Berkshire Hathaway Exercises Warrants to Buy 700 Mln Bank of America Shares to Become Top Shareholder

Berkshire Hathaway Exercises Warrants to Buy 700 Mln Bank of America Shares to Become Top Shareholder

Bank of America (BAC) said on Tuesday Berkshire Hathaway (BRK) has exercised its warrants to purchase 700 million shares of Bank of America common stock, and becoming its biggest shareholder. “In 2011, we welcomed Berkshire Hathaway as a shareholder, and we appreciate their continued support now as our largest common shareholder,” said Bank of America Chief Executive Officer Brian Moynihan. The bank said there will be no effect on future […]

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Amicus Therapeutics Q2 Losses Narrow, Beat Street Views

Amicus Therapeutics Q2 Losses Narrow, Beat Street Views

Biotech firm Amicus Therapeutics reported a Q2 net loss per share of $0.34, compared to a loss of $0.40 for the same period last year, but ahead of the Capital IQ consensus forecast of a loss of $0.37.Revenues for the quarter were $7.2 million, which surpassed the analyst forecast of $6.5 million. There were no comparable revenue figures for the year-ago quarter. The company said it expects full-year 2017 net […]

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U.S. Stocks Drop As Investors Question Whether Trump Can Deliver on Tax Cuts

U.S. Stocks Drop As Investors Question Whether Trump Can Deliver on Tax Cuts

U.S. stocks were lower at mid-day as President Donald Trump’s failure to deliver on his health care reform package sparked worries he may have trouble delivering on other campaign promises to ignite the economy. European and Asian stocks also closed lower on the failed health care bill. Investors are now growing skeptical of Trump’s plans for tax cuts and fiscal stimulus, including infrastructure spending, as well as solidarity among Congressional […]

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Man Group Posts 2016 Loss on Fee Decline, Writedowns

Man Group Posts 2016 Loss on Fee Decline, Writedowns

Man Group (EMG.L), a UK hedge fund manager, posted a pretax loss for 2016 after a profit in the previous year as “unforgiving” market conditions in the first nine months eroded performance fee revenue and the company took impairment charges at some of its funds. Statutory loss before tax was $272 million in 2016 compared with pretax profit of $184 million in 2015, the company said on Wednesday on its […]

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European Equity Benchmarks Surge Higher

European Equity Benchmarks Surge Higher

The broad-based major European indices closed sharply higher in Wednesday’s trading session, as banks, automotive stocks, and construction materials suppliers helped the markets surge as high as 2%. In economic news, the inflation rate in Germany, as measured by the consumer price index, is expected to be 2.2% in February, according to the Federal Statistical Office (Destatis) 2017. It was the highest rate of inflation since August 2012. Destatis also […]

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Oil Prices Pare Early Gains Following Eighth Consecutive Week of Rising US Stockpiles

Oil Prices Pare Early Gains Following Eighth Consecutive Week of Rising US Stockpiles

Oil prices were paring early gains on Wednesday after government data showed that US inventories of oil expanded last week, marking the eighth consecutive week in which stockpiles have increased. West Texas Intermediate (WTI) crude oil, the main US benchmark, was trading 0.01% lower at $53.98 per barrel recently while Brent crude, the international gauge, was 0.02% higher at $56.52 per barrel. Earlier in the day WTI and Brent had […]

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