Money News

  • Big hedge funds dumped China stocks, Apple as market tumbled

    NEW YORK (Reuters) - Prominent hedge fund managers sold out of Chinese technology stocks and dumped Silicon Valley majors such as Apple Inc and Facebook Inc while global stock markets cratered during the fourth quarter, according to securities filings released on Thursday.

  • Prominent investors stock up on eBay, then activists flex muscle

    NEW YORK (Reuters) - EBay Inc.'s stock price slumped for most of last year but a number of prominent hedge funds were so convinced that change is on the horizon for the e-commerce company that they established new or added to existing positions in the last months of 2018.

  • Jeff Vinik offers fee cuts to help bring in cash for new fund

    NEW YORK (Reuters) - Prominent U.S. investor Jeffrey Vinik is promising potential clients a cut in fees and said that it had been tougher to raise money than he initially thought, as he prepares to relaunch Vinik Asset Management after six years on the sidelines.

  • Charlie Munger targets active managers, Elon Musk; praises China

    (Reuters) - Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc, on Thursday criticized active fund managers, bankers and even Elon Musk as he urged investors to court simplicity and temper expectations for future returns.

  • Berkshire trims Apple stake, adds Suncor and Red Hat, exits Oracle

    (Reuters) - Warren Buffett's Berkshire Hathaway Inc said it has trimmed its stake in iPhone maker Apple Inc, though none of the selling was Buffett's, and added positions in Canada's Suncor Energy Inc and software company Red Hat Inc.

  • U.S. tax refunds down nearly 9 percent vs year ago: IRS data

    WASHINGTON (Reuters) - The average U.S. tax refund under President Donald Trump's tax overhaul is down nearly 9 percent so far in this year's tax filing season, according to Internal Revenue Service data released on Thursday.

  • 'Robo-adviser' Wealthfront launches cash account

    NEW YORK (Reuters) - Wealthfront, one of the largest digital wealth management firms known as "robo-advisers", said on Thursday it is expanding its suite of financial products by introducing a cash account with a rate on deposits of 2.24 percent, significantly higher than the average U.S. rate.

  • U.S. fund investors charge into money market funds: Lipper

    NEW YORK (Reuters) - U.S. fund investors added another $18.7 billion to money market funds during the latest week, likely putting the low-risk funds on track for a third straight quarter of positive demand, Lipper data showed.

  • Slower growth no reason to quit China: Epoch's Van Valen

    NEW YORK (Reuters) - Slower overall growth is the new normal for China, but the globe’s second largest economy still holds much promise for choosy foreign investors, according to U.S. portfolio manager Kera Van Valen, who helps manage over $17 billion in assets.

  • BlackRock hires former Fed official Fischer as an adviser: memo

    (Reuters) - BlackRock Inc is hiring former U.S. Federal Reserve Vice Chair Stanley Fischer as a senior adviser, the world's largest fund manager said in a memo on Wednesday.

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