The sell-off that battered stocks in April probably won't stretch into May, according to Fundstrat's Tom Lee. The uber-bullish forecaster pointed to five dovish signs the Fed gave after its policy meeting on Wednesday That suggests equities will end the month of May with a gain, Lee predicted.
The stock market's sell-off could be over, and five bullish signals the Fed gave at its latest policy meeting are setting the stage for gains in May, according to Fundstrat's head of research Tom Lee.
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Tesla has been cutting back as growth in EVs has slowed considerably, but Musk firing his Supercharger team has left many diehard supporters bewildered.
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Nilay Patel, the editor-in-chief of the digital technology publication The Verge, has lately taken to describing theverge.com as “the last Web site on earth.” It’s kind of a joke—there are, of course, tons of Web sites still in existence, including the likes of Facebook.com—but also kind of not a joke. For much of the past decade, publications’ home pages were rarely the focus of attention; journalistic outlets relied on social media to distribute what they published. The Verge is an outlier in that it invested heavily in its home page when it was out of fashion to do so. In 2022, it launched a dramatic redesign that was meant to make its site a more dynamic destination; it included a “Storystream” of short posts and visual highlights, similar to tweets, that provide dozens of updates a day in real time. The new Verge looked less like a traditional publication and more like a social-network feed, which initially struck many industry observers as ludicrous. Why bother trying to do what the social platforms already do better? The home page was dead. TikTok was the future.
“The immediate reaction was ‘This is doomed to fail, no one will ever go to a home page again,’ ” Patel recalled. Then Twitter imploded under the leadership of Elon Musk, and all of the major social platforms pivoted away from news distribution. In the end, The Verge’s redesign worked. According to the company, the number of “loyal users” (defined as those who have five or more sessions on the site in a calendar month) increased by forty-seven per cent in the course of 2023. Though it is not a general-interest title, The Verge continues to be the most visited single site under the umbrella of Vox Media, its parent company. One could argue that its makeover, which has now become a subject of admiring chatter among media executives and the editors who work for them, heralds the revenge of the home page.
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Fed expected to leave interest rates alone Federal Reserve officials said they are leaving their benchmark rate untouched, a decision expected by economists and Wall Street after inflation ticked upward during the first three months of 2024.
The Fed on Wednesday said it is keeping the federal funds rate in a range of 5.25% to 5.5%, the same level it has held since the central bank's July 2023 meeting, which is its highest level in more than 20 years.
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Check out the companies making headlines in midday trading. New York Community Bank — Shares of the beaten-down regional bank popped more than 31% after CEO Joseph Otting said in a release that "we have a clear path to profitability over the following two years." The bank on Wednesday posted a quarterly loss of $335 million , fueled by a rise in soured commercial loans and higher expenses. Super Micro Computer — The server vendor dropped 15% after missing revenue expectations for its fiscal third quarter. However, Super Micro beat analyst expectations for its adjusted earnings and hiked its revenue guidance for its fiscal 2024 year. Starbucks — Shares plunged more than 16% after the coffee chain posted weaker-than-expected quarterly results on the top and bottom line. Starbucks posted adjusted earnings of 68 cents per share on revenue of $8.56 billion. It missed analysts' forecasts of 79 cents per share in earnings and $9.13 billion for revenue, per LSEG. Pfizer — The drugmaker's shares rose 3% after Pfizer topped Wall Street's first-quarter revenue forecast and raised its full-year profit guidance. Pfizer now expects adjusted earnings of $2.15 to $2.35 per share for the full-year, higher than its previous forecast of $2.05 to $2.25 per share. Skyworks Solutions — TD Cowen downgraded Skyworks to hold from buy, sending the Apple supplier down 15%. The firm said it sees numerous headwinds, and that the stock's risk-reward ratio skews negative "until there is greater visibility into a Mobile content catalyst." Amazon — The tech giant added 1.3% on the back of its strong first-quarter profit and revenue beat. Advertising revenue grew 24% in the first quarter, and Amazon Web Services also posted results that surpassed analysts' expectations. SiriusXM — The broadcasting company's stock jumped nearly 4% after Goldman Sachs upgraded SiriusXM to neutral...
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Blockchain analysis firm Elliptic, MIT, and IBM, have released a new AI detection model—and the 200-million-transaction dataset it's trained on—that aims to spot the “shape” of Bitcoin money laundering.
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The British brand has entered the booming market in luxury ‘car-chitecture’, opening a themed tower in Miami boasting ballroom, helipad and infinity pool – all offering millionaires a perfect view of our choking, collapsing world.
Move over, James Bond – a new Aston Martin has rolled into town, brimming with more flashy features than Q could ever dream of. Parked ostentatiously on the Miami waterfront, overlooking a private marina brimming with superyachts, its streamlined flanks glisten in the Florida sunshine, housing an interior trimmed with the finest leathers and exotic wood veneers. There’s no ejector seat or rocket-launcher, but it is the biggest Aston Martin ever made – housing Jacuzzi, bar, cinema, golf simulator, art gallery, ballroom and infinity pool, all crowned with a 66th-storey helipad.
Unveiled in the week of the Miami Grand Prix, the latest exclusive model from the timeless British automotive brand is not a high-performance sports car, but an ultra-luxury apartment building – the tallest residential tower in the US, south of New York. After Aston Martin’s years of financial woes, following a disastrous stock market performance since the company’s 2018 listing, it seems that the boutique car-
maker is seeking salvation in property development.
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Qualcomm has a multibillion-dollar buyback, but it's not the shareholder windfall you might think.
Tech giant Qualcomm (QCOM -1.98%) makes leading modem chips for smartphones and owns the key patents in cellular technology. Qualcomm has also recently invested in new growth markets such as automotive and Internet of Things chips.
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Morningstar chief technology officer James Rhodes says that as much as 90% of the financial service company’s cloud spending goes to Amazon Web Services.
Microsoft is a very distant second, with about 7%, and Google Cloud accounts for the rest. But when it comes to artificial intelligence products and services, Morningstar is betting big on Microsoft’s OpenAI.
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Travel demand remains strong, but cracks are showing at certain carriers.
In the recently completed first quarter, travel demand held up surprisingly well, countering investor fears that rising inflation and energy prices would eat into big-ticket purchases like airfares. But cracks are forming in individual names.
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A bathrobe isn't exactly a necessity, but having something soft to slip into after a shower certainly makes daily life a little more enjoyable. And remember: now is the time to get your Mother's Day gift shopping done. Many loungewear brands are hosting sales to celebrate, so keep in mind anyone else who could use some pampering.
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Fitness company’s sales boomed during the Covid pandemic as gyms closed but sales collapsed as the world reopened.
Barry McCarthy has stepped down as CEO of Peloton, the company said on Thursday, as it decided to cut 15% of its workforce to tackle a post-pandemic slump in demand for its connected fitness equipment.
Shares of the beleaguered New York-based company rose 8% before the markets opened as it also plans to cut back its retail presence, owing to weak demand that has forced Peloton to push back its goal of returning to profit.
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Rolling coverage of the latest economic and financial news, as the OECD cuts UK growth forecasts to back of G7 pack for 2025.Full story: UK will be worst performer in G7 next year, OECD forecastsUS Federal Reserve holds interest rates steady as inflation ticks up
Novo Nordisk, the Danish pharmaceutical company behind the Wegovy weight loss drug, has beaten profit expectations as demand booms.
Novo Nordisk’s sales increased by 22% in the first quarter, while operating profit rose by 27%.
“We are pleased with the sales growth in the first three months of 2024, driven by increased demand for our GLP-1-based diabetes and obesity treatments,”
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Novo Nordisk A/S raised its profit outlook with the drugmaker now shipping five times more introductory doses of its weight-loss drug Wegovy in the US than at the end of last year.
More than 25,000 patients are now starting on the treatment each week in the US, Chief Executive Officer Lars Fruergaard Jorgensen said Thursday. That’s up from about 5,000 in December.
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It's easy to identify a photo from the early days of Instagram and Snapchat. Grainy, greenish sunset photos and dog-eared selfies littered social media during the mid-2010s. Augmented-reality filters went viral for their ability to shrink noses and brighten complexions. They weren't fooling anyone, but they weren't supposed to.
Fast-forward nearly a decade, and filters have significantly stepped up their game. Unlike the flower-crown filters of old, which superimposed a mesh face on your on-screen selfie using facial-tracking technology, the latest filters digest the image's pixels to spit out an entirely new face. Today's online world is awash with images of poreless skin, perfectly arched brows, and plump lips, but it's not always clear who's getting a digital facelift and who has had a real one. The faces that hold social currency on social media — with fox-lift brows and buccal fat removed — are increasingly bleeding into real life.
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Bankruptcies in Sweden extended their streak of annual increases to 21 months in April, according to data from Creditsafe, which expects no immediate relief even as inflation slows and rate cuts are approaching.
The number of bankruptcies was 72% higher in April than a year ago, the credit reference agency said in a statement. The increase was led by e-commerce, real estate, hotels and restaurants, and 942 companies went bankrupt last month, marking the highest number in a month of April since 1994.
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Trump’s remarks at events in the battleground states of Wisconsin and Michigan were being closely watched after he received a $9,000 fine for making public statements about people connected to the criminal case. In imposing the fine for posts on Trump’s Truth Social account and campaign website, Judge Juan M. Merchan said that if Trump continued to violate his orders, he would “impose an incarceratory punishment.”
“There is no crime. I have a crooked judge. He’s a totally conflicted judge,” Trump said speaking to supporters at an event in Waukesha, Wisconsin, claiming again that this and other cases against him are led by the White House to undermine his campaign.
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Scientists have figured out how to grow synthetic diamonds in just 150 minutes—and that could be bad news for natural jewels.
In a study published in scientific journal Nature last week, researchers from the Institute for Basic Science in South Korea detailed a new method of growing diamonds using a mixture of liquid metals.
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I'm an avid cruiser and have gone on more than 15 trips with most of the major cruise lines.However, moving forward, I'll probably only book with Disney Cruise Line and Royal Caribbean.Both Disney and Royal Caribbean offer great entertainment, activities, and food.
As an avid cruiser of over 30 years, I've gone on more than 15 trips on most of the major cruise lines, and can understand why people love cruising so much.
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Then came AI. AI is already consuming monstrous amounts of electricity, changing the equation for tech firms balancing the twin priorities of managing carbon emissions while staying competitive in the AI race. The data centers that store information and host the large language models that AI is trained on are stocked with high-powered computer chips that require lots of energy and lots of water to cool.
Some analysts predict AI could consume as much as a quarter of all power in the U.S. by 2030. Microsoft disclosed last September that its water usage had spiked 34%. The power grid as it currently exists isn’t capable of handling such a massive surge in demand, so tech companies are taking matters into their own hands.
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The Knight First Amendment Institute at Columbia University filed a lawsuit against Meta on behalf of a UMass Amherst professor who wants to release "Unfollow Everything 2.0."
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Alphabet paid Apple $20 billion in 2022 to remain Safari's default search engine, court documents show.That's a $2 billion increase compared to the reported amount Google paid Apple in 2021.The deal is key evidence in a US antitrust lawsuit alleging Google has an illegal search monopoly.
The price to be the default search engine on iPhones, iPads, and Macs has apparently gone up.
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Ariana Grande, Drake, Lady Gaga and Rihanna are just some of the artists returning to TikTok — where Taylor Swift's music recently reappeared — with Universal Music Group and TikTok announcing a licensing deal ending a months-long spat.
TikTok's more than one billion users will soon be able once again to use music recorded by UMG artists in their videos, and existing videos with music that had been muted due to copyright violations will be unmuted "in due course," the companies said Wednesday in a joint statement.
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Testimony in Donald Trump's NY trial was delayed Thursday morning by still more gag-violation arguments."Everybody can say anything they want except for President Trump!" his lawyer complainedTrump's lawyers flagged Biden's "stormy weather" and Michael Cohen's Donald 'Von ShitzInPants' cracks.
Another week, another contempt-of-court hearing for Donald Trump — and this one was a doozy.
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"The Idea of You" stars Nicholas Galitzine and Anne Hathaway in a May-December romance.The movie is sweet, but also very sexy, with plenty of intimate scenes.Galitzine tells BI those sex scenes, and others he's done in his career, serve a real story purpose.
The sizzling chemistry between Nicholas Galitzine and Anne Hathaway in "The Idea of You" trailer was enough to propel it to record-breaking views. But the movie isn't just spicy for the sake of it, according to Galitzine.
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Biden once spoke of his law school experience at Syracuse University during the protest era of 1968. “I’m not big on flak jackets and tie-dyed shirts."
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The US economy is still firing on all cylinders despite slowing GDP growth in the first quarter.
Carson Group strategist Sonu Varghese highlighted five economic indicators that show the strength.
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Pinpoint Asset Management is a Hong Kong-based hedge fund with offices in Shanghai and Singapore.The firm was founded 25 years ago and runs a China-focused fund and a multi-strategy offering.The two funds have generated strong returns through mid-April, according to HSBC's Hedge Weekly report.
After a couple of years of poor performance and dwindling assets, Hong Kong-based Pinpoint Asset Management has surged so far in 2024.
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While it has only been around for about four years, Avocademy is one bootcamp where students have quickly found success in its constantly evolving programming.
ADVERTISEMENT Advance Your Career: Columbia Engineering UX/UI Boot Camp Visit WebsiteGain experience with a host of popular tools and methods such as Adobe XD, Figma, InVision, agile methodology, user centered design research, and rapid prototyping through online classes in 24 weeks.
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These companies have taken on pivotal roles in AI, but one is potentially a more reliable investment.
In 2023, the artificial intelligence (AI) market exploded, leading businesses across a wide range of industries to enter the sector. At first, the rush of interest in AI seemed almost like a temporary trend that would eventually fade. However, multiple companies have begun seeing significant gains from AI, suggesting the technology boom is here to stay.
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Taiwan Semiconductor's stock dropped after its latest earnings report. When companies take a tumble after an earnings report, it allows investors to assess whether the issue is a short-term problem or a long-term hurdle. If you have a long-term mindset, you can use short-term pessimism to your advantage and make some fantastic investments at a slightly lower price by going against the grain.
Taiwan Semiconductor (TSM -1.75%) recently reported its first-quarter results, which were met with a 6% sell-off during the trading day after they became available. While this wasn't as violent a sell-off as some companies experience, it's still noteworthy and could give investors a chance to get in on a stock that has seen its price rise substantially thanks to its involvement with artificial intelligence (AI) chips.
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Marvell has transformed itself into a data center AI play.
Marvell Technologies (MRVL -3.17%) has emerged as a beneficiary of the artificial intelligence (AI) revolution. Founded in 1995 and going public in 2000, Marvell quickly established a reputation as a leader in disk drive readers and networking controllers. But after activist investor Starboard Value became involved in 2016 and installed Matt Murphy as CEO, the company embarked on an acquisition strategy to build a comprehensive portfolio of data communications solutions.
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It pays to develop novel medicines for life-threatening illnesses. The phrase "the golden age of biotech" was somewhat popular a few years ago but now seems largely forgotten. Regardless, biotech companies can be excellent long-term investment options for several reasons.
Many are highly innovative corporations that develop breakthrough medicines for rare and hard-to-treat diseases. Even when they target more common conditions, some biotechs have deep lineups that allow them to generate steady revenue and profits.
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SOC Investor Group highlights ‘serious concerns’ over company led by Todd Vasos who pocketed $183m between 2015 and 2021.
Dollar General investors are pushing for shareholders to vote against executive officer compensation proposals at the company that raise “serious concerns regarding Dollar General’s governance, corporate priorities, and treatment of its workforce”.
In a letter to shareholders the SOC Investor Group, formerly known as the Change to Win Federation, pointed out that the median salary for a Dollar General employee in 2023 was $18,657 annually, or over $9 an hour, while Dollar General’s CEO, Todd Vasos, received nearly $183m in compensation from 2015 to 2021.
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Individuals could win £25,000 or more if they are successful in claim Uber broke taxi booking rules.
More than 10,500 of London’s black-cab drivers have launched a £250m legal case against Uber, accusing it of breaking the capital’s taxi booking rules and deliberately misleading authorities to secure a licence.
The case, which has been filed in the high court in London by the litigation management firm RGL, resurrects a claim first raised five years ago, related to the way the ride-hailing app operated in London between 2012 and 2018.
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PayPal stock is under fire, but patient investors could eventually win big.
PayPal (PYPL -2.62%) hasn't proven a profitable stock lately. But when you dig into the numbers, there's reason to believe the shares could have considerable upside over the next several years. In fact, the stock could foreseeably double in value by the end of 2025. Here's why.
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The S&P 500 is within striking distance of a fresh all-time high. Is now a good time to invest?
The Vanguard S&P 500 ETF (VOO -0.33%) is one of the best ways to invest in the S&P 500, which has been a pretty smart strategy over the long term. Since 1965, the S&P 500 has produced a total return of 10.2% annualized. The Vanguard ETF has an expense ratio of just 0.03%, so you get to keep most of your gains.
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Music giant pulled content amid row over issues such as deepfake AI-generated music and artists’ compensation.
TikTok and Universal Music Group have reached a deal that will allow songs and artists from its labels including Olivia Rodrigo and Drake to return to the platform.
The world’s largest music company began pulling content from TikTok in February after falling out with TikTok over issues including artist compensation and the use of artificial intelligence-generated music on the video-sharing app.
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However, that amount includes massive funding from corporate backers, like Microsoft’s infusion of capital into OpenAI and Amazon’s funding of Anthropic. Stripped down to conventional VC investments, funding in 2023 for AI startups was much smaller, and only on pace to match the total amount raised in 2021.
Pitchbook senior analyst Brendan Burke noted in a report that venture capital funding was increasingly being funneled towards “underlying core AI technologies and their ultimate vertical applications, instead of general-purpose middleware across audio, language, images, and video.”
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In the late morning of April 18th, as police amassed outside the gates of Columbia University and chants of “Free Palestine!” rang across the campus, I ran into Nina Berman, a colleague at the Journalism School, where she teaches photojournalism and I serve as dean. Nina was walking toward the east lawn, where a sign declared the area a “Gaza Solidarity Encampment.” She has, for four decades, specialized in documenting precisely these types of events—labor strikes, Black Lives Matter protests, reproductive-rights rallies—though usually at a slightly greater remove from her place of employment.
A bit of context: Just before dawn on the seventeenth, dozens of students had fanned out across the east lawn to demand that the university curtail investments in companies with ties to Israel. The campus lawns had been an area of contention since the week following October 7th, when duelling gatherings in support of Israelis and Palestinians began cropping up. So it was not uncommon to see the Palestinian flag unfurled in front of the nearby Butler Library. But the protests intensified that morning, when students erected tents and hung a sign reading “Liberated Zone.” The same day, Minouche Shafik, Columbia’s new president, was in Washington, D.C., testifying about antisemitism at the university before a House committee. After the hearing, Shafik was confronted with another challenge: how to respond to the encampment that now filled the entire east lawn. She ultimately called in the N.Y.P.D., which arrested more than a...
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Granted, there are things worth getting upset about here, with good and bad art works talking over each other for entire rooms at a time. Peak braying is reached in a single tall gallery that Pedrosa has stuffed like a storage unit with abstract paintings by thirty-seven artists, most of them making their Biennale début. You can always try to make up for neglect by rushing lots of strong material through at once, but this doesn’t necessarily do the material any favors: plenty of abstraction needs time and space to bloom in the beholder’s eye, and none of the paintings in this room are permitted much of either, with the result being that nothing much blooms at all. Blame the curation, blame the inherent dilemma of the logjam—either way, it’s the one portion of the Central Exhibition which strikes me as an outright failure. A Rothko couldn’t thrive in a place like this.
The most obvious way to stand out in a big, loud multitude is to be louder, and loudness, with a side helping of eeriness, was more or less the métier of the mid-century Italian artist Domenico Gnoli. His sprawling painting of a woman’s shoe looks as rough as sandpaper, with two vampire fangs of red fabric poking down from its top edge—it has to be one of the most calmly odd things in the Central Exhibition this year, and also one of the most purely pleasurable, pulling you in with the friendly yank of a pop song. Gnoli’s approach isn’t so far from that of the Mexican Ana Segovia, whose “Pos’ se acabó este cantar” is one of this Biennale’s more memorable film pieces. Panting with hot color and haywire machismo, it features two Mexican cowboys, or charros, standing millimetres apart, their every move swollen to monumentality by the...
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Films like Luca Guadagnino’s “Challengers” and last year’s “The Iron Claw” offer Zeitgeisty takes on masculinity. Do they signal a shift in the storied genre?
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Five days before the launch of Hunterbrook Media, one of its founders, Sam Koppelman, sat outside an East Village coffee shop and played me a voice mail. “We fucking took those cocksuckers down,” a man could be heard saying, articulating each profanity in a crisp staccato. “Fuck those guys. We’re No. 1.” The voice, Koppelman told me, belonged to Mat Ishbia, the C.E.O. of United Wholesale Mortgage and the majority owner of the Phoenix Suns. He was allegedly speaking about his closest industry rival, Rocket Mortgage. Hunterbrook was about to publish an investigation alleging that Ishbia’s company had aggressively pressured independent mortgage brokers to send business to U.W.M., potentially saddling home buyers with hundreds of millions of dollars more in closing costs. But what made this first foray into investigative journalism notable had already occurred: in advance of the story’s publication, Hunterbrook Media’s conjoined twin, Hunterbrook Capital, a hedge fund, had shorted U.W.M. stock and gone long on Rocket Mortgage.
Koppelman, who is Hunterbrook’s publisher, is twenty-eight, with large blue eyes and dark eyebrows. He has no professional banking or journalism experience, though he has worked as a political speechwriter and co-authored two books, one with the former acting Solicitor General Neal Katyal, the other with the former Attorney General Eric Holder. In the East Village, he wore a half-zip sweater and a white baseball cap emblazoned with “A Mouthful of Air,” the title of a novel by his mother, Amy, which was later adapted into a movie starring Amanda Seyfried. His father, Brian, is one of the showrunners of “Billions.”
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Learn how Visa makes its money -- and why it's such a solid investment.
Some things in life are underrated: Mint chocolate chip ice cream, for example. Sure, regular old chocolate is great, but give me the choice and I'll take the light green ice cream every time.
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Nvidia stock has taken off thanks to the success of this chip, and there could be more upside in the cards thanks to its upcoming products.
Nvidia's (NVDA -3.89%) H100 data center graphics processing unit (GPU) has been a game changer for the company since it was launched a couple of years ago, which is not surprising as the chip arrived just in time for the beginning of the artificial intelligence (AI) revolution.
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Unruly behavior on airplanes can lead to hefty fines for passengers.
Just ask Alexander Michael Dominic MacDonald, from Chelmsford, England, who this week was ordered to pay $20,638 to United Airlines for his outbursts on a flight from London to Newark, New Jersey, in March.
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