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Cramer's Lightning Round: Sigma Lithium is 'too dicey'
  + stars: | 2024-05-23 | by ( Julie Coleman | )   time to read: +1 min
Stock Chart Icon Stock chart icon Arista Networks' year-to-date stock performance. Stock Chart Icon Stock chart icon Sigma Lithium's year-to-date stock performance. Stock Chart Icon Stock chart icon Trump Media & Technology Group's year-to-date stock performance. Stock Chart Icon Stock chart icon Eli Lilly's year-to-date stock performance. Stock Chart Icon Stock chart icon Sony Group's year-to-date stock performance.
Persons: Jayshree, Eli Lilly's, Eli Lilly, it's, Jim Cramer's Organizations: Arista Networks, Arista, Sigma, Trump Media & Technology, Sony
In today's big story, inflation is cooling just in time for a US presidential election that will likely focus heavily on the economy . This story is available exclusively to Business Insider subscribers. The big storyThe economy and the electionAnna Moneymaker/Getty, Anna Moneymaker/Getty, Tyler Le/BISometimes, the biggest surprise is when there isn't one at all. AdvertisementOn Wednesday, Biden and Trump agreed to face off in two debates, the first coming in June . Now he has 18 direct reports, according to an internal org chart seen by Business Insider.
Persons: , Anna Moneymaker, Tyler Le, haven't, Insider's Madison Hoff, they're, Jennifer Sor, Ed Yardeni, Jerome Powell hasn't, Powell, Donald Trump, Joe Biden, Trump, Biden, Trump's, Alyssa Powell, Keith Gill's, Jim Simons, Shaw, Goldman Sachs, David Kostin, Sameer Samat, Sundar Pichai, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Biden, White, Democratic, Renaissance Technologies, Sigma, Bloomberg, Android, Google, Microsoft, Apple, Walmart Locations: New York, London
Funds like Renaissance Technologies, Two Sigma, and D.E. RenTech founder Jim Simons died last week; the billionaire stepped down as chairman in 2021. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe last full month of returns Renaissance Technologies delivered during its founder's life were strong. The quant giant's two largest funds for outside investors, Renaissance Institutional Equities Fund and Renaissance Institutional Diversified Alpha, did well in April, before the firm lost its founder, 86-year-old billionaire Jim Simons, on Friday.
Persons: Shaw, Jim Simons, , Simons — Organizations: Renaissance Technologies, Sigma, Service, Renaissance Institutional, Fund, Alpha, Business
John Leguizamo said that "Encanto" was such a huge success that he received a bonus from Disney. AdvertisementDisney was apparently so pleased with the performance of its 2021 hit animated film "Encanto" that it gave members of the cast bonuses — at least, according to star John Leguizamo. For Leguizamo, one of those was Bruno, the reclusive uncle from "Encanto," a Disney animated film about a Colombian family with magical powers. "It was amazing," Leguizamo told BI. But past the numbers, Leguizamo told Business Insider that "Encanto" was so remarkable because of the specificity of its story.
Persons: John Leguizamo, Leguizamo, Bruno, , that's, Lin, Manuel Miranda, secluding, didn't Organizations: Disney, Service, Walt Disney, Nielsen, Sigma Locations: Colombian
Before John Leguizamo was an acclaimed writer, director, and film star, he was a young Latino actor just trying to get into audition rooms. On turning down 'Carlito's Way' multiple times and becoming a leading man(L-R) Al Pacino and John Leguizamo in "Carlito's Way." UniversalYou've spoken before about turning down "Carlito's Way" a few times before you eventually made the call to sign on. John Leguizamo as Luigi in "Super Mario Bros." (1993) Warner BrosOn doing too many 'ice movies' and feeling dissed by 'Mr. On 'Sigma male' Bruno and getting a bonus for 'Encanto'Maribel and Bruno (voiced by John Leguizamo) in "Encanto."
Persons: John Leguizamo, Leguizamo, Brando, James Dean, Shakespeare, William Goldman, Benny Blanco, Luigi, Mario, he's, He's, Al Pacino, I've, Benicio, Annabel Jankel, Rocky Morton, Mr, Smith, you've, Wears, Stanley Tucci, Robin Williams, Vince Vaughn, Sid, Sloth, Fox, , Mike Berg, Peter Ackerman, Chris Wedge, Philip Seymour Hoffman, Ben Stiller, Ray Romano, Denis Leary, Michael Keaton, would've, hadn't, Bruno, Coco, that's, Lin, Manuel Miranda, Spike Lee, Sam, Mel Blanc, I'd Organizations: Broadway, New York Daily News, Warner Bros, Marvel, Sigma, Walt Disney Animation, Disney, Cannes, HBO Locations: Jackson Heights , Queens, Toro, Puerto Rican
Google Cloud, one of the fund's cloud providers, developed new technologies that drew a full room of spectators at Google Cloud Next. When Google Cloud clients request GPUs through DWS, the platform requires clients to specify the region, the machine type and count of machines, and runtime duration. Knowing how many resources a given client needs allows Google Cloud to provision capacity more granularly, which "unlocks additional capacity," Mateo said. As a cloud provider for many financial firms, Google Cloud benefits from helping its clients run these models because many research platforms are hosted on Google's public cloud. In addition to Two Sigma, Citadel Securities has its research platform on Google Cloud.
Persons: Alex Hays, Hays, Sigma's Hays, Mateo, Dax, They'd, it's, Cook Organizations: Sigma, Google, Wall Street, Nvidia, prioritizes, Citadel Securities Locations: Las Vegas, Cook
Read previewLike most Yale students, I'm swamped. Despite the Ivy League's reputation as one big ivory tower, Yale students still love to throw a good party. Yale isn't a huge party school, but we still have partiesWhen choosing a school, the party scene wasn't very high on my priority list. This wasn't a medieval cloister; it was just what you'd expect from any college despite the Ivy League status. Related storyEven closer to campus is Toad's Place, a club that hosts Yale-only Wednesday night parties and is free on Saturdays with a Yale ID.
Persons: , I've, aren't, that's Organizations: Service, Yale, Business, Ivy League, Sigma Chi, Chi Psi, Saybrook College, Saybrook
In today's big story, we're doing a deep dive into the golf tournament at one of the most exclusive clubs in the world . Mike Ehrmann/Getty ImagesHarvard University alumni, Goldman Sachs partners, Birkin bag owners — those exclusive groups are nothing compared to an Augusta National Golf Course membership. The Masters Tournament, the first of four men's major golf tournaments, kicks off today , write Business Insider's Madeline Berg and Taylor Rains. Since it's almost impossible to check out Augusta National otherwise, the Masters has become a staple of the billionaire's social calendar. Augusta National runs a lottery system for them.
Persons: , Mike Ehrmann, Goldman Sachs, Birkin, Madeline Berg, Taylor, it's, Cork Gaines, aren't, Joe Ciolli, didn't, Chelsea Jia Feng, Bill Smead, Brad Porter, Elon Musk's, Y, Paul Graham, Alyssa Powell, Larry Ellison, David Ellison, Larry Ellison's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Getty Images Harvard University, Augusta, Waste, bros, Augusta National, Renaissance Technologies, Sigma, Robotics, Amazon Robotics, xAI, Paramount, Oracle, Google, JPMorgan, SpaceX Locations: Augusta, swag, Chelsea, D.E, Shaw's Valence, New York, London
Shaw's Valence fund led the way for quant hedge funds in the first quarter. Two Sigma's Spectrum fund meanwhile trailed the returns of the average hedge fund. Shaw's Valence fund is leading the way in 2024. Shaw declined to provide the current AUM of the Valence fund, but it was reported in 2020 that the fund managed $6 billion. This story is available exclusively to Business Insider subscribers.
Persons: , Shaw Organizations: Service, Business Locations: Shaw's Valence, York, Valence
Where Old Vegas is still alive today
  + stars: | 2024-03-03 | by ( Matt Villano | )   time to read: +11 min
MuseumsMuseums are obvious celebrations of the past, and in Las Vegas, these two museums have direct links to the Vegas of old. At the Neon Museum, Old Vegas is showcased in the form of neon signs. Other attractionsSeveral other sights and destinations around Las Vegas keep the city’s past alive in this modern age. At one point every casino in Las Vegas had a machine like this one; today this is the only coin-operated iteration left. Finally, the most recognizable throwback to Old Vegas might be the neon “Welcome to Fabulous Las Vegas” sign at the south end of the Las Vegas Strip near Mandalay Bay Resort & Casino.
Persons: upstage Travis, Taylor, Usher, Jackie Gaughan, Kenny Epstein, Epstein, Gaughan, , , you’ve, Bugsy Siegel, Meyer Lansky, La Concha, Caesar, Chris Welsch, Frank Sinatra, Dean Martin, Sammy Davis Jr, Sinatra, Hugo’s, El Cortez, Barbara Streisand’s, Bauer, Griffin, Vegas Vickie, Vickie, Derek Stevens, Vic, Betty Willis, YESCO Organizations: CNN, Sin, Bellagio, Vegas, Eiffel, El, Fremont Street, National Register of Historic Places, Casino, Hotel, Museums, Mob Museum, National Museum of, US Post Office, Commerce, Neon Museum, Las, Virgin Hotels, Minneapolis Star Tribune, Italian American, Four Queens Casino, Las Vegas, Sigma Derby, Fremont Locations: Sin City, Las Vegas, Paris, Vegas, Hotel Nevada, Fremont Street, America, Old Vegas, Sahara, Virgin Hotels Las Vegas, Las, Fremont, Mandalay
China calls the C919, which can carry just under 200 passengers, its first large homegrown passenger jet. It s certified to carry passengers only within mainland China and flies with China Eastern Airlines. The C919’s overseas debut comes at a time when Boeing is making headlines for all the wrong reasons. “There is a lot of interest to see the actual aircraft, how it performs and how it is in flight,” he said. “It will become a competitor in a small way, but it won’t be in the same league as Airbus and Boeing,” he said.
Persons: Cindy Koh, Shukor Yusof, , Edgar Su, Yusof, TransNusa Organizations: Hong Kong CNN, Boeing, Airbus, Singapore Airshow, Commercial Aircraft Corporation of China, China Eastern Airlines, Singapore’s Economic, Board, Sunday, Max, Air, Endau, Singapore, Reuters, Center for Strategic, International Studies, American Locations: China, Hong Kong, Western, Air Alaska, United States, Washington, Hong, Victoria, Beijing, Southeast Asia, Africa, Central Asia, Indonesian
Read previewHealth insurance startup Ansel has raised $20 million in new funding. Founded in 2019, Ansel is a platform that provides supplemental health insurance via carriers across 48 US states. This story is available exclusively to Business Insider subscribers. Advertisement"We're focused on making health hardships not become financial burdens," Veer Gidwaney, founder and CEO of Ansel, told Business Insider. The new capital will go towards expanding the company's partnerships with leading insurance providers, developing its tech platform, and scaling its marketing and distribution.
Persons: , Ansel, Veer Gidwaney, Gidwaney Organizations: Service, Business, Gallup, Nationwide, Portage, Sigma Ventures, Brewer Lane Ventures, SixThirty Ventures Locations: New York City
Balyasny Asset Management is working to build the AI equivalent of a senior analyst by combining multiple different AI tools, the hedge fund's head of applied AI told Business Insider. Balyasny is working to plug BAM ChatGPT, as it's called, into every internal and third-party dataset at Balyasny. "We're pretty laser-focused right now to move from junior analysts to senior analysts," Flanagan said of the agents' abilities. AdvertisementCharlie Flanagan, head of applied AI, Balyasny Asset Management Balyasny Asset ManagementHedge funds are keen to capitalize on the AI wave sweeping up Wall Street. AdvertisementLooking ahead, Flanagan is encouraging analyst and PM teams to build their own "agents" using AI building blocks created by the Applied AI team.
Persons: we're, Charlie Flanagan, Flanagan, Slack, aren't, Goldman Sachs Organizations: Service, Balyasny, Management, Business, Microsoft, Software, Man, Sigma, Wall, Citadel, BAM, intel Locations: Bridgewater
In today's big story, we're looking at the rising similarities between Target and Walmart. Dominick Reuter/Business InsiderIf imitation is the sincerest form of flattery, Walmart and Target are embarking on some serious tributes to each other. AdvertisementTwo of the country's largest retailers are taking pages from each other's playbooks as they adjust to a changing economic landscape. And Walmart founder Sam Walton openly admitted he stole borrowed plenty of ideas from Sol Price, the originator of the wholesale club model. That's led Walmart to see an increase in higher-income clientele, a trend they're leaning into.
Persons: , Dominick Reuter, Insider's Dominick Reuter, Dominick, Christina Hennington, it's, Sam Walton, Sol Price, That's, Charlie Flanagan, Management's Bryan Kelly, Li Deng, Mike Schuster, Sam Altman Andrew Caballero, Reynolds, Daniel Ek, Slaven Vlasic, Rebecca Zisser, Elon, Zers, Xochitl Gomez, Alyson Hannigan, Jason Mraz, Charity Lawson, Ariana Madix, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Target, Walmart, AQR, Investments, AQR Capital Management, Vatic Investments, Sigma, Investment, Barclays, ING, MSCI Israel, Tel, Tel Aviv Stock Exchange, Israel Securities Authority, Reuters, Broadcom, VMware, The New York Times, Inc, Adobe, ABC, Major, Baseball, MLB Network Locations: Israel, Tel Aviv, New York City, San Diego, London, New York
Despite an overall slump in startup funding, 2023 saw a scramble among investors to pour money into AI and machine learning startups. And the company's star still appears to be rising, despite a messy leadership struggle that recently spilled into public view. Meanwhile OpenAI's perennial rival Anthropic attracted multi-billion dollar investments from both Google and Amazon to fund a competing AI model known as Claude. At the same time legacy companies from John Deere to accounting firm PwC played up their AI bona fides to capitalize on the hype. The list doesn't include startups who have not publicly released the amount of their funding rounds.
Persons: OpenAI, Anthropic, Claude, Databricks, John Deere, PwC, Fresh Organizations: Microsoft, Google, Alpha, Technology, Monogram, Sigma, Lambda, Helsing, Metals, Eagle Eye, Amelia, Asimov, Farmers Business, Harbinger, Prins, Silo, Mistral, Alto, AMP, Management Software, Universal, Coro, Kodiak Robotics, Aerospace, Defense, Sana, Corti, Kyte, Mitra, Tech, Boss Digital Technology, Halcyon, & $ Locations: PitchBook
Stephanie ArmourStephanie Armour is a senior special writer for health policy at The Wall Street Journal, where she covers such topics as the Covid-19 pandemic, the Affordable Care Act, Medicaid and Medicare, congressional health legislation, the opioid epidemic, and state health initiatives. A reporter for more than two decades, she has produced award-winning investigative projects on subjects including food safety, body brokering, and human trafficking. Stephanie also has written for Bloomberg and Bloomberg Businessweek, USA Today, The Des Moines Register, and The Daily Tribune in Ames, Iowa. Her journalism awards include a First Place Headliner Award from the Press Club of Atlantic City, a First Place Sigma Delta Chi Award from the Society of Professional Journalists and a First Place in Consumer Journalism Award from the National Press Club. She lives in Washington D.C. and has a degree in English from the University of Minnesota.
Persons: Stephanie Armour Stephanie Armour, Stephanie Organizations: Wall Street, Affordable, Bloomberg, Bloomberg Businessweek, USA, Des Moines Register, The Daily Tribune, Press, Sigma Delta Chi, Society of Professional Journalists, Consumer, National Press, Washington D.C, University of Minnesota Locations: Ames , Iowa, Atlantic City, Washington
REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsLOS ANGELES, Nov 17 (Reuters) - Western lithium and graphite miners have started charging the electric vehicle (EV) supply chain higher prices for their material, meeting demand for environmentally-friendly and consistent supply that is not linked to China. Lithium, the lightest metal, is used to make a battery's positively charged cathode and prized for its ability to store energy. Miners say the surcharges make investors more comfortable financing new projects, especially as Chinese rivals have been known to sell metals below prevailing market rates. Brazil's Sigma Lithium (SGML.V) has already begun selling its production at prices it says reflects its sustainability. The surcharge talk comes despite recent plunges in a range of lithium prices.
Persons: Ivan Alvarado, Patrice Boulanger, Shaun Verner, Amanda Hall, surcharges, Hugues Jacquemin, Ernest Scheyder, David Gregorio Our Organizations: REUTERS, Washington, China, EV, Panasonic Energy, Miners, Syrah Resources, Department of Energy, Tesla, ESG, Summit, Thomson Locations: Antofagasta region, Chile, China, Los Angeles, Brussels, Beijing, North America, United States, Louisiana, North, South America, Quebec
College prepared Pinky Cole well to be the CEO of a $100 million company, she says — just not in the way you might think. When I went to college, all the stuff that I learned, I don't remember [any] of it," Cole tells CNBC Make It. And while it's certainly possible to connect with high-powered people without a shared academic experience, college graduates tend to have better career prospects and financial outcomes than high school-only graduates. College graduates earned 75% more last year, on average, according to the San Francisco Fed, a research nonprofit. College graduates also reported a 2% unemployment rate last year, compared with 7% for their counterparts, the National Center for Education Statistics reported.
Persons: Pinky Cole, , Cole, I've, Clark, Chance, Louis, Cole's, Warren Buffett Organizations: Clark Atlanta University, CNBC, Delta Sigma Theta, Federal Reserve Bank of St, College, San Francisco Fed, National Center for Education Statistics Locations: Atlanta, Georgia , New York, Texas, alma mater
NEW YORK, Nov 14 (Reuters) - Some big investors showed increased appetite for weight-loss drug makers in the third quarter, piling in to shares of Eli Lilly (LLY.N) and Novo Nordisk amid growing demand for their product, securities filings showed on Tuesday. Shares of Eli Lilly rose 14.5% in the third quarter and are up 67% this year. Some investors also bought more American Depositary Receipts of Novo Nordisk, including Fidelity Investments, Lazard Asset Management, T Rowe Price and Soros Fund. Novo Nordisk on Saturday presented data showing that the heart protective benefits of Wegovy are not solely due to weight loss, which could make it easier for healthcare insurance reimbursement in the future. Still, other investors trimmed their exposure to Eli Lilly, such as Wellington Management Group, California Public Employees Retirement System and Bridgewater Associates.
Persons: Eli Lilly, Eli Lilly's Mounjaro, JPMorgan Chase, Eli Lilly's, Rowe Price, Marshall Wace, LSEG, “ Stocks, , Vincent Aita, Carolina Mandl, Ira Iosebashvili, Matthew Lewis Organizations: Novo Nordisk, Novo, JPMorgan, Vanguard, Sigma, Tiger Global Management, Coatue Management, U.S . Food, Drug Administration, Novo Nordisk's Wegovy, Bank of America, Fidelity Investments, Lazard Asset Management, Soros Fund, Wellington Management Group, California, Bridgewater Associates, Marshall, Renaissance Technologies, Capital Management, Pfizer, Carolina, Thomson Locations: BlackRock, U.S, New York
The major averages advanced again this week as earnings results came in largely better than expected, interest rates stabilized and oil prices dropped below $80 a barrel. Looking ahead, we'll get a couple more earnings results and some key inflationary data to chew on. In this past week, we bought 150 shares of DuPont (DD) and added 75 shares of Wynn Resorts (WYNN). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Stocks, Wynn Resort's, WYNN, we'll, That's, , we're, it's, PANW, Tyson, Henry Schein, Spero, Sanara, Sara Lee Corp,, Woodward, Jim Cramer's, Jim Cramer, Jim, Mario Anzuoni Organizations: Nasdaq, Dow Jones, Coterra Energy, Emerson, Disney, PPI, TJX, Palo Alto Networks, DuPont, Wynn Resorts, WYNN, Tyson Foods, TSN, Tower Semiconductor, Partners, Genius Sports, Spero Therapeutics, Star Bulk Carriers Corp, Beauty Health, Asure, Gladstone Capital Corp, TeraWulf Inc, Harrow Health, Afya, Sea, Paysafe Group Holdings, Solar Inc, Aramark Holdings Corp, Lending, Holding, BioXcel Therapeutics, IHS Inc, Rewalk Robotics, Acurx Pharmaceuticals, Energizer Holdings, Power Solutions, Rekor Systems, Wine Estates, Momentus Inc, SIGMA Lithium Corporation, AlTi, QuickLogic Corporation, Arcturus Therapeutics, Dada Nexus, Solutions, Target Corp, Parts, ZIM Integrated Shipping Services, Alto Networks, Cisco Systems, Chemical & Mining Co, PennantPark Investment Corp, Copa Holdings S.A, Walmart, Arcos Dorados Holdings, ARCO, NICE, Body, Warner Music Group Corp, Ross Stores, Homes, Dolby Laboratories Inc, American Software, ESCO Technologies, ZTO, International, BJ's Wholesale, Jim Cramer's Charitable, CNBC, Maxx Locations: Macau, Chile, Cayman, Pasadena , California
"We have managed to secure a majority that will make possible the investiture of Pedro Sanchez," acting minister for parliamentary relations Felix Bolanos said in an interview with SER radio station. Opinion polls have painted a picture of a country divided over the question of amnesty, even within the ranks of the Socialist Party. With Junts and PNV and the national and regional left-wing parties, Sanchez would win an absolute majority of 178 out of 350 lawmakers. Later on Friday, the Socialist Party added one vote more to its wide coalition after Canary Islands' regionalist party Coalicion Canaria also agreed to back Sanchez. Bolanos said the Catalan amnesty law would help ease tension in Catalonia as it would free school directors, firefighters and other civil servants who helped organise an illegal referendum on the region's independence in 2017 from legal proceedings.
Persons: Pedro Sanchez, Ursula von der Leyen, Charles Michel, Jon Nazca, Junts, Sanchez, Felix Bolanos, Bolanos, Canaria, Carles Puigdemont, Belen Carreno, Emma Pinedo, Inti Landauro, David Latona, Jessica Jones, Aislinn Laing, Toby Chopra, Nick Macfie, Hugh Lawson, Andrea Ricci Organizations: European, REUTERS, Rights, Catalan separatists, National Basque Party, Canaries ' Coalition, SER, Socialist Party, Socialist, La, Sigma, Sanchez's Socialist Party, Interior Ministry, El Mundo, Socialists, Police, Thomson Locations: Granada, Spain, Rights MADRID, Catalonia, Galician, Basque, Canary Islands, Junts, Madrid
Two Sigma, one of the world’s largest hedge funds, has long prided itself on two things: the sophisticated, in-house algorithms that power its trading, and its commitment to secrecy. But recent internal troubles have forced Two Sigma to air its dirty laundry. In October, it had more bad news: An employee had altered some trading models without the firm’s knowledge, affecting its returns and drawing regulatory scrutiny. It’s the kind of mess that any investment firm wants to avoid for fear of losing clients and talent, especially one that has avoided the spotlight for much of its 22 years of existence. In a 2015 profile of Two Sigma, Forbes magazine said the two founders were “obsessive about avoiding publicity and keeping the firm’s secrets under wraps.”
Persons: David M, Siegel, John A, unbeknown Organizations: Sigma, New, Mr, Internal Revenue Service, Forbes Locations: New York
Mining companies in the West are facing two overarching challenges in trying to produce enough metals to enable the energy transition, and at the same time build alternative supply chains to lessen their dependence on China. There is little doubt that Australia is a country well-placed to play a major role in supplying many of the metals vital to the energy transition. The previous models for developing mines appear no longer effective, and even if some projects do progress, they are nowhere near enough to provide enough material for the energy transition. Michael Willoughby, global head of metals, mining and transition materials at HSBC, told a forum at IMARC that there is capital available for mining, but it's located in developing countries such as China, Indonesia and Saudi Arabia. What's not being talked about is how all the new mines, mineral processing and renewable energy equipment is going to be funded.
Persons: Washington Alves, Michael Willoughby, Willoughby, Miral Organizations: Sigma Lithium Corp, REUTERS, Rights, Reuters . Mining, Mining, Resources Conference, HSBC, Reuters, Thomson Locations: Itinga, Minas Gerais, Brazil, China, Sydney, Asia, Australia, CHINA, Indonesia, Saudi Arabia, New South Wales, U.S
Two Sigma, co-founded by David Siegel, is attracting fresh regulatory scrutiny. Photo: Jeenah Moon/Bloomberg NewsA researcher at Two Sigma Investments adjusted the hedge fund’s investing models without authorization, the firm has told clients, leading to losses in some funds, big gains in others and fresh regulatory scrutiny. The researcher, Jian Wu, a senior vice president at New York-based Two Sigma, was trying to boost his compensation, Two Sigma has told clients, without identifying Wu. He made changes over the past year that resulted in a total of $620 million in unexpected gains and losses, according to people close to the matter and investor letters. Two Sigma has placed Wu on administrative leave.
Persons: David Siegel, Jian Wu, Wu Organizations: Sigma, Bloomberg, Sigma Investments Locations: New York
Oct 29 (Reuters) - Hedge fund Two Sigma Investments has told clients of $620 million in unexpected gains and losses which resulted from unauthorized adjustments, the Wall Street Journal reported. The Securities and Exchange Commission (SEC) is examining the matter, Sunday's WSJ report added, citing sources. The SEC declined to comment on the WSJ report when approached by Reuters. Two Sigma did not immediately respond to requests for a response. Reporting by Akanksha Khushi in Bengaluru; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
Persons: Akanksha, Alexander Smith Organizations: Sigma Investments, Wall Street Journal, The Securities, Exchange Commission, SEC, Reuters, Sigma, Thomson Locations: Bengaluru
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