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The two stocks that have been the source of so much pain on Wall Street are in the news again.
SunEdison is having an even worse time of it, with the stock down 19% after the company said that it would delay its 10-K filing so it can finalise its financial statements.
That news follows hedge fund billionaire David Tepper’s decision to accept a Delaware court’s offer to expedite its lawsuit against the company.
The stock is now down 93% over the past 12 months.
In other news, three small firms are at the center of a transatlantic bidding war, two of the best-known women on Wall Street are joining forces, and Larry Summers is not keen on the idea of Donald Trump as president.
Here is the memo Jes Staley, the CEO of Barclays, sent to staff earlier today.
And here are the 18 books Wall Street will be reading this spring.
Here are the top Wall Street headlines at midday:
China has been on a buying spree, and it feels like it is ‘driven from the top’ – Chinese companies have been buying up foreign businesses at an impressive rate in 2016, and everyone wants to know what’s going on.
The Wolves of Wall Street are everywhere – Academics crunched the data on 1.2 million current and former financial advisers in the period from 2005 to 2015, and found that 7.28% have been disciplined for misconduct and/or fraud.
US auto sales are crushing expectations – The big carmakers are reporting their US sales numbers for February.
A $19 billion hedge fund has put one theme at the heart of its investment strategy – Hedge fund manager Jeffrey Ubben, the cofounder and CEO of investment fund ValueAct Capital, has been investing in companies where there’s an opportunity to cut out the so-called middlemen.
Former hedge fund manager Phil Falcone spoke in public for the first time in years, and slammed the industry – Former hedge fund manager Philip Falcone said that there’s “an awful lot of mediocrity” these days in the hedge fund space.
Bubbles, chasms and ‘dreaming the dream’ ― a top tech investor reveals its unconventional approach to picking winners – Coatue Management, the $10 billion long/short equity hedge fund led by “Tiger Cub” Philippe Laffont, is one of the most prolific investors in technology companies.
It’s another hedge fund horror show as Valeant gets slaughtered – Valeant Pharmaceuticals got hammered on Monday, spelling bad news for a bunch of hedge funds.