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Tag: Big

Big money managers flee cash despite coronavirus, election worries

October 13, 2020
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BMO Capital Markets chief investment strategist Brian Belski argues traders shouldn’t let near-term issues affect long-term investing.

Big money investors have over the last six months poured cash into the markets at the fastest pace in 17 years as they fretted over COVID-19 and the upcoming presidential election, according to a new survey from Bank of America.

Cash holdings fell to 4.4% in October, down from 4.8% in September, and have now dropped 1.5 percentage points since April, the fastest decline since 2003. A reading below 4% is considered investor greed.

Respondents “said the recession is over, reduce cash, pause cyclical rotation, and price in contested election & February vaccine,” wrote Michael Hartnett, chief equity strategist at Bank of America. “We say sell SPX > 3600 and cyclical rotation via banks/energy to resume in Q4.”

Ticker Security Last Change Change %
SPX n.a. n.a. n.a. n.a.

TRUMP’S STOCK GAINS HIT

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Big Money, Day Traders Both Love Japan Tech Darling Mercari

October 13, 2020
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(Bloomberg) — Mercari Inc., the online flea-market operator that has become one of Japan’s most closely watched tech ventures, is closing in on new highs as the stock has drawn both big and small money.

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The company has already grown to command the largest weighting on Japan’s startup-focused Mothers index as individual investors buy in — of some 230 of the largest Japanese companies with market value of over $5 billion, Mercari has the third-highest percentage of individual shareholders. Then on Oct. 7, Los Angeles-based money manager Capital Group declared it had taken a 5% stake in Mercari.

That’s helping propel the stock to near the 6,000 yen mark it hit just once, on the day it listed to great fanfare in 2018. After a rapid decline, the stock has worked its way back up this year, fueled by its first quarterly operating profit. That’s been helped by

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Big Money and Day Traders Alike Love Japan Tech Darling Mercari

October 13, 2020
| No Comments
| money

(Bloomberg) — Mercari Inc., the online flea-market operator that has become one of Japan’s most closely watched tech ventures, is closing in on new highs as the stock has drawn both big and small money.

Loading...

Load Error

The company has already grown to command the largest weighting on Japan’s startup-focused Mothers index as individual investors buy in — of some 230 of the largest Japanese companies with market value of over $5 billion, Mercari has the third-highest percentage of individual shareholders. Then on Oct. 7, Los Angeles-based money manager Capital Group declared it had taken a 5% stake in Mercari.

That’s helping propel the stock to near the 6,000 yen mark it hit just once, on the day it listed to great fanfare in 2018. After a rapid decline, the stock has worked its way back up this year, fueled by its first quarterly operating profit. That’s been helped by

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Falcons Big Money Players Not Delivering; Quinn, GM Out

October 12, 2020
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Seattle Seahawks v Atlanta Falcons

Atlanta Falcons owner Arthur Blank (left) has fired head coach Dan Quinn. General Manager Thomas … [+] Dimitroff was fired, too. The Falcons are 0-5. (Photo by Kevin C. Cox/Getty Images)

Getty Images

The fixed order of the NFL is to give contracts to the big stars. If an organization gets hit by poor coaching, injuries, close losses, and underperformance of those stars, an unholy mess follows and the salary cap becomes a ball-and-chain. The Falcons are in the pit of that mess this week and owner Arthur Blank, at last, recognized it is time to fire head coach Dan Quinn and general manager Thomas Dimitroff. Atlanta is 0-5 and the ignominy of the dismissal wasn’t carried out on Zoom, but in a late-night statement Sunday.

All those contracts, the parade of big money, deal after deal, promise after promise, and the Falcons are winless. Quinn and Dimitroff were co-joined

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Big tech’s emerging market finance push brings rewards and risk, FSB says

October 11, 2020
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| finance

LONDON, Oct 12 (Reuters) – A push by big technology firms into financial services in developing countries will improve access to them, but might also make traditional lenders more vulnerable, the Financial Stability Board (FSB) said.

The expansion in emerging markets has generally been more rapid and broad-based than that in advanced economies, the FSB, which coordinates financial regulation for the Group of 20 Economies (G20), said in the report released on Monday.

Lower levels of access to traditional banking and financial services developing economies had created demand for services now offered by big tech firms, the report found, particularly among low-income populations and in rural areas.

An increasing availability of mobile phones and internet access supported this trend, the FSB said.

“However the expansion of BigTech activity also gives rise to risks and vulnerabilities,” it said, pointing to lower financial literacy and firms using other data gathered.

“Competition from

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Big money funds debate on Illinois graduated income tax vote

October 11, 2020
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| money

SPRINGFIELD, Ill. (AP) — Both sides in the debate over a ballot measure to change Illinois’ income tax system from a flat-rate to a graduated structure have straightforward arguments

Democratic Gov. J.B. Pritzker and other proponents call it the “fair tax” because it demands more from those with higher incomes. Those making less than $250,000 a year would pay no more than the current 4.95% flat rate.

Opponents point to the state’s history of political corruption, saying the proposal on the November ballot would loosen constitutional restraints on lawmakers’ spending.


THE PROPOSAL

The ballot question would amend the Illinois Constitution to discard the current income tax system, in which every individual pays the same flat rate, 4.95%, and corporations pay 7%. It would set up brackets, like the federal government and 32 other states. The tax rate would increase with income.

BIG STAKES, BIG MONEY

Campaign group Vote Yes for

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Trump: Favor-seekers benefit after spending big at his businesses: NYT

October 11, 2020
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  • Individuals, foreign governments, and lobbyists are spending big at Trump’s resorts and hotels and gaining from his administration, a New York Times investigation found. 
  • It found that 60 individuals had spent $12 million in Trump’s businesses and, in some form, saw their interests advanced by his administration. 
  • Trump won the election in 2016 pledging to “drain the swamp,” but is profiting from favor-seekers patronizing his hotels and resorts. 
  • Visit Business Insider’s homepage for more stories.

More than 200 foreign governments, lobbying groups, and individuals spent money in President Donald Trump’s businesses and benefitted from his administration, a New York Times investigation found. 

It documents how foreign government officials, corporate executives, lobbyists, and attorneys patronized Trump businesses and were awarded lucrative federal contracts, ambassadorship, and appointments to federal task forces. Others secured legal changes. For some, the favor granted by the president was a tweet. 

According to the Times investigation, 60

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Big spending to influence California propositions

October 10, 2020
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Campaign finance records fall quickly these days, as big money gets bigger and new records are set each election cycle. Still, what’s happening in 2020 is staggering.

According to the nonpartisan Center for Responsive Politics, over $3 billion has been raised so far for the presidential race, breaking previous records, and “dark money” groups whose largesse is harder to track are spending “unprecedented amounts of money to influence the 2020 election.” Deep blue California won’t see Donald Trump or Joe Biden on this year’s campaign trail, but its deep-pocketed donors from both parties are playing huge parts in the race for the White House.

And it’s not just federal spending charting new territory. Money to sway voters on statewide ballot measures is also flowing fast, with more than a half-billion dollars spent so far, according to an analysis by this news organization — the bulk of that on just three

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Khudobin sticks with Stars, Sens give Murray big money

October 9, 2020
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Goalies are dominating the early headlines of 2020 NHL Free Agency, including the Dallas Stars signing Anton Khudobin, and the Ottawa Senators giving Matt Murray a stunning contract.

Stars sign Khudobin to three-year contract

Heading into 2020 NHL Free Agency, many expected Anton Khudobin to be priced out of Dallas. Nope, apparently not.

The Stars found a way to sign Khudobin, 34, to a three-year contract. Pierre LeBrun reports that the contract totals $10 million, so the cap hit would be about $3.33M per season.

LeBrun shared the interesting structure of the deal:

Khubodin deal is finalized with Dallas: three years and $10 M total.
year 1, $2.5 M
year 2, $3.75 M
year 3, $3.75 M

— Pierre LeBrun (@PierreVLeBrun) October 9, 2020

No doubt, Khudobin became more prominent in the hockey mainstream during the Stars’ run to the 2020 Stanley Cup Final. For those who zoomed out, they

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Big business CEOs give Trump 5 times as much money as Biden

October 9, 2020
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| money

National Economic Council Director Larry Kudlow said in a recent meeting in the Oval Office with White House Chief of Staff Mark Meadows the president said he would like to ‘do a deal.’

Top CEOs have doled out nearly $2.5 million to fill the reelection coffers of President Trump and other Republican candidates, donating nearly five times as much to pro-Trump super PACs and the Republican National Committee as to Democratic opponent Joe Biden.

KAMALA HARRIS CHEERS WALL STREET SUPPORT AS BIG-MONEY DONORS LINE UP FOR BIDEN

The money comes from 15 top executives from the S&P 500. The top donor is Jeffrey Sprecher of Intercontinental Exchange, whose wife, Republican Sen. Kelly Loeffler of Georgia, is battling to keep her seat in Congress. Sprecher spent over $1.2 million, giving to GOP PACS America First Action, Trump Victory and Donald J. Trump for President, according to a data analysis by Market

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