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☆ Citi fined $78 million after a European trader's fat-finger trade caused a flash crash in stocks
▼ + stars: | 2024-05-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

A trading mistake at Citigroup in 2022 has led to a $78 million fine against the bank. The "fat-finger" trade caused a brief flash crash in European stocks in May 2022. The brief flash crash caused by the mistaken trade briefly wiped out $322 billion in market value. A trader in Citigroup's London unit entered one too many zeros in a trade in May 2022, sparking a short-lived flash crash in European stocks. AdvertisementThe $78 million fine from UK regulators is in addition to about $50 million Citigroup lost on the trade, bringing the total cost of the fat-finger trade to about $130 million.

Persons: — Organizations: Citigroup, Service, Bloomberg, Bank of England's Prudential Regulatory Authority Locations: Citigroup's London, Stockholm

☆ Investors spy value in cheap Finnish stocks after China and Russia pain
▼ + stars: | 2023-11-29 | by ( Danilo Masoni | ) www.reuters.com time to read: +4 min

Finnish stocks are Europe's biggest laggards this year, as risks stemming from tensions with Russia and concerns over China's stuttering recovery have hurt its exporters. The top 25 stocks in Helsinki are worth a combined $150 billion. The OMX Helsinki 25 (.OMXH25) has lost 10% this year, versus the STOXX 600's (.STOXX) 8% rally. "Finnish stocks are attractively valued and a lot of bad news is priced in," Alava said. "If the European economy recovers in 2024 as I expect, Finnish cyclical stocks should recover too... this could be a good time for long-term investors to increase holdings".

Persons: Finland's, Tomas Hildebrandt, EVLI, Hilderbrant, Hertta Alava, Henrik Ehrnrooth, Schindler, Nordea's Alava, LSEG, Danilo Masoni, Christina Fincher Organizations: OMX Helsinki, STOXX, Nordic, Novo Nordisk, Deutsche Bank, NATO, Russia, Zurich, Otis, Metsa Board, Thomson Locations: Russia, Helsinki, Finland, Europe, China, Ukraine, U.S, French, OMX Helsinki, Alava

☆ Selloff wipes off over $8 bln from Orsted's market value
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. REUTERS/Phil Noble/File Photo Acquire Licensing RightsMILAN, Aug 30 (Reuters) - A selloff in Orsted (ORSTED.CO) shares was set to erase over $8 billion from the market value of the world's largest offshore wind farm developer on Wednesday, according to Reuters calculations, based on LSEG data. The shares were last down by 25% in afternoon trading in their largest-ever daily drop after the Danish company said it may see U.S. impairments of $2.3 billion due to supply chain problems. Copenhagen's OMX 20 index (.OMXC20) was down 1.5%. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Orsted, Phil Noble, Copenhagen's, Danilo Masoni, Amanda Cooper Organizations: REUTERS, Thomson Locations: Walney, Blackpool, Britain, Orsted, Danish

☆ These 11 funds have performed as well as tech stocks over the past 5 years
▼ + stars: | 2023-07-28 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Look beyond tech But there are opportunities beyond tech: Morningstar data reveals the funds outside of tech and growth sectors that have also outperformed over the last five years. Top holdings include Home Depot, Johnson Controls International, Floor & Décor and Trane Technologies. Guinness Atkinson Alternative Energy Fund : This fund picks companies in the alternative energy sector, with at least half of the business dedicated to renewable energy or energy efficiency. Global X Lithium and Battery Tech ETF : The ETF comprises lithium producers and lithium battery makers — all essential to electric vehicles. Top holdings include United Airlines, Marathon Oil, Tyson Foods, Best Buy, and Synchrony Financial.

Persons: James Demmert, Hubbell, MasTec, Invesco Russell, Russell, Vanguard Baillie Gifford Organizations: Street Research, U.S . Federal, Morningstar, Enphase Energy, Fidelity, Housing, Home, Johnson, Trane Technologies, Guinness Atkinson Alternative Energy Fund, Schneider, NextEra Energy, Shelton Sustainable Equity Fund, Bunge, Battery Tech ETF, Samsung SDI, Trust, Industrial Renaissance, SPX Technologies, Sterling Infrastructure, Global, U.S . Infrastructure Development, Holdings, Rockwell Automation, United Rentals, Deere, Co, United Airlines, Marathon Oil, Tyson Foods, Synchrony, Heptagon, Equity Fund, Xenon Pharmaceuticals, TransMedics, FTAI Aviation, Vanguard, Moderna, Alnylam Pharmaceuticals, Coursera, Water Resources, Nasdaq, Water Locations: Luxembourg, Eaton, Albemarle

[1/4] President and CEO of AB Volvo Martin Lundstedt is seen on the day of the presentation of Volvo Group's Q2 2023 earnings report, in Gothenburg, Sweden, July 19, 2023. Adam Ihse/TT News Agency/via REUTERSCompanies Volvo AB FollowSTOCKHOLM, July 19 (Reuters) - Swedish truckmaker AB Volvo (VOLVb.ST) on Wednesday logged a better-than-expected 57% jump in second-quarter adjusted operating profit, helped by price hikes. "We have been successful in improving margins while managing cost inflation and increased disturbances in the supply chain," Chief Executive Martin Lundstedt said in a statement. Operating profit before restructuring charges and legal claims surged to 21.7 billion crowns ($2.1 billion), beating a Refinitiv consensus estimate of 18.4 billion crowns. Reporting by Marie Mannes; editing by Anna Ringstrom, Jason Neely and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Volvo Martin Lundstedt, Adam Ihse, Martin Lundstedt, Lundstedt, Marie Mannes, Anna Ringstrom, Jason Neely, Edwina Gibbs Organizations: Volvo, TT, Agency, REUTERS Companies Volvo, STOCKHOLM, truckmaker, JPMorgan, Thomson Locations: Gothenburg, Sweden, Europe, North America, Stockholm

☆ Nasdaq to sell debt worth $5 bln to fund Adenza deal
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Nasdaq (NDAQ.O) said on Thursday it aims to sell debt worth $5.07 billion to fund its purchase of Thoma Bravo-owned software company Adenza. The $10.5 billion deal, announced earlier this month to help transform the exchange operator into a financial technology company, comprises $5.75 billion in cash and 85.6 million shares of Nasdaq common stock. Nasdaq is looking to sell senior notes worth $4.25 billion and 750 million euros ($821.33 million), according to a statement. Nasdaq and many of its peers have been morphing into financial technology firms, largely through deals, as regulatory and nationalist pushback effectively killed big cross-border exchange mergers, and as trading volumes fell after the 2008-2009 financial crisis, stunting transaction-based revenue. ($1 = 0.9132 euros)Reporting by Juby Babu in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Thoma, pushback, Juby Babu, Sherry Jacob, Phillips Organizations: Nasdaq, Thoma Bravo, OMX, International Securities Exchange, Thomson Locations: New York, U.S, Bengaluru

Adenza was created in 2021 when Thoma Bravo merged Calypso Technologies with AxiomSL and is expected to generate about $590 million in revenue this year. As part of the Adenza deal, Thoma Bravo will get a 14.9% stake in Nasdaq, making the private equity firm one of the company's biggest shareholders. Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%. Goldman Sachs & Co and J.P. Morgan Securities are financial advisers to Nasdaq, while Qatalyst Partners is lead financial advisor to Thoma Bravo and Adenza. Wachtell, Lipton, Rosen & Katz is serving as legal adviser to Nasdaq, while Kirkland & Ellis is serving as legal adviser to Thoma Bravo and Adenza.

Persons: Thoma, Adena Friedman, Morningstar, Michael Miller, Friedman, Adenza, Andrew Bond, Holden Spaht, Thoma Bravo's Spaht, Goldman Sachs, Wachtell, Lipton, Katz, Ellis, Manya Saini, Anirban Sen, John McCrank, David French, Milana, Michelle Price, Sruthi Shankar, Nivedita Bhattacharjee, Nick Zieminski, Lisa Shumaker Organizations: Thoma Bravo, Nasdaq Nasdaq, Nasdaq, Calypso Technologies, REUTERS, OMX, International Securities Exchange, Rosenblatt Securities, Solutions, Goldman Sachs & Co, Morgan Securities, Qatalyst, Rosen, Kirkland, Adenza, Thomson Locations: New York City, U.S, Adenza, Bengaluru, New York, Washington

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