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Futures rise as focus turns to Fed's inflation stance
  + stars: | 2021-06-14 | by ( Medha Singh | ) www.reuters.com sentiment -0.97   time to read: +1 min
REUTERS/Carlo Allegri/File Photo(Reuters) - S&P 500 futures hit a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 to an all-time high. The benchmark has climbed 13% this year while the Dow and the Nasdaq have risen 12.6% and 9.2%, respectively. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 3 points, or 0.07%, and Nasdaq 100 e-minis were up 34 points, or 0.24%. [O/R]United Airlines Holdings and American Airlines Group rose 0.7% each after Citigroup raised its price target on the stocks.
Persons: Carlo Allegri Organizations: New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Dow e, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup Locations: Manhattan, New York City , New York, U.S, , Wyoming
(Reuters) -The S&P 500 was set to open near a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. REUTERS/Carlo Allegri/File PhotoRecent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 to an all-time high. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The benchmark has climbed 13% this year while the Dow and the Nasdaq have risen 12.6% and 9.2%, respectively. [O/R]United Airlines Holdings and American Airlines Group gained 0.4% and 0.7% respectively after Citigroup raised its price target on the stocks.
Persons: Carlo Allegri, , Thomas Hayes, , Steve Burns, Julio Rodriguez Organizations: Reuters, New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Great, Great Hill Capital, , Dow E, Lordstown Motors Corp, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup, COVID Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
S&P 500 opens near record high as focus shifts to Fed meet
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -1.00   time to read: 1 min
A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoThe S&P 500 opened near an all-time high on Monday as focus shifted to the Federal Reserve's meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. The S&P 500 (.SPX) fell 0.9 points, or 0.02%, at the open to 4248.31​. The Dow Jones Industrial Average (.DJI) fell 7.1 points, or 0.02%, at the open to 34472.52, while the Nasdaq Composite (.IXIC) rose 14.0 points, or 0.10%, to 14083.467 at the opening bell. Our Standards: The Thomson Reuters Trust Principles.
Persons: Carlo Allegri Organizations: New York Stock Exchange, REUTERS, Dow Jones, Nasdaq, Thomson Locations: Manhattan, New York City , New York, U.S, 14083.467
REUTERS/Carlo Allegri/File PhotoThe S&P 500 was set to open near a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 (.SPX) to an all-time high. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The benchmark has climbed 13% this year while the Dow (.DJI) and the Nasdaq (.IXIC) have risen 12.6% and 9.2%, respectively. At 08:24 a.m. EDT, Dow E-minis were down 8 points, or 0.02%, S&P 500 E-minis were up 3 points, or 0.07% and Nasdaq 100 E-minis were up 42.75 points, or 0.31%.
Persons: Carlo Allegri, Thomas Hayes, Steve Burns, Julio Rodriguez Organizations: New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Great, Great Hill Capital, Dow E, Lordstown Motors Corp, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup, COVID, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
"Technically, with the advent of this facial recognition technology, that trope has become a truth." Ingram said he was "taken aback" and "shaken" to learn that facial recognition tools seemed to be involved in his investigation. A new Virginia law restricting facial recognition by local law enforcement will soon put an end to the facial recognition system, the Post later reported. Reining in facial recognition technologyMomentum for facial recognition laws has seemed to wax and wane over the past year and a half. California now has in place a three year moratorium on the use of facial recognition technology in police body cameras.
Persons: Carlo Allegri, George Floyd, That's, Albert Fox Cahn, Cahn, Matt Mahmoudi, Mahmoudi, Peter Arnold, Brown, Joy Buolamwini, Timnit Gebru, Bobby Rush, There's, Rush, Devin Hance, Nathan Freed Wessler, Gerry Chamberlain, Ring, It's, Derrick, Dwreck, Ingram, Jessica McRorie, Ingram's, Anna Eshoo, Eshoo, Floyd, haven't, I'm, Arisha Hatch, Satya Nadella, Jeff Bezos, Chip Somodevilla Organizations: Hall Autonomous, Reuters, Microsoft, IBM, Democrats, Amnesty International, Getty, MIT, American Civil Liberties Union, Amazon, ACLU, Student Nonviolent, Civil Rights Movement, Black Panther Party, CNBC, Tech, New York Police Department, NBC News, CNET, Electronic Frontier Foundation, Technology, Police, Los Angeles Police Department, EFF, LAPD, Task Force, Washington Post, New, Amnesty, NYPD, Post, D.C, Federal Bureau of Investigation, Drug, Administration, National Guard, Customs, Privacy, White House American Technology Council Locations: Hall, Manhattan, New York City , New York, U.S, America, Illinois, New York City, Virginia, Maryland , Virginia, Washington, Sommerville, San Francisco, Oakland, Calif, California, Portland , Ore, Washington ,
Investors “are going to be looking for signs that the Fed might believe that inflation is more permanent,” said Michael Arone, chief investment strategist for State Street Global Advisors. Stocks on Thursday brushed off data showing that consumer prices rose in May at their fastest annual pace in 13 years, as the S&P 500 hit a new record. Most investors believe the Fed will only start tapering its bond purchases in late 2021 or early next year. Bets in the eurodollar futures markets show investors believe the Fed will start hiking its benchmark rate in late 2022. S&P 500 earnings are now expected to jump 36% this year, compared to an April estimate of 26% growth, with earnings expected to rise another roughly 12% in 2022, according to Refinitiv IBES.
Persons: , Michael Arone, Carlo Allegri “, Chris Galipeau, Refinitiv, Morgan Stanley, Matthew Miskin Organizations: YORK, Federal, Treasury, State Street Global Advisors, New York Stock Exchange, REUTERS, Putnam Investments, BofA, Research, National Federation of Independent, American Association of, Investors, , Bulls, John Hancock Investment Management Locations: U.S, , Wyoming, Manhattan, New York City , New York
The Fed has maintained that it has the tools to deal with accelerating inflation. Stocks on Thursday brushed off data showing that consumer prices rose in May at their fastest annual pace in 13 years, as the S&P 500 hit a new record. Most investors believe the Fed will only start tapering its bond purchases in late 2021 or early next year. Bets in the eurodollar futures markets show investors believe the Fed will start hiking its benchmark rate in late 2022. S&P 500 earnings are now expected to jump 36% this year, compared to an April estimate of 26% growth, with earnings expected to rise another roughly 12% in 2022, according to Refinitiv IBES.
Persons: , Michael Arone, Carlo Allegri “, Chris Galipeau, Refinitiv, Morgan Stanley, Matthew Miskin Organizations: YORK, Federal, Treasury, State Street Global Advisors, New York Stock Exchange, REUTERS, Putnam Investments, BofA, Research, National Federation of Independent, American Association of, Investors, , Bulls, John Hancock Investment Management Locations: U.S, , Wyoming, Manhattan, New York City , New York
A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Stocks on Thursday brushed off data showing that consumer prices rose in May at their fastest annual pace in 13 years, as the S&P 500 hit a new record. Most investors believe the Fed will only start tapering its bond purchases in late 2021 or early next year. Bets in the eurodollar futures markets show investors believe the Fed will start hiking its benchmark rate in late 2022. S&P 500 earnings are now expected to jump 36% this year, compared to an April estimate of 26% growth, with earnings expected to rise another roughly 12% in 2022, according to Refinitiv IBES.
Persons: Carlo Allegri, Michael Arone, Chris Galipeau, , Refinitiv, Morgan Stanley, Matthew Miskin Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, State Street Global Advisors, Putnam Investments, BofA, Research, National Federation of Independent, American Association of, Investors, , Bulls, John Hancock Investment Management, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming
BlackRock becomes first to operate wholly owned China mutual fund biz
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.97   time to read: +2 min
REUTERS/Carlo AllegriBlackRock Inc (BLK.N) has become the first global asset manager licensed to start a wholly owned onshore mutual fund business in China, as the government opens up the country's $3.5 trillion mutual fund industry. China scrapped foreign ownership caps in its mutual fund and securities sectors on April 1, 2020, under a Sino-U.S. trade deal. Several global asset managers, including Neuberger Berman, Schroders PLC (SDR.L) and Fidelity International, have also applied to set up wholly owned mutual fund businesses in China. read moreStill, China's mutual fund market is likely to triple to 60 trillion yuan ($8.75 trillion) in a decade, forecast Shanghai-based fund consultancy Z-Ben Advisors. The New York-headquartered firm also owns a minority stake in a mutual fund venture with Bank of China Ltd (601988.SS).
Persons: Carlo Allegri, Larry Fink, Neuberger Berman, Ben, Peter Alexander, BlackRock's, China Tony Tang Organizations: REUTERS, Carlo Allegri BlackRock Inc, China Securities Regulatory Commission, BlackRock, Schroders PLC, Fidelity International, Vanguard Group, Ben Advisors, Bank of China Ltd, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, Shanghai, The New York
New York lawmakers pass bill allowing gender-neutral 'X' option in govt documents
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
Demonstrators take a moment while listening to speakers voice their support for gay pride and black lives matter movements in New York City, New York, U.S., June 25, 2020. The new marker would help transgender, nonbinary and intersex individuals' identity be recognized in government documents, according to a Thursday statement from Assembly Speaker Carl Heastie and Assemblymember Daniel O'Donnell. "The provisions in this bill will make life safer, reduce the stigma and affirm the identities for so many of our friends and neighbors," O'Donnell said in the statement. The New York bill will also remove the requirement of consent from any party other than the individual while petitioning for a change of name, the statement said. read moreOur Standards: The Thomson Reuters Trust Principles.
Persons: Lucas Jackson, Carl Heastie, Assemblymember Daniel O'Donnell, O'Donnell, Joe Biden Organizations: REUTERS, Pride, New, Month, Thomson Locations: New York City , New York, U.S, York, United States, New York
S&P 500 futures turn negative after inflation rises more than expected
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -1.00   time to read: 1 min
Morning sunlight falls on the facade of the New York Stock Exchange (NYSE) building after the start of Thursday's trading session in Manhattan in New York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File PhotoS&P 500 futures turned negative on Thursday after inflation data for May showed a bigger-than-expected increase, while weekly jobless claims dipped less than estimated. At 8:33 a.m. ET, Dow e-minis were up 38 points, or 0.11%, S&P 500 e-minis were down 3.75 points, or 0.09% and Nasdaq 100 e-minis were down 56.75 points, or 0.41%. Our Standards: The Thomson Reuters Trust Principles.
Persons: Mike Segar Organizations: New York Stock Exchange, REUTERS, Dow e, Nasdaq, Thomson Locations: Manhattan, New York City , New York, U.S
Wall Street opens higher after inflation, jobless claims data
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
FILE PHOTO: Morning sunlight falls on the facade of the New York Stock Exchange (NYSE) building after the start of Thursday's trading session in Manhattan in New York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File Photo(Reuters) - U.S. stocks opened higher on Thursday, shrugging off a bigger-than-expected jump in May consumer prices that raised concerns of early policy tightening by the Federal Reserve, while another report showed the labor market remained under pressure. The Dow Jones Industrial Average rose 55.37 points, or 0.16%, at the open to 34,502.51. The S&P 500 opened higher by 9.01 points, or 0.21%, at 4,228.56, and the Nasdaq Composite gained 22.13 points, or 0.16%, to 13,933.88 at the opening bell.
Persons: Mike Segar, shrugging Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Dow Jones, Nasdaq Locations: Manhattan, New York City , New York, U.S
Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
Morning sunlight falls on the facade of the New York Stock Exchange (NYSE) building after the start of Thursday's trading session in Manhattan in New York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File PhotoU.S. stock indexes were set for a muted open on Thursday as a surge in consumer prices in May fanned fears of early policy tightening by the Federal Reserve, while another report showed the labor market remained under pressure. The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. read moreFocus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: Mike Segar, Mark Grant Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Nasdaq, Clover Health, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, Thomson Locations: Manhattan, New York City , New York, U.S
The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. ET, the Dow Jones Industrial Average (.DJI) was up 230.84 points, or 0.67%, at 34,677.98, the S&P 500 (.SPX) was up 27.27 points, or 0.65%, at 4,246.82. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 38 new 52-week highs and no new low, while the Nasdaq recorded 58 new highs and six new lows.
Persons: Mike Segar, Mark Grant, Scott Brown, Raymond James Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley Financial, Fed, Dow Jones, Nasdaq, Clover Health, AMC, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, St . Petersburg , Florida
S&P 500 brushes off rising inflation to hit record high
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Mike Segar/File PhotoU.S. stocks rose on Thursday and the S&P 500 hit a record intraday high as investors juggled signs of a swift economic recovery with concerns over the Federal Reserve tapering its massive monetary stimulus. The S&P 500 (.SPX) hit a record high of 4,249.74. ET, the Dow Jones Industrial Average (.DJI) was up 123.39 points, or 0.36%, at 34,570.53 and the S&P 500 (.SPX) was up 18.18 points, or 0.43%, at 4,237.73. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 48 new 52-week highs and no new lows, while the Nasdaq recorded 72 new highs and nine new lows.
Persons: Mike Segar, Mark Grant, Christine Lagarde Organizations: New York Stock Exchange, REUTERS, Labor Department, CPI, Riley, Dow Jones, Nasdaq, European Central Bank, Clover Health, AMC, GameStop Corp, SEC, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S
Factbox: Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.94   time to read: +1 min
(Reuters) - Bank of America Corp Chief Executive Brian Moynihan has been at the helm for more than a decade, having guided the bank out of a financial crisis and transformed it into a nimbler operation. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Carlo Allegri, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Reuters, Bank of America Corp, of America, REUTERS, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Manhattan, New York City , New York, U.S, Wells
NEW YORK (Reuters) - When Brian Moynihan took the reins at Bank of America Corp in 2010, the U.S. bank was reeling. Since then, Moynihan, 61, has not just righted the ship, but transformed Bank of America, leaving analysts, industry people and some investors wondering what - and who - comes next. That leaves Moynihan with a new challenge over the next few years: determining who would best replace him, and marketing that person to the world without alienating other senior executives. Yet it leaves Moynihan as the longest-tenured CEO on Wall Street who has not offered a crisp idea of who is next, analysts said. “Now that he has four or five years of runway left, investors should be rightfully saying, ‘Hmmm,’” said one former bank employee.
Persons: Brian Moynihan, Shannon Stapleton, Moynihan, , , Sydney Finkelstein, Ken Lewis, Finkelstein, “ You’re, ” Moynihan, Piper Sandler, Jeffery Harte, , ’ ”, Raul Anaya, Dean Athanasia, Cathy Bessant, Steve Boland, Alastair Borthwick, Jim DeMare, Andy Seig, PNC’s Mike Lyons, Mark Chancy, Moynihan’s, Tom Montag, Montag, Warren Buffett, ” Buffett Organizations: YORK, Bank of America Corp, Bloomberg Global Business, REUTERS, of America, Bank of America’s, Dartmouth’s Tuck School of Business, Bank of America, Wall, Bank of, Justice Department Locations: U.S, New York City , New York, Bank
Democratic candidate for New York City Mayor Maya Wiley speaks to voters and media while campaigning at the Co-op City housing complex in the Bronx borough of New York City, New York, U.S., June 7, 2021. REUTERS/Mike Segar/File PhotoFor months, a trio of liberal Democratic candidates in New York City's mayoral race has vied for the mantle of progressive standard-bearer in a crowded field. "New York is not a progressive city," said Christina Greer, a political science professor at Fordham University. "We know there are a lot of Democratic voters who call themselves progressive and support progressive values but think AOC is a little too far left." "She's clearly the progressive candidate that can win in this race," said Gabby Seay, the political director for the union, which represents healthcare workers.
Persons: New York City Mayor Maya Wiley, Mike Segar, Maya Wiley, Representative Alexandria Ocasio, Cortez, Elizabeth Warren of, Jumaane Williams, , Andrew Yang, Eric Adams, Kathryn Garcia, Wiley, Adams, Rudy Giuliani, Michael Bloomberg, Bill de Blasio, Christina Greer, Scott Stringer, Dianne Morales, Stringer, Morales, Sochie Nnaemeka, Gabby Seay Organizations: Democratic, New York City Mayor, REUTERS, MSNBC, U.S, Representative, Working Families Party, Brooklyn Borough, New York Police, NYPD, Republican, Democrat, Fordham University, City Hall, Service Employees International Union, Thomson Locations: Bronx, New York City , New York, U.S, New York, Elizabeth Warren of Massachusetts, Brooklyn, York
GameStop tumbles, Clover Health rises in 'meme stock' roller coaster
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 7% and Clover Health Investments Corp (CLOV.O) jumped 6.4% in early deals on Thursday, setting the stage for another roller coaster session for stocks favored by small-time investors on social media platforms. Shares of cinema operator AMC Entertainment Holdings Inc (AMC.N) were down 4.1%, while prison operator Geo Group Inc (GEO.N), the latest "meme stock", slumped 8.8%, after surging more than 38% on Wednesday. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Clover Health Investments Corp, Wednesday, ContextLogic Inc, Clean Energy Fuels Corp, AMC Entertainment Holdings Inc, Geo Group Inc, Medicare, AMC, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop tumbles, other "meme stocks" falter after big runups
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell more than 17% on Thursday and other so-called meme stocks also declined, setting the stage for another roller-coaster session for stocks favored by retail investors on social media platforms. AMC shares were off around 11%. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Wedbush Securities, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop falls 25% on potential share sale, other 'meme stocks' falter
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +3 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 25% on Thursday and other so-called meme stocks also declined in a sell-off that hit a broad range of stocks favored by retail investors on social media platforms. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run up,” Ablin said. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Jack Ablin, ” Ablin, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset Capital, , Wedbush Securities, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
FILE PHOTO: Ledger Nano S cryptocurrency hardware wallets are seen for sale on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike SegarPARIS (Reuters) -French technology and digital company Ledger said on Thursday it completed a new $380 million fundraising round that gave it a valuation of more than $1.5 billion. Ledger, headquartered in Paris, runs a platform called Ledger-Live which deals with cryptocurrencies. Its latest Series C fundraising round was led by 10T Holdings, while other investors involved included Financiere Agache, a unit of Bernard Arnault, the French luxury goods billionaire who runs LVMH. “This industry is fast becoming mainstream and reshaping the entire financial sector and beyond,” added Gauthier.
Persons: Mike Segar PARIS, Ledger, Financiere, Bernard Arnault, Pascal Gauthier, , Gauthier Organizations: REUTERS, cryptocurrencies, 10T Holdings Locations: New York City , New York, U.S, Paris
Tech group Ledger completes new fundraising, valuing it at over $1.5 bln
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 1.00   time to read: +1 min
Ledger Nano S cryptocurrency hardware wallets are seen for sale on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike SegarFrench technology and digital company Ledger said on Thursday it completed a new $380 million fundraising round that gave it a valuation of more than $1.5 billion. Ledger, headquartered in Paris, runs a platform called Ledger-Live which deals with cryptocurrencies. Its latest Series C fundraising round was led by 10T Holdings, while other investors involved included Financiere Agache, a unit of Bernard Arnault, the French luxury goods billionaire who runs LVMH (LVMH.PA). "This Series C announcement marks the transition of Ledger from the leading digital asset security company to becoming the secure gateway to the entire digital asset ecosystem," Ledger’s CEO Pascal Gauthier said in a statement.
Persons: Mike Segar, Ledger, Financiere, Bernard Arnault, Pascal Gauthier, Gauthier Organizations: REUTERS, cryptocurrencies, 10T Holdings, Thomson Locations: New York City , New York, U.S, Mike Segar French, Paris
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. Worries that other companies could leverage recent stock price gains by announcing share sales may be rippling out to the broader meme stock universe, said Jack Ablin, chief investment officer at Cresset Capital. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run-up,” Ablin said. GameStop will likely sell all 5 million new shares but that amount only represents a “modest” dilution of 7%, Wedbush analysts wrote. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday, matching their January peak.
Persons: Carlo Allegri, Jake Dollarhide, Jack Ablin, ” Ablin, Inc's, GameStop's, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Longbow Asset Management, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset, , Wedbush Securities, U.S . Securities, Exchange Commission, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
Factbox: How Amazon trained GameStop's new chiefs in e-commerce
  + stars: | 2021-06-09 | by ( Jeffrey Dastin | ) www.reuters.com + 0.00   time to read: +2 min
REUTERS/Nick Zieminski/File PhotoMATT FURLONG, GAMESTOP’S NEW CEO** Furlong took over Amazon’s nascent business in Australia in May 2019, according to his LinkedIn profile. ** He joined Amazon in 2012, his profile shows. Before Australia, Furlong worked across the company’s e-commerce business, managing vendors, overseeing consumer electronics retail and advising a member of Amazon’s senior leadership team. ** Amazon’s Australia business posted a net loss of A$3.8 million ($3.0 million) in 2020, slightly narrower than the year before, the filing shows. By spending on original television shows, Amazon entices consumers to join or stay members of its loyalty club Prime so they can access those programs.
Persons: Nick Zieminski, MATT, Furlong, MIKE RECUPERO, Recupero Organizations: Reuters, GameStop Corp, Wednesday, Inc, GameStop, REUTERS, Amazon, Australia, Amazon Commercial Services, North Locations: Jackson, New York City , New York, U.S, Australia, United States, North America
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