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US pension funds are suing 6 of world’s largest banks for allegedly colluding on a $1 trillion market

“Stock lending is related to short selling and involves lending a stock to an investor or firm through a broker or dealer” writes Daniel Wiessner for businessinsider.com. The funds accused the banks of establishing EquiLend in 2001 to safeguard their interests in the stock lending market.The pension funds said collusion by the banks harms investors and retirees by forcing them to pay high fees to engage in stock lending.Three U.S. pension funds sued six of the world’s largest banks on Thursday, including Goldman Sachs Group Inc and JP Morgan Chase…

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Markets News Stocks 

Breakdown between Dow, S&P 500 and GE sends an ominous stock-market signal

“A bearish breakdown is playing out between the broader U.S. equity benchmarks and General Electric, a key component of the Dow and one of the most storied U.S. companies” reports marketwatch.com. The appearance on the scene of a Hindenburg Omen sometimes portends a stock-market crash.Political chaos aside, the stock market is still booming and the U.S. economy has entered into its ninth year of expansion, with levels of employment and GDP roaring back to prerecession levels. Source: marketwatch.com Share This:

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US stock market indexes sink as technology companies fall

“The stock lost $1.35, or 1.7 percent, to $79.63 although it is still up 8 percent since July 10” writes Marley Jay for seattletimes.com. Its stock lost $2.61, or 6.2 percent, to $39.80.Profits for energy companies have quadrupled because the price of oil has stabilized, and technology companies have also posted big gains.NEW YORK (AP) — U.S. stocks are taking broad losses Thursday, led by declines in technology companies. Source: seattletimes.com Share This:

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BILL ACKMAN: ADP’s stock could double in five years

“ADP’s margins are vastly below what they should be,” Ackman said on the call, saying the stock price could double in five years without the company needing to change its dividend, capital structure or credit rating” writes Rachael Levy for businessinsider.com. Earlier this month, Pershing Square’s disclosure of it stake in the company sparked a testy-back-and-forth between the activist fund and the company which handles Americans’ paychecks.Ackman said in a conference call the company has underperformed its competitors and failed to properly integrate the products it has amassed through acquisitions. Source: businessinsider.com…

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Snap executives have started selling their shares

“Two Snap executives who won’t be selling shares anytime soon are cofounders Evan Spiegel and Bobby Murphy” writes Alex Heath for businessinsider.com. At least three Snap executives have sold shares following the company’s post-IPO lockup expiration that has kept employees from selling until now, according to documents filed with the SEC on Wednesday evening.Sehn, who leads the app maker’s engineering teams, sold the most Class A shares of the group to the tune of $5 million, while Vollero sold shares worth $2.4 million and Khan sold $1.8 million. Get the…

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Markets News Regulators Stocks 

The Fed just fired off a stark warning — and it highlights one of the biggest risks for stocks

“They think the stock market is too expensive, and they want investors to take note” writes Joe Ciolli for businessinsider.com. In the minutes for their July meeting, the central bank explicitly highlighted stretched equity valuations, sharpening their tone compared to previous comments.Another faction said that “recent rises in equity prices might be part of a broad-based adjustment of asset prices to changes in longer-term financial conditions.”. Later in the minutes, several participants noted that these extended stock prices, combined with continued low interest rates, have led to an easing of…

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The favorite tech stock of hedge fund heavy hitters like David Tepper just hit a new all-time high

“If the stock opens at this level, it will be a new all-time high for Alibaba shares” writes Adam Jeffery for cnbc.com. Alibaba shares are surging Thursday as the Asian e-commerce giant reported better than expected earnings results.Earnings for the quarter also came in better than expected at 7.95 yuan versus the 6.24 yuan estimate.Some of the biggest names in hedge funds bought Alibaba shares in the June quarter, according to required 13F filings with the Securities and Exchange Commission for the June quarter.David Tepper’s Appaloosa disclosed a 3.7 million…

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Alibaba’s stock jumps after profit, revenue rise above expectations

“Cloud computing revenue rose 96% to $359 million, as cloud computing paying customers increased 75% to 1.01 million” writes Reporter Editor for marketwatch.com. BABA, +1.11% shot up 4.6% in active premarket trade Thursday, after the China-based e-commerce giant reported fiscal first-quarter profit and sales that rose above expectations. The stock has soared 82% year to date through Wednesday, while the S&P 500 SPX, +0.14% has gained 10%. Source: marketwatch.com Share This:

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5 underloved stocks worth your attention

“Boeing put those concerns to rest, however, with a raised outlook and impressive earnings beat at the end of July” writes Jeff Reeves for marketwatch.com. The July 27 report that lifted Verizon stock showed both prepaid and postpaid connections on the rise, with churn rates under control.More importantly, Verizon stock had been stuck in a rut thanks to negativity surrounding its wireless business.In the absence of any news to spark another leg up, Illumina stock has crawled ahead with the market.Verizon’s strong revenue beat, driven in large part by a…

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