederik Andersen, Owen Tippett, Garnet Hathaway, Carter Hart, Mason McTavish's, McTavish, Tristan Jarry, Jakob Silfverberg, Frank Vatrano, Pavel Mintyukov, Greg Cronin, Erik Karlsson, Evgeni Malkin, Radim Zohorna, Roope, Evgenii Dadonov, Wyatt Johnston, Dallas, Thomas Harley, Matt Duchene, Jason Robertson, Jamie Benn, Jake Oettinger, Dmitri Voronkov, Damon Severson, Sean Kuraly, Elvis Merzlikins, Michael Carcone, Jack McBain, Sean Durzi, Liam O'Brien, Josh Brown, Connor Bedard, Lucas Raymond, Daniel Sprong, Jake Walman, Compher, Detroit's Moritz Seider, Raymond, Ville Husso Organizations: CAN, New York Rangers, Vancouver Canucks, Rogers Arena, Winnipeg Jets, The Rangers, New York, Jets, Bruins, Panthers, Boston, Florida, Eastern Conference, Golden Knights, Canadiens, Vegas, Montreal, Seattle, Tampa, Hurricanes, Flyers, Ducks, Penguins, Anaheim, Pittsburgh, Blue Jackets, Dallas, Columbus, Stars, Coyotes, Blackhawks, Arizona, Chicago, Red Wings, Islanders, Detroit, Thomson Locations: Vancouver, British Columbia, New, Florida, Las Vegas, Tampa Bay, Carolina, Philadelphia, Pittsburgh, Tempe, Ariz, Elmont

☆ Last-minute, short-handed goal leads Ducks past Penguins
▼ + stars: | 2023-10-31 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/36] Oct 30, 2023; Pittsburgh, Pennsylvania, USA; Anaheim Ducks center Leo Carlsson (91) warms up before the game against the Pittsburgh Penguins at PPG Paints Arena. Jakob Silfverberg and Frank Vatrano also scored and Pavel Mintyukov had two assists for the Ducks, who have won four straight. Erik Karlsson and Evgeni Malkin each had goal and an assist while Radim Zohorna also scored for the Penguins, who have lost five of their past six games. At 8:28 of the first, Silfverberg tied it. Anaheim tied it again 1:36 later.

Persons: Leo Carlsson, Charles LeClaire, Mason McTavish's, McTavish, Tristan Jarry, Jakob Silfverberg, Frank Vatrano, Pavel Mintyukov, Greg Cronin, John Gibson, Lukas Dostal, Erik Karlsson, Evgeni Malkin, Radim Zohorna, Jarry, Karlsson, Jake Guentzel, Gibson, Malkin, Silfverberg, Jarry lunged, Vatrano, Ross Johnston, Cronin, Zohorna Organizations: Anaheim Ducks, Pittsburgh Penguins, PPG Paints, Ducks, Anaheim, Penguins, The Ducks, Pittsburgh, Thomson Locations: Pittsburgh , Pennsylvania, USA, Pittsburgh, Anaheim

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