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☆ Dan Loeb's Third Point bet big on Amazon and Nvidia in the second quarter, but his fund still lagged
▼ + stars: | 2023-08-14 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Dan Loeb's Third Point added new positions in key artificial intelligence beneficiaries in the second quarter, but still underperformed the broader market. As of June 30, he had a position in Amazon worth about $535 million that made the online retailer and web services provider the third-largest position in his fund. He also bought shares of Nvidia , adding up to a position worth about $212 million. Third Point was higher by just 1.1% in the second quarter, paring its loss in 2023 to 3% so far. Meanwhile, the S & P 500 was ahead 8% in the second quarter, and is higher by 16% on the year.

Persons: Dan Loeb's, Tepper, Loeb, underexposure, Tesla —, —, Yun Li Organizations: SEC, Taiwan Semiconductor, Nvidia, Microsoft, Activision, Care, Meta, AMD, Google Locations: U.S

☆ How ESPN's $2 billion deal with Penn Entertainment could shake up sports betting, from reinvigorating competition to evolving media's relationship with gambling
▼ + stars: | 2023-08-14 | by ( Ashley Rodriguez | Margaret Fleming | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Here's what industry insiders are saying about the deal:1. FanDuel and DraftKings dominate US online sports-betting and gambling market share, followed by BetMGM, according to a July report from Macquarie that analyzed Vixio data. Industry insiders like affiliate-marketing company Gambling.com Group's Max Bichsel aren't sure about that prediction.

Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada

☆ ‘Special Counsel’ Becomes a 2024 Election Joke
▼ + stars: | 2023-08-11 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.

Persons: Holman W, Jenkins, Mr, Gerald Loeb, William Smith Organizations: Street, William, William Smith Colleges, Northwestern University, University of Michigan Locations: New York, Hong Kong, San Francisco, Philadelphia, Hobart

☆ The Musk vs. Zuckerberg Cage Fight
▼ + stars: | 2023-08-10 | by ( Daniel Henninger | ) www.wsj.com time to read: 1 min

Daniel Henninger's weekly column, “Wonder Land,” appears in The Wall Street Journal each Thursday. Mr. Henninger was a finalist for a Pulitzer Prize in editorial writing in 1987 and 1996, and shared in the Journal's Pulitzer Prize in 2002 for the paper's coverage of the attacks on September 11. In 2004, he won the Eric Breindel Journalism Award for his weekly column. He has won the Gerald Loeb Award for commentary, the Scripps Howard Foundation's Walker Stone Award for editorial writing and the American Society of Newspaper Editors' Distinguished Writing Award for editorial writing. He is a weekly panelist on the "Journal Editorial Report" on Fox News.

Persons: Daniel Henninger's, ”, Henninger, Eric Breindel, Gerald Loeb, Scripps Howard Foundation's Walker Organizations: Scripps, American Society of Newspaper, Fox News, Georgetown University’s School of Foreign Service Locations: Cleveland

☆ Marvel's VFX artists become the first in their industry to unionize after months of speaking out about reported bullying and grueling work hours
▼ + stars: | 2023-08-09 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +4 min

Marvel Studios' VFX artists became the first in their industry to file to unionize on August 7. "Turnaround times don't apply to us, protected hours don't apply to us, and pay equity doesn't apply to us," one artist wrote. "Turnaround times don't apply to us, protected hours don't apply to us, and pay equity doesn't apply to us," VFX artist Bella Huffman wrote in the press release. Rumors of Marvel Studios VFX artists' discontent and desire to unionize have been swirling for months. "She is known in the industry as a kingmaker," a former Marvel Studios VFX tech told Vulture.

Persons: —, Bella Huffman, who's, Matthew D, Loeb, Vulture, Govil, Marvel, Victoria Alonso, Alonso Organizations: Marvel Studios, International Alliance, Technicians, Artists, Allied Crafts, Marvel, Guild of America, SAG, Entertainment Locations: Hollywood

☆ Disney's big sports-betting deal has industry insiders abuzz about possibilities, from a potential ESPN spinoff to heightened competition
▼ + stars: | 2023-08-09 | by ( Ashley Rodriguez | Margaret Fleming | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Gambling industry insiders thought Disney CEO Bob Iger might make quick work of setting a sports-betting strategy when he took back the reins of the ESPN owner late last year. Here's what industry insiders are saying about the deal:1. Industry insiders like affiliate marketing company Gambling.com's Max Bichsel aren't sure about that prediction.

Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Gambling.com's Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada

☆ Impeaching a Trump Impeachment
▼ + stars: | 2023-08-08 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ Hedge funds turn bearish again as yields spike
▼ + stars: | 2023-08-04 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Hedge funds added 4.6 short positions to each long position from July 7 to Aug. 3. Hedge funds were forced to partially unwind short bets in July to avoid further losses during a market rally triggered by better-than-expected corporate earnings. Goldman Sachs, as one of the biggest providers of lending and trading services through its prime brokerage unit, can track the movements of large hedge funds and asset managers. The bank said its clients are placing bearish bets mainly through indexes and exchange-traded funds, not using particular stocks. Equity long/short hedge funds have been vocal about the challenges of being bearish this year, as they were caught off-guard by a rally.

Persons: Brendan McDermid, Goldman Sachs, Fitch, Daniel Loeb, Carolina Mandl, Leslie Adler, Richard Chang Organizations: New York Stock Exchange, REUTERS, Global, Nasdaq, Investors, Carolina, Thomson Locations: New York City, U.S, United States, North America, Asia, Japan, Europe, New York

☆ It’s DOJ vs. DOJ in the 2024 Election
▼ + stars: | 2023-08-04 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ Simone Biles stepped away from ‘corrosive’ gymnastics for mental health. Now she’s back
▼ + stars: | 2023-08-04 | by ( Savanna Stewart | ) edition.cnn.com time to read: +10 min

“We’ve never seen an athlete like Simone Biles,” Ryan said. And yet that sport was corrosive enough and abusive enough that she really had to step away for her own mental health,” added Ryan. “I have to focus on my mental health and not jeopardize my health and well-being.”Biles was replaced in the all-around final by Jade Carey, who had finished ninth in the qualifying round. More than 150 athletes, including Biles, said that the former USA Gymnastics team doctor sexually abused them under the guise of providing medical treatment. “I think this just really shows the lack of leadership of USA Gymnastics and the United States Olympic Committee.”However, there is hope that a brighter future is in store for USA Gymnastics.

Persons: –, “, Joan Ryan, ” Ryan, Ryan, ” Simone Biles, Biles, “ We’ve, Simone Biles, ”, ” Biles, Jade Carey, Carey, Jamie Squire, Simone, ” Carey, Ryan’s, Dmitri Lovetsky, ’ ” Ryan, Larry Nassar, Nassar, …, McKayla Maroney, Aly Raisman, Maggie Nichols, General's, Saul Loeb, Jake Tapper, ” Raisman, Jill Geer, Gabby Douglas, Suni Lee, ” Geer, Geer, Douglas — Ryan, “ It’s, you’ve, what’s Organizations: CNN, CNN Sport, Olympics, USA Gymnastics, Oregon State University, US Gymnastics Federation –, Tokyo, USA, United States Olympic, Paralympic, New York, United, Capitol, United States Olympic Committee, National Team, “, ”, US women’s Locations: Hoffman Estates , Illinois, Tokyo, United States, Washington, Biles, “, Paris

☆ Donald Trump, Hunter Biden and the Rule of Law
▼ + stars: | 2023-08-03 | by ( Daniel Henninger | ) www.wsj.com time to read: 1 min

☆ Fact Check-Biden and Trump edited in side-by-side photos
▼ + stars: | 2023-08-02 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Side-by-side images of U.S. President Joe Biden and former President Donald Trump have been altered, with Biden changed to make his skin appear smoother and Trump altered to make him appear wider. The unaltered photograph of Biden was captured by AFP photographer Saul Loeb on July 8 and shows the president near his house in Rehoboth Beach, Delaware (here). The unaltered version was published by various outlets including the Daily Mail (here). The unaltered image of Trump was published by outlets including The Guardian (here). Biden’s skin appears less smooth in the unaltered version of the photograph taken in July 2023, while Trump appears thinner at the hips in the unaltered image of him captured in July 2020.

Persons: Joe Biden, Donald Trump, Biden, Saul Loeb, Trump, Brett Favre, Read Organizations: Trump, Daily Mail, White, NFL, Guardian, Reuters Locations: Rehoboth Beach , Delaware, Bedminster , New Jersey

☆ Third Point’s Dan Loeb reflects on tough first half for his hedge fund, which lags the market by 20%
▼ + stars: | 2023-08-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

His flagship Third Point hedge fund is lagging the broad market by 20%. Third Point's flagship offshore fund was up only 1.1% in the second quarter, bringing its 2023 loss to 3%, according to his latest investor letter. "Managers who have had less than 25% of their funds in these stocks have found it challenging to keep up with 'the market,'" Loeb told his investors. The Russell 1000 Growth index is up nearly 30% this year, whereas its value counterpart has gained only 6%. The hedge fund manager revealed his biggest losers this year included Alibaba , Danaher, Catalent and International Flavors & Fragrances .

Persons: Dan Loeb, That's, he's, Loeb, Russell, Alibaba Organizations: Microsoft, Nvidia, Apple, AMD, Google

☆ Dan Loeb hails AI as a decade-defining technology like the PC and Internet - and says a severe recession looks unlikely
▼ + stars: | 2023-08-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Dan Loeb heralds AI as a game-changing technology in his second-quarter letter to investors. Loeb predicts a mild recession, as he expects the Fed to offset a slump in consumer spending. Loeb singled out the big three cloud providers as likely beneficiaries, noting that many AI companies will rely heavily on their services. Loeb singled out Microsoft in particular, pointing to its stake in ChatGPT-owner OpenAI, its plans to add AI features to its Office applications, and its ability to offer related services to businesses. The upshot is a mild recession appears more likely than a severe one, he said.

Persons: Dan Loeb, Loeb, OpenAI Organizations: Service, Third, Investors, Microsoft, Google, Federal Reserve, Offshore Fund, AMD Locations: Wall, Silicon, ChatGPT

☆ Billionaire investor Loeb cuts bearish bets to avoid short squeezes
▼ + stars: | 2023-08-01 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

SALT brings together public policy officials, capital allocators, and hedge fund managers to discuss financial markets. REUTERS/Steve MarcusLONDON, Aug 1 (Reuters) - Billionaire investor Daniel Loeb has reduced the size of short bets on single named companies to limit the vulnerability of his hedge fund, Third Point, to short squeezes, he said in a letter on Tuesday. "The short-selling environment is much more challenging than it has been historically," said Loeb in the letter. Almost half of Loeb's net long exposure includes companies that will benefit from developments in artificial intelligence, the letter said. Elsewhere at Third Point, Loeb's corporate credit team returned a net 8.7% for the quarter after market instability in the March banking crisis created opportunities for the fund, Loeb said.

Persons: Daniel S, Loeb, Steve Marcus LONDON, Daniel Loeb, Ferguson, Nell Mackenzie, Amanda Cooper Organizations: Third, REUTERS, Pacific Gas and, Microsoft, HK, Offshore Fund, Web Services, Google, Thomson Locations: Las Vegas , Nevada, allocators

☆ Why so many Americans feel trapped in their homes by their low-rate mortgages
▼ + stars: | 2023-08-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Saul Loeb | AFP | Getty ImagesThe recent spike in mortgage rates has created a so-called golden handcuff effect. For homeowners, a low mortgage rate is similar. Nearly 82% of home shoppers said they felt "locked-in" by their existing low-rate mortgage, according to a recent survey by Realtor.com. Between 1978 and 1981, mortgage rates similarly doubled from around 9% to more than 18%, compelling more homeowners to hold on to their homes. Mortgage rates may not return to sub-3% levels again anytime soon — if ever.

Persons: Bob, Terri Wood, Bob Wood Bob Wood, Terri, It's, Wood, Tomas Philipson, Philipson, Saul Loeb, he'd, Zillow, Greg McBride, Sam Khater, Freddie Mac's, Jacob Channel Organizations: University of Chicago, White House Council, Economic Advisers, AFP, Getty, Jacob Channel Locations: Mobile , Alabama, Tennessee, Arlington , Virginia, Bankrate.com, LendingTree

☆ These 'uber crowded' trades from hedge funds are up nearly 30% this year, according to Jefferies
▼ + stars: | 2023-08-01 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Hedge funds and other professional investors' favorite bets are crushing the market, posting a near 30% rally this year, according to Jefferies. The Wall Street firm looked at recent regulatory filings from hedge funds and long-only fund managers and found the most-popular holdings among both groups, calling them "uber crowded" trades. A number of stocks tied to artificial intelligence showed up in the "uber crowded" portfolio. Alphabet is also well-loved by hedge funds and long-only mutual funds. Software company Adobe and health care name Elevance Health are also on the list of crowded trades.

Persons: Jefferies, Bill Ackman, Stanley Druckenmiller, Dan Loeb Organizations: Microsoft, OpenAI, Nvidia, YouTube, Adobe

☆ Hunter Biden Is a Geopolitical Disaster
▼ + stars: | 2023-07-28 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ Regulators unveil sweeping changes to capital rules for banks with $100 billion or more in assets
▼ + stars: | 2023-07-27 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

(Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)U.S. regulators on Thursday unveiled a sweeping set of proposed changes to banks' capital requirements to address evolving international standards and the recent regional banking crisis. The changes will broadly raise the level of capital that banks need to maintain against possible losses, depending on each firm's risk profile, the agencies said. While the heightened requirements apply to all banks with at least $100 billion in assets, the changes are expected to impact the biggest and most complex banks the most, they said. "Improvements in risk sensitivity and consistency introduced by the proposal are estimated to result in an aggregate 16% increase in common equity tier 1 capital requirements," the regulators said in a fact sheet. Tier 1 common capital levels measure an institution's presumed financial strength and its buffer against recessions or trading blowups.

Persons: Michael Barr, Martin Gruenberg, SAUL LOEB, Long Organizations: Federal Reserve, Federal Deposit Insurance Corporation, Banking, Urban Affairs, Capitol, AFP, Getty Images, Federal Deposit Insurance Corp, Basel III Locations: Washington , DC, Basel

☆ Half of Americans polled see China as the biggest threat to the U.S., says Pew
▼ + stars: | 2023-07-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

Saul Loeb | Afp | Getty ImagesHalf of Americans polled widely view China as the biggest threat facing the U.S., a new Pew research center survey revealed. In an open-ended question, Americans were asked to name any country as the greatest threat to the U.S. — 50% named China. While it's difficult to compare responses from year to year, Pew noted that "Americans have not always seen China as the top threat to the United States." "When we last asked a question of this sort in 2019, equal shares of Americans pointed to China and Russia as the greatest threat facing their country," it said. The survey reflects Americans' view of China have become more negative over time — particularly since 2020, added Pew.

Persons: Joe Biden, Xi Jinping, Saul Loeb, Pew, Laura Clancy, we've, Pew's Clancy, Henry Kissinger, Kissinger, Biden, Antony Blinken, Janet Yellen, John Kerry Organizations: Afp, Getty, Pew, CNBC, U.S . Locations: Nusa Dua, Bali, China, Russia, United States, U.S, Ukraine, Taiwan Strait, Beijing, Washington

☆ Only Biden Can Elect Trump in 2024
▼ + stars: | 2023-07-25 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

July 24 (Reuters) - Billionaire Elon Musk's decision to rebrand Twitter as X could be complicated legally: companies including Meta (META.O) and Microsoft (MSFT.O) already have intellectual property rights to the same letter. X is so widely used and cited in trademarks that it is a candidate for legal challenges - and the company formerly known as Twitter could face its own issues defending its X brand in the future. Microsoft since 2003 has owned an X trademark related to communications about its Xbox video-game system. Meta and Microsoft likely would not sue unless they feel threatened that Twitter's X encroaches on brand equity they built in the letter, Gerben said. Insider reported earlier that Meta had an X trademark, and lawyer Ed Timberlake tweeted that Microsoft had one as well.

Persons: Elon, Josh Gerben, Gerben, Meta, Douglas Masters, Loeb, Ed Timberlake, Blake Brittain, Sheila Dang, Peter Henderson, Sonali Paul Organizations: Twitter, Meta, Microsoft, Facebook, Thomson Locations: Washington

☆ Meta, Microsoft, hundreds more own trademarks to new Twitter name
▼ + stars: | 2023-07-25 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Billionaire Elon Musk’s decision to rebrand Twitter as X could be complicated legally: companies including Meta and Microsoft (already have intellectual property rights to the same letter. X is so widely used and cited in trademarks that it is a candidate for legal challenges - and the company formerly known as Twitter could face its own issues defending its X brand in the future. Microsoft since 2003 has owned an X trademark related to communications about its Xbox video-game system. Meta Platforms - whose Threads platform is a new Twitter rival - owns a federal trademark registered in 2019 covering a blue-and-white letter “X” for fields including software and social media. Meta and Microsoft likely would not sue unless they feel threatened that Twitter’s X encroaches on brand equity they built in the letter, Gerben said.

Persons: Reuters — Billionaire Elon, “, ”, Josh Gerben, Nikolas Kokovlis, Gerben, Meta, Douglas Masters, Loeb, Ed Timberlake Organizations: Reuters — Billionaire, Twitter, Meta, Microsoft, Elon, Getty, Facebook Locations: Athens, Greece

This week, he delivered his most explicit threat yet to Biden, saying their investigations into the Biden family’s business deals appear to be rising to the level of an impeachment inquiry. The only way Congress can do that is go to an impeachment inquiry,” McCarthy said Tuesday, stopping short of formally moving to open such a probe. Nebraska GOP Rep. Don Bacon, whose district Biden carried in 2020, told CNN that the House needs to be deliberate. It’s not good for the country.”In the first Trump impeachment, House Democrats led a number of closed and open hearings before charging Trump with abuse of power and obstructing Congress. Comer confirmed he has been regularly briefing McCarthy on his Hunter Biden probes, which he thinks helped give McCarthy the “confidence” to publicly raise the idea of an impeachment inquiry.

Persons: Kevin McCarthy, Joe Biden, McCarthy, Newt Gingrich, Biden, Hunter Biden’s, Donald Trump, ” McCarthy, Alejandro Mayorkas, General Merrick Garland, Hunter Biden, Mike Johnson, we’re, ” Johnson, “, ”, Andy Ogles, coalescing, Andy Biggs, ” Biggs, we’ve, Bob Good, “ I’m, Ken Buck, Caucus hasn’t, Marjorie Taylor Greene, Tom Williams, impeaching Biden, –, expunge, Ralph Norman, ” Norman, Don Bacon, ” Bacon, Nancy Pelosi, Pelosi, “ Pelosi, Trump, ” Jaime Harrison, Greene, Lauren Boebert, Boebert, ” Boebert, ” Hunter Biden, Fort, Saul Loeb, GOP Sen, Chuck Grassley, Hunter, Burisma, Devon Archer, David Weiss, James Comer, Jim Jordan, Comer, it’s, can’t Organizations: CNN, Republican, Republicans, Biden, House Democrats, Homeland, GOP, Tennessee Republican, Caucus, Democratic, Senate, Democrats, Arizona, ”, Virginia Republican, Georgia Republican, Capitol, Firebrand, South Carolina Republican, Nebraska GOP, Trump, Democrat, Democratic National Party, GOP Rep, Fort McNair, Getty, Iowa, FBI, Justice Department, Hunter Biden, Congress, House Republicans, firebrand Locations: Louisiana, Trump, Ken Buck of Colorado, Georgia, Colorado, Washington ,

☆ Avi Loeb’s Deep Dive for Alien Life Is Making Other Scientists Gasp
▼ + stars: | 2023-07-24 | by ( Katrina Miller | More About Katrina Miller | ) www.nytimes.com time to read: +1 min

Its location, velocity and brightness were recorded by U.S. government sensors and quietly tucked away in a database of similar events. Based on its logged speed and direction, Mr. Siraj identified the fireball as an extreme outlier. Last month, Dr. Loeb led an expedition to retrieve fragments of the fireball off the western Pacific seafloor. And that, he says to the chagrin of many of his colleagues, may be evidence of extraterrestrial life. “Not biological creatures, the way you see in science fiction movies,” Dr. Loeb said.

Persons: Avi Loeb, Amir Siraj, Siraj, Loeb, ” Dr, “, ” Organizations: U.S, Harvard University Locations: Manus Island, Papua New Guinea

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