What you need to know on Wall Street today
Dan Loeb's Third Point hedge fund is betting big on BlackRock, the world's largest asset manager.
In a client letter dated July 26, explaining its stock investment, Third Point said, "We think BlackRock is a misunderstood franchise that is just beginning to inflect."
Elsewhere on Wall Street, Citigroup said the same word more than 20 times in the same presentation - and it's the key to the bank's strategy. In related news, the US bank just named a new head of a $390 billion unit.
Ken Moelis, CEO of Moelis & Company, is trying to get a message out to Wall Street: We're hiring. Jefferies just hired a former Goldman Sachs partner for a big derivatives role. Warren Buffett's Berkshire Hathaway is setting its sights on a new target. And Betterment's 270,000 users can now message financial advisers through the app.
In markets news, the best-performing stock in the Dow this year is rallying on blockbuster earnings. An obscure market indicator could be very useful for investors. And here's what keeps bond fund managers at PGIM up at night.
On Wednesday, the Fed concludes its two-day policy meeting, and Bloomberg's World Interest Rate Probability data shows a 0% chance the Fed hikes rates. The market's focus will be on any more news about when the Fed plans to start shrinking its $4.5 trillion balance sheet, and how the statement acknowledges further declines in inflation. Here's what you need to know:
- The Fed has become the dollar's "biggest problem"
- There's one thing the Fed could do to prove its critics wrong
- Trump just added new suspense to the search for the next Fed chief
- The Democrats' new economic plan exposes the party's existential crisis
- Check back here for the latest from the conclusion of the Fed's two-day policy meeting on Wednesday
Facebook will report earnings after the bell. Here's what you need to know:
- Facebook's main source of revenue is slowing down, but that isn't spooking investors yet
- Facebook traders are bursting with confidence heading into earnings
- CITI: Alphabet's earnings are good news for Facebook
- Check back here for the latest on Facebook's earnings
And in other tech news:
- Here's how Time Inc. is telling employees that it's selling the magazines they work for
- $13 BILLION HEDGE FUND: Jeff Bezos' deal for Whole Foods is "true genius"
- Lyft's quarterly gross bookings now exceed $1 billion - and growth is outpacing arch-rival Uber
- New Ford CEO: Silicon Valley may need Detroit more than it thinks
- BTIG: Netflix is a "monster" that's just now "hitting escape velocity"
- UBS: Tesla's future will be decided at the Model 3 launch event
- AMD: Cryptocurrency mining won't be a "long-term growth driver"
And in non-tech company news:
- Coca-Cola beats, boosted by demand for healthier non-carbonated beverages
- DR HORTON: Homes sales are booming
- Chipotle Mexican Grill's profit more than doubled on stronger sales
- AT&T beats as phone subscriber cancellations fall to lowest in history
United Airlines is giving passengers one final chance to fly on a jumbo jet in America. Delta just unveiled a new plane that features totally private first class suites. And a Scandinavian airline will offer $99 round-trip flights to Europe.