Tesla Call Was ‘Completely Wrong,’ RBC Says After 1,200% Rally

Long-term bear RBC Capital Markets upgraded its recommendation on Tesla Inc., admitting it had misjudged the electric-vehicle maker. “There is no graceful way to put this other than to say we got TSLA’s stock completely wrong,” analyst Joseph Spak wrote in a report lifting Tesla to sector perform. The broker had maintained a sell-equivalent underperform rating since January 2019, according […]

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Brevan Howard’s Main Hedge Fund Gains 27% in Best Year on Record

Brevan Howard Asset Management has recorded its best year since the hedge fund firm began investing nearly two decades ago. The main fund at billionaire Alan Howard’s firm was up 27.4% last year, the most since 2003, according to an investor letter seen by Bloomberg. The Brevan Howard Master Fund, which managed $4.3 billion at the end of November, finished […]

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Crypto Market Value Tops $1 Trillion as Bitcoin Breaches $37,000

The total market value of cryptocurrencies surpassed $1 trillion for the first time Thursday amid a frenzied and volatile rally in Bitcoin to yet another record. Cryptocurrencies hit the milestone after a fivefold climb in market value in the past year, data from tracker CoinGecko shows. Strategists have cited demand from speculative retail traders, trend-following quant funds, the rich and […]

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Treasury Names Three Chinese Telecoms That Exchanges Must Delist

The Treasury Department issued fresh instructions to markets to cut off U.S investment in companies tied to China’s military, explicitly naming three telecommunications firms that exchanges and indexes must delist by the end of the year. Even before the new guidelines were issued, the New York Stock Exchange said Wednesday morning it would proceed with a plan to delist the […]

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UnitedHealth to Purchase Change Healthcare for $13 Billion

UnitedHealth Group Inc. agreed to purchase Change Healthcare Inc. in a deal that values the health technology company at more than $13 billion. UnitedHealth will pay $25.75 per share in cash, the companies said Wednesday, a 41% premium over Change Healthcare’s closing price Tuesday of $18.24. The $13 billion valuation includes more than $5 billion in debt owed by Change […]

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Asian Stocks Set for Muted Start, Oil Surges: Markets Wrap

Asian stocks looked set for a muted start Wednesday as traders awaited the outcome of key elections in Georgia that could have implications for President-elect Joe Biden’s agenda. Treasuries dropped and oil rallied on an OPEC+ deal. Futures pointed higher in Japan and Hong Kong, while shares dipped in Australia. S&P 500 futures were little changed after the benchmark rebounded […]

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Markets Brace for Greater Chance of Blue Wave in Georgia Races

While the relentless spread of the coronavirus drove the equity market lower on Monday, there were also signs investors are preparing for a greater possibility that Democrats will gain control of the U.S. Senate. A Goldman Sachs basket tracking stocks that should benefit from Democratic Party policies performed better than those expected to be harmed. And even as the S&P […]

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Scaramucci: Bitcoin is due for a correction

New York (CNN Business)The Dow tumbled more than 600 points around midday Monday, the first trading day of the New Year, as investors grew worried about the the pandemic and the economic recovery in 2021. Investors took profits off the market’s record highs set last week, and they took a more cautious position ahead of the high-stakes runoff election in […]

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AstraZeneca vaccine provides 'logistical convenience'

New York (CNN Business)The legendary activist investor Carl Icahn is dumping a massive chunk of his stake in Herbalife Nutrition and giving up his firm’s seats on the board. The nutritional supplements company announced Sunday that it is repurchasing some $600 million worth of shares from Icahn Enterprises, his investment company. Herbalife (HLF) is buying the shares for $48.05 each, […]

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