WASHINGTON—A company that collects and sells mobile-app usage statistics agreed to pay $10 million to settle a fraud investigation over how it disclosed its data practices to trading clients.
The Securities and Exchange Commission said Tuesday the enforcement action was the first against a provider of alternative data used by investors to make trading decisions. Alternative data describes a range of information that can help investors model the future performance of a company, including consumer transactions, social-media activity and internet search activity.
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Cable giant Comcast Corp. said it was experiencing a slowdown in its cable business after surging growth in the early stages of the coronavirus pandemic, a warning that triggered a slide in the company’s stock price.
Comcast Chief Financial Officer Mike Cavanagh said Tuesday that subscriber additions for Comcast’s cable business—which consists of the Xfinity-branded broadband, pay-TV, landline and mobile phone units—slowed at the end of last month, and lags behind the same period in 2019, before the pandemic.
JPMorgan Chase & Co . is hiring two executives to revamp its online investing product, which has lagged behind rival internet brokerages during a boom in individual investing.
The bank is bringing aboard executives who helped build investing platforms at rivals Bank of America Corp. and Goldman Sachs Group Inc. to take over its online wealth management and brokerage services, according to a memo reviewed by The Wall Street Journal.
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Sportradar Group AG , a company backed by Michael Jordan and Mark Cuban, saw its shares fall 3.5% following its market debut, after the company raised $672 million in its initial public offering and private placements.
Shares in the Swiss technology company opened at $27, the same price as its initial public offering price, giving the company a valuation of $7.98 billion.
Pimco, one of the world’s largest fixed-income investors, has been ramping up its commercial real-estate holdings at the same time that historically low interest rates have undercut bond returns.
The firm, which is officially known as Pacific Investment Management Co. and has $2.2 trillion under management, has been seeking higher yields than those offered by investment-grade corporate bonds by buying hotels, office buildings and other property types that have lost value during the Covid-19 pandemic.
Some finance chiefs say they have plenty of money to invest in their businesses, but shortages in the equipment and people needed for new projects are limiting how much they can take on, leaving a lot of excess cash for buying back stock.
Many U.S. businesses are cash-rich, thanks to strong earnings in recent quarters fueled by the economic recovery. Fundraising rounds during the onset of the coronavirus pandemic and the availability of cheap debt have caused corporate cash holdings to swell. Companies in the S&P 500 held an aggregate of $3.7 trillion in cash and cash equivalents at the end of the second quarter, up from $3.5 trillion a year before, according to S&P Global Market Intelligence, a data provider.
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Chevron Corp. is tripling spending in its new low-carbon unit, which Chief Executive Mike Wirth said he increasingly sees as a viable business.
The San Ramon, Calif., oil giant is pledging to spend $10 billion through 2028 on biofuels, hydrogen production, carbon capture and other technologies, up from a prior commitment of around $3 billion.
When it comes to Federal Reserve interest-rate policy, what inflation is doing now matters much less than what it will be doing next spring.
What inflation is doing now is running fairly high. The Labor Department on Tuesday reported that its index of consumer prices rose a seasonally adjusted 0.3% in August from July, putting it 5.3% above its year-earlier level. Core prices, which exclude food and energy items in an effort to better capture inflation’s trend, were up 4% from a year earlier.
“Trade. Earn. Win.” The happy bunny flipping a pancake and the double- or triple-digit interest rates on offer are closer to the marketing style of Las Vegas than Wall Street. Don’t be fooled: PancakeSwap and its competitors in what’s now known as DeFi, or decentralized finance, are bringing casino capitalism to the crypto masses.
The promised rewards are huge, and the marketing makes it easy. “High APR, low risk” is the pitch for PancakeSwap’s “Syrup Pools,” where anyone can lend money. The annual percentage rates, the APRs, are sweet: On Monday a crypto token called CHESS was promising more than 300% a year, paid in CHESS.
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Goldman Sachs Group Inc. Chief Financial Officer Stephen Scherr is retiring from the Wall Street powerhouse.
Mr. Scherr, who led the firm’s yearslong push into Main Street banking before being named CFO in 2018, will leave at the end of the year. He will be replaced by Denis Coleman, a leveraged-finance banker who has spent 25 years at the firm.
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Consumer prices cooled in August, but still rose 5.3% from a year before as supplies and labor continued to drive up prices.
The consumer price index measures what consumers pay for goods and services, including groceries, clothes, restaurant meals, recreation and vehicles.
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