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A new stock exchange in Dallas, Texas, is set to begin securities trading next year, with plans to start listing companies by 2026. The Texas Stock Exchange (TXSE) Group has secured $120 million in funding from over two dozen investors, including Larry Fink's Blackrock and Kenneth Griffin's Citadel, making it "the most well-capitalised exchange entrant to file a registration with the US Securities and Exchange Commission (SEC)." Addressing Market Concerns and Business-Friendly EnvironmentThe fully electronic TXSE will list various securities, including exchange-traded products and American Dep...
IBTimes
George Soros is among the most successful investors in the world, popularly known as the man who broke the Bank of England. In 1992, he made a single-day profit of $1 billion from short-selling the British Pound. His philanthropic efforts saw him donate over $32 billion to charitable causes via the Open Society Foundations. Soros founded his hedge fund, Double Eagle, in 1969, which generated average annual returns of 30% until 2000. The fund's name has changed several times over the decades, from Quantum Group of Funds to finally Soros Fund Management (SFM). In 2011, the Soros Fund Management ...
IBTimes
Billionaire investor Daniel Loeb runs the New York-based hedge fund Third Point, which he founded in 1995 with an initial capital of $3.4 million. Loeb's activist bets and value-oriented investing strategies helped shape the hedge fund with $7.84 billion in assets under management across 40 securities at the end of Q1 2024. Third Point returned 7.8% in the Offshore Fund in the same quarter. According to the hedge fund's latest 13F-HR filings for the quarter ended March 31, Loeb appeared to have bulked up his AI stock holdings. He increased his stake in Amazon and Meta Platforms and bought 3 mi...
IBTimes
This year's steady climb of the S&P 500 index has market experts forecasting a robust remainder of 2024. JPMorgan analyst Madison Faller recently highlighted that the S&P 500 has gained over 10% in 100 trading days, and whenever that has happened since 1950, "stocks have closed out the full year with an average return of about 25%." "This time last year, the S&P 500 was up over 8% and later closed the year with a gain of almost exactly 25%," she added. Her colleagues also had an optimistic outlook on two emerging biopharma stocks, with a "Buy" rating based on the analyst consensus. Kyverna The...
IBTimes
Today, consumer electronics retailer Best Buy (NYSE: BBY) posted a year-over-year (YoY) drop in overall sales to $8.84 billion for the quarter ending May 4, from $9.46 billion the year prior. The retailer's comparable sales declined by 6.1%, attributable to high living and borrowing costs. Despite a downward trend in inflation, it remains a top concern among many people in the US as they focus on recovering from the US Federal Reserve's years-long monetary tightening campaign. However, Best Buy's GAAP diluted earnings-per-share (EPS) increased 2% YoY to $1.13 from $1.11. During the latest earn...
IBTimes
Former Microsoft CEO and philanthropist Bill Gates has used his wealth to create a unique art collection over the decades. In 1998, he purchased Winslow Homer's "Lost on the Grand Banks" masterpiece for $36 million, a then record buy. Gates' most intriguing addition to his artefact collection could be Leonardo da Vinci's handwritten scientific journal, "The Codex Leicester," with entries estimated between 1504 and 1508. Gates paid a jaw-dropping $30.9 million for the artefact. Another one of his big buys was in 1999 at the Sotheby's auction. Gates purchased the "Polo Crowd" painting by America...
IBTimes
Environmental, social, and governance (ESG) investing is a hot trend among millennials and GenZ. It is a strategy to invest in companies that rank high on measures of their environmental and societal metrics and governance practices. ESG investing backs companies prioritising the environment and human well-being in their daily operations. The financials of these firms are more susceptible to environmental and social factors. ESG issues apply to all industries in some ways. Depending on the industry, the challenges can range from climate change and human rights to workplace inclusivity or healt...
IBTimes
Nvidia Corporation (NASDAQ: NVDA), in Q1 2024, posted a record 262% year-over-year jump in quarterly revenue to $26 billion on the back of its growing data centre business boosted by the Blackwell platform. Nvidia share prices jumped to record levels on the announcement, hovering above $1,100 apiece on May 28. The chipmaker also decided to execute a 10:1 or 10-for-1 forward stock split in its quarterly earnings report. The corporate action, scheduled for June 7, will impact the shareholders of Nvidia common stock. Split-adjusted trading will begin on June 10. A company would typically go throu...
IBTimes
Update May 28: Headline and subtitle was modified correctly pertain to Gates' foundation's stake in Walmart. Philanthropist billionaire and former CEO of Microsoft (NASDAQ: MSFT), Bill Gates, has a significant stake in Microsoft through his holdings and the Bill and Melinda Gates Foundation Trust. While the Trust has gradually reduced its share in the tech giant over decades, the latest 13F filing for Q1 2024, released on May 15, shows a marked drop in its Microsoft stake by 1.71 million shares to 36,499,597, worth $15.35 billion. However, it remains the largest holding of the Trust's $45.85 b...
IBTimes
Bridgewater Associates, founded by billionaire investor Ray Dalio, went heavy on most of the "magnificent seven" stocks while offloading giants like Cisco Systems and Qualcomm despite posting solid Q1 results, according to the latest company 13F filing. Dalio's strategies around risk parity to balance risks across asset classes, "Pure Alpha" to attain maximum return-to-risk ratios via active management, and the "All Weather" investments for consistent returns regardless of the economic landscape have helped Bridgewater Associates become the largest hedge fund in the world. The fund manages $12...
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