Investors needing a morale boost should just read the “July” column of their 401(k) statement. The rest of the 2022 entries are still too depressing.
Stocks rallied in July, a respite after months of declines. The average U.S.-stock mutual fund or exchange-traded fund rose 8.9% in the month, according to Refinitiv Lipper data. But for 2022 so far, through July, the funds are still down 14.4%. (Market indexes are little changed for August so far.)
FM Global, one of the nation’s leading business insurers, will provide a 5% reduction in annual premium to its roughly 1,500 policyholders to spur them to better protect their property against risks including wildfire, floods and hurricanes.
The carrier is taking the innovative step of providing what it calls a “resilience credit” as concern mounts worldwide that
Brian Armstrong, an early devotee of blockchain technology, built the cryptocurrency exchange Coinbase Global to be big.
He hired employees by the hundreds, pushed into new markets and scaled up the number of digital tokens available on the platform. Coinbase became the largest crypto exchange in America and went public in spring 2021 with a market value of nearly $86 billion.
- Nancy Pelosi, the speaker of the U.S. House, has come and gone in Taiwan. In her wake have come missile flyovers, enough discussion to briefly crash China’s Twitter-like microblogging service Weibo, the largest Chinese military exercises near the Taiwan Strait in decades—and for those on the island, a surreal sense of life mostly going on.
Markets reacted strongly but not catastrophically. U.S. 10-year Treasury yields fell to a four-month low ahead of Mrs. Pelosi’s arrival as investors fled for safety—and then jumped back after her plane landed without incident. Taiwan’s main stock index, after a precipitous drop Tuesday, has since clawed back all that ground. Shares of Semiconductor Manufacturing International Corp China’s chip manufacturing national champion, which also dropped ahead of the visit, have gained 15% since her plane landed and China announced its military drills. The S&P Defense and Aerospace Select Index is up 9% since July 18, when news of Mrs. Pelosi’s...
Investors are pouring record amounts of money into mutual funds and exchange-traded funds that screen holdings based on environmental, social and governance (ESG) factors.
Yet, odds are most people won’t find an ESG fund option in their 401(k) retirement-savings plan. Just 2.6% of 401(k) plans had an ESG option in 2019, according to the latest data from the Plan Sponsor Council of America.
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Staying home to play videogames is a fantasy for many. Making those games at home has turned out to be more of a nightmare.
Electronic Arts said late Wednesday that it has delayed the release of its highly anticipated “Battlefield 2042” game by a month, to Nov. 19. The news actually came as a relief to investors who had been hearing rumors about an even bigger delay. EA shares were up 1% in morning trading Thursday following a drop of nearly 6% on Wednesday.
Staying home to play videogames is a fantasy for many. Making those games at home has turned out to be more of a nightmare.
Electronic Arts said late Wednesday that it has delayed the release of its highly anticipated “Battlefield 2042” game by a month, to Nov. 19. The news actually came as a relief to investors who had been hearing rumors about an even bigger delay. EA shares were up 1% in morning trading Thursday following a drop of nearly 6% on Wednesday.
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Aside from Jeff Bezos, Mark Zuckerberg and members of Walmart Inc.’s Walton family, no individual has earned more from selling stock in their company over the past year than a used-car magnate from Arizona.
Company filings show Ernie Garcia II, the father of Carvana Co.’s chief executive officer, has sold more than $3.6 billion of stock since October. The sales amount to 16% of his holdings in the company. He has benefited from an ownership structure that confers benefits on him and his family and allows them to maintain control of the business, according to company filings. Some of these benefits can come at the expense of other shareholders, according to the filings, a lawsuit, and corporate governance and tax analysts.
- Shares of network equipment maker Cisco Systems gained 1.3% after it announced plans to introduce new financial metrics and overhaul its reporting segments to showcase the growth of its software business. U.S.-listed shares of Ryanair Holdings gained 4.1% premarket after the Irish airline raised its five-year growth forecast to 225 million passengers by March 2026. Electronic Arts shares rose 1.8% premarket, recovering some of its loss from Wednesday after the video game company said it is delaying the release of “Battlefield 2042.” Wynn Resorts fell 2.6% premarket and Las Vegas Sands declined 2.3% as casino shares continued to face pressure. The government in Macau, the world’s biggest gambling hub, set expectations for the future of the industry.
The link between car sales and car stocks is as tight as ever. Detroit eventually needs a new business model, but better electric vehicles would be a good start.
The semiconductor shortage is severely crimping car production and sales. As of Sept. 10, the problem had reduced third-quarter light-vehicle production by an estimated 3.1 million units, according to a tally kept by data provider IHS Markit —already well ahead of the 2.6 million second-quarter hit. Global sales last month were the lowest for August since 2011.
Taiwan’s Gogoro Inc. will go public in the U.S. via a special-purpose acquisition vehicle merger with Poema Global Holdings Corp. that values the battery-swapping pioneer at more than $2.3 billion.
On Thursday, the Taipei-based company said it plans to list on the Nasdaq Stock Market through a merger with Poema, a SPAC, giving it fresh funds as it moves to expand into China and India.
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A selloff in Chinese property stocks intensified Thursday, as concern mounted about the effects of an official campaign to rein in the sector that has already sparked turmoil at China Evergrande Group .
By early afternoon in Hong Kong, the Lippo Select HK & Mainland Property Index had fallen 5.4%, putting it on course for its lowest close in more than four years, FactSet data showed. The drawdown in property shares helped pull Hong Kong’s flagship Hang Seng Index down about 2%, setting the benchmark up for its lowest closing value of 2021.
Investment firm Lexington Partners LP is exploring a sale of its business, part of an increasingly popular niche of the red-hot private-equity industry, according to people familiar with the matter.
Closely held Lexington, which specializes in buying secondhand stakes in private-equity funds, has hired Goldman Sachs Group Inc. to advise on a potential sale, which could value the firm at a few billion dollars, some of the people said.
Hong Kong-based Prenetics Group Ltd. is going public on the Nasdaq Stock Market via a special-purpose acquisition company, in a deal that values the medical diagnostic startup at $1.25 billion.
A cryptocurrency hedge-fund manager who lied about returns on his $90 million fund and siphoned money from its accounts to cover a lavish lifestyle was sentenced to 7½ years in prison Wednesday.
Stefan Qin, 24 years old, pleaded guilty in February to one count of securities fraud after prosecutors said he ran the fund, Virgil Sigma Fund LP, like a Ponzi scheme for three years until its implosion in late 2020. The U.S. attorney’s office for the Southern District of New York said many of the more than 100 investors in the fund were scammed.
Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig pressed lawmakers Wednesday to give the Internal Revenue Service more information about taxpayers’ bank accounts, as the Biden administration tries to salvage its struggling tax-compliance proposal.
In letters to lawmakers, the administration officials again asked Congress to require banks to report annual inflows and outflows from bank accounts with at least $600 or at least $600 worth of transactions, a proposal aimed at letting the IRS target its audits more effectively. It would generate about $460 billion over a decade to cover the costs of Democrats’ planned expansion of the social safety net and climate-change policies, according to the administration.
U.S. stocks rose Wednesday, staging a rebound as investors tried to gauge the strength of the economic recovery.
The S&P 500 rose about 0.9% as of the 4 p.m. close of trading in New York. The broad stocks gauge on Tuesday fell for the sixth time in seven trading days. It finished Wednesday roughly 1.3% below the all-time closing high it notched in early September.
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