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Wall Street Investors Show Some Optimism in Monthly BofA Survey
Investors remain pessimistic about stocks, but their outlook is no longer dire, according to Bank of America Corp.’s latest monthly Global Fund Manager Survey. The August poll of 284 people managing assets totaling $836 billion reported that investors are “no longer apocalyptically bearish,” thinking that inflation has peaked and interest rate jolts will soon subside...
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Thoma Bravo to Buy Ping Identity for $2.8 Billion
Private equity firm Thoma Bravo will acquire software security company Ping Identity Corporation in a $2.8 billion all-cash deal, taking it private, Ping announced in early August. Thoma Bravo will pay $28.50 per share, which is 63% over Ping’s closing share price the day before the announcement, the company said...
Amgen Continues Acquisition Run with $3.7 Billion ChemoCentryx Purchase
In the latest in a series of acquisitions, multinational biopharmaceutical behemoth Amgen has announced it will purchase ChemoCentryx in a $3.7 billion deal that will advance its position in the world of anti-inflammatory medications. Last year, the FDA approved ChemoCentryx’s drug Tavneos...
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Business Investment Slows in Second Quarter
U.S. business investment fell off in the second quarter, dragging down gross domestic product and ending a seven-quarter run of historic contributions to growth. Nonresidential fixed investment, which includes expenditures for such things as building and renovation, fell 0.1% on an annualized basis for all industries except mining and drilling...
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Supply Chain Snags Shift from West Coast to East
While fewer container ships may be sitting at anchor in the Pacific, supply chain congestion has shifted east. Off the coast of Los Angeles, at the Port of Long Beach, just 21 container ships were backlogged in June, compared to a record 109, according to Marine exchange...
TD Bank Makes Investment Banking Inroads with NY-based Cowen Acquisition
Canada’s Toronto-Dominion Bank (TD) will buy the New York investment bank Cowen for $1.3 billion, its Securities Group Head announced in an early-August conference call. "It's difficult to time things exactly to where the markets are. When you have a long view of the business, then really what you're looking for is — can you find a party that has complementary skills, and then you worry less about the timing," Riaz Ahmed said...
Semtech Announces Acquisition of Sierra Wireless for $1.2 Billion
California-based Semtech Corporation has announced that it will buy the cellular IoT (Internet of Things) company Sierra Wireless for $31 per share in an all-cash transaction valued at about $1.2 billion. Semtech, a 60-year-old global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms.
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Cookie-less Adtech Company Seedtag Raises $252 Million
Seedtag, a Spanish advertising startup that uses AI tools to match clients with consumers, has raised more than $252 million from a single investor, Advent International, which will be used for expansion beyond Europe. The eight-year-old adtech company has responded to the need for an alternative to cookies...
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High Reverse Repo Levels Could Hinder U.S. Banks
The Federal Reserve reverse repurchase facility (RRP) contains $2 trillion in overnight cash, aiming to manage excess liquidity in the financial system. But could it make trouble for banks? Following the 75-basis-point interest rate hike in late July...
Solid Q2 Earnings Allay Recession Fears, Says Goldman Sachs
Strong second-quarter earnings may indicate no need to worry about a recession, according to Goldman Sachs analysts, though the U.S. economy has contracted for two consecutive quarters. U.S. S&P 500 companies saw a 9% year-on-year increase in earnings with growth in every sector...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
Navan Appoints Amy Butte as Chief Financial Officer
Navan, the comprehensive super app simplifying travel and expense management, announced the appointment of Amy Butte as Chief Financial Officer effective June, 2024. Butte, who joined Navan's Board of Directors in April 2024, has resigned from her role as Audit Committee Chair to assume this executive position...