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Articles related to "c&e-exclusion-filter"


Hedge Funds’ Bets on Fannie and Freddie Cause Pain

  • The end of the Trump administration is the end of the best hope for hedge-fund investors in a long and painful trade: Betting that Fannie Mae and Freddie Mac would one day be returned to private hands.
  • A long list of investors has bet that policy makers would eventually privatize the companies, and that once that path became clear, the value of the shares in these companies would increase dramatically.
  • These shares are junior to the government’s stake and thus don’t get paid dividends until after the government is paid.
  • In one scenario where hedge funds would profit, Fannie and Freddie would raise fresh capital, junior preferred shares would be converted to common stock, and the government would write down or eliminate its senior preferred shares.
  • But other complex, long-shot trades, including the subprime bet that the housing market would collapse, resulted in big paydays for some funds.

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Stock Futures Rise as Tech Leads Charge

  • U.S. stock futures rose on strong earnings and renewed investor enthusiasm for big technology companies.
  • Futures tied to the tech-heavy Nasdaq-100 led markets, rising 0.4%, indicating the index may climb further after notching its third record high this year on Wednesday.
  • Contracts tied to the broader S&P; 500 rose 0.2%, and those linked to the Dow Jones Industrial Average edged up 0.1%.
  • Railroad operator Union Pacific will post earnings before the opening bell, along with several regional banks, including KeyCorp and Fifth Third Bancorp.
  • Chip giant Intel and International Business Machines are slated to announce quarterly results after markets close.
  • Investors are watching earnings closely to see if they support the strong run across markets in recent months.
  • Many have bet on an economic recovery this year, as Covid-19 vaccinations ramp up, increasing prospects for future earnings.

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Chinese Telecom Carriers Ask NYSE to Make Another U-Turn on Delisting

  • China’s big telecom carriers asked the New York Stock Exchange to rethink their planned delisting, the latest twist in a to-and-fro about whether they should be allowed to trade in U.S. markets.
  • In separate filings Thursday morning in Hong Kong, China Mobile Ltd.
  • said they had filed requests asking the NYSE to reverse its decision to delist their American depositary receipts.
  • Mr. Biden signed 15 executive orders and two executive actions on his first day in office, reversing some of former President Trump’s key policies.
  • In November, Mr. Trump signed an order barring Americans from investing in a list of Chinese companies that the U.S. said supplied and otherwise supported China’s military, intelligence and security services.
  • While these three telecoms’ parent companies, which aren’t publicly traded, are covered by the ban, it was initially unclear if the listed groups were also included.

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Global Stocks Follow Wall Street Higher

  • U.S. stock futures followed international indexes higher after Wall Street closed at a record on a batch of upbeat earnings reports.
  • S&P; 500 futures ticked up 0.2% Thursday, while tech-heavy Nasdaq-100 futures added 0.4%.
  • The Stoxx Europe 600 gained 0.7% in morning trade.
  • Industrials and materials sectors led gains while the energy sector lost ground.
  • Kion Group jumped 2.3% for a two-session run of gains and Rotork added 2.3%.
  • The U.K.’s FTSE 100 rose 0.5%, France’s CAC 40 gained 0.5% and Germany’s DAX added 0.7%.

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Morgan Stanley Profit Shoots Higher, Fueled by Wall Street

  • Morgan Stanley said fourth-quarter profit rose 51% from a year earlier, another big U.S. bank to emerge from a turbulent year in better shape than was expected at the onset of the coronavirus pandemic.
  • That beat the consensus estimates of analysts polled by FactSet, who predicted per-share earnings of $1.30 on revenue of $11.58 billion.
  • Morgan Stanley rounded out fourth-quarter earnings reports from the nation’s big banks, which continued to benefit from a recovery on Wall Street and federal pandemic-response measures that forestalled the worst-case economic scenario.
  • On Tuesday, rival Goldman Sachs Group Inc. reported a fourth-quarter profit that was more than twice as large as year-earlier results and annual revenue that was at an 11-year high.
  • Stock- and bond-trading revenue at Morgan Stanley rose 32% to $4.22 billion.
  • Fees from advising on deals and underwriting stock and bond offerings increased 46% to $2.30 billion.

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Morgan Stanley Quarterly Profit Climbs 51%

  • Morgan Stanley said fourth-quarter profit rose 51% from a year earlier, another big U.S. bank to emerge from a turbulent year in better shape than was expected at the onset of the coronavirus pandemic.
  • That beat the consensus estimates of analysts polled by FactSet, who predicted per-share earnings of $1.30 on revenue of $11.58 billion.
  • Morgan Stanley rounded out fourth-quarter earnings reports from the nation’s big banks, which continued to benefit from a recovery on Wall Street and federal pandemic-response measures that forestalled the worst-case economic scenario.
  • On Tuesday, rival Goldman Sachs Group Inc. reported a fourth-quarter profit that was more than twice as large as year-earlier results and annual revenue that was at an 11-year high.
  • Stock- and bond-trading revenue at Morgan Stanley rose 32% to $4.22 billion.
  • Fees from advising on deals and underwriting stock and bond offerings increased 46% to $2.30 billion.

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Slow Covid Vaccine Distribution Adds to Tokyo Olympics Woes

  • Organizers of the Tokyo Olympics face a long list of obstacles as they attempt to carry off the postponed Games in six months—and the alarming rise in Covid cases around the world recently is only one of them.
  • Potentially bigger hurdles include the need to speed up Covid-19 vaccinations globally and in the U.S. and convincing a skeptical Japanese public to accept vaccines and welcome thousands of visitors from around the globe.
  • The International Olympic Committee and organizers in Japan last March delayed the Games from 2020 to 2021, a move that came about four months before the event was set to begin.
  • Although Olympic organizers have said they won’t require vaccines for fans and athletes coming to the Games, Japanese Prime Minister Yoshihide Suga has said he wants almost everyone in Japan vaccinated by the Olympics’ July 23 start.

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Stock Futures Rise Ahead of Big Earnings Day

  • U.S. stock futures edged higher ahead of a busy day of earnings reports and the inauguration of Joe Biden as the 46th president.
  • Futures tied to the S&P; 500 rose 0.4% Wednesday, while contracts linked to the tech-heavy Nasdaq-100 rose 0.8%.
  • Dow Jones Industrial Average futures were up 0.2%.
  • Earnings from Morgan Stanley , Procter & Gamble , UnitedHealth and U.S. Bancorp are due before the opening bell.
  • United Airlines will release its earnings just after markets close.
  • Stocks have begun the week on an upbeat note, with all three major indexes hovering just below their record highs.
  • Investors remain optimistic that fiscal stimulus is supporting businesses through the damage wrought by the Covid-19 pandemic.
  • That will put pressure on companies to deliver during this earnings season and meet the market’s expectations, said Brian O’Reilly, head of market strategy at Mediolanum Investment Funds.

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After 144 Years, London Metal Exchange Proposes Closing Trading Ring

  • LONDON—The London Metal Exchange is proposing closing its open-outcry ring, where traders have swapped metals like copper and lead using shouts and hand signals for 144 years, in a bid to attract more financial players.
  • The ring began life when the LME was founded above a London hat shop in 1877, though its origins date to sawdust circles around which merchants bought and sold metals in the early 1800s, when they were in high demand as the industrial revolution gathered steam.
  • The LME said Tuesday that electronic pricing had served the market well during the pandemic and brought greater transparency around the way that prices are set.
  • It also said the closure would attract a broader group of participants to the market, beyond the physical-metal players that tend to favor the ring over the LME’s electronic platform.

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When Investors Forget Fundamentals, the Market Is Broken

  • Sometimes it’s hard to argue that market capitalism has any chance of correctly allocating money to the companies that can use it best.
  • Case in point: Stock-market performance this year has been driven by the raw share price, with lower-priced stocks doing better and higher-priced worse.
  • I repeat: The best explanation for how stocks have moved so far this year is the price of the stock, an almost meaningless number.
  • It looks remarkably like investors are treating a low-price share as an indicator that the stock is a bargain, and a higher price as a sign that it is worse value for money.
  • Equally, it can consolidate its shares to reduce the number, increasing the share price but again without any effect on how much the company should be worth.

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