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This year's steady climb of the S&P 500 index has market experts forecasting a robust remainder of 2024. JPMorgan analyst Madison Faller recently highlighted that the S&P 500 has gained over 10% in 100 trading days, and whenever that has happened since 1950, "stocks have closed out the full year with an average return of about 25%." "This time last year, the S&P 500 was up over 8% and later closed the year with a gain of almost exactly 25%," she added. Her colleagues also had an optimistic outlook on two emerging biopharma stocks, with a "Buy" rating based on the analyst consensus. Kyverna The...
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Today, consumer electronics retailer Best Buy (NYSE: BBY) posted a year-over-year (YoY) drop in overall sales to $8.84 billion for the quarter ending May 4, from $9.46 billion the year prior. The retailer's comparable sales declined by 6.1%, attributable to high living and borrowing costs. Despite a downward trend in inflation, it remains a top concern among many people in the US as they focus on recovering from the US Federal Reserve's years-long monetary tightening campaign. However, Best Buy's GAAP diluted earnings-per-share (EPS) increased 2% YoY to $1.13 from $1.11. During the latest earn...
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Former Microsoft CEO and philanthropist Bill Gates has used his wealth to create a unique art collection over the decades. In 1998, he purchased Winslow Homer's "Lost on the Grand Banks" masterpiece for $36 million, a then record buy. Gates' most intriguing addition to his artefact collection could be Leonardo da Vinci's handwritten scientific journal, "The Codex Leicester," with entries estimated between 1504 and 1508. Gates paid a jaw-dropping $30.9 million for the artefact. Another one of his big buys was in 1999 at the Sotheby's auction. Gates purchased the "Polo Crowd" painting by America...
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Environmental, social, and governance (ESG) investing is a hot trend among millennials and GenZ. It is a strategy to invest in companies that rank high on measures of their environmental and societal metrics and governance practices. ESG investing backs companies prioritising the environment and human well-being in their daily operations. The financials of these firms are more susceptible to environmental and social factors. ESG issues apply to all industries in some ways. Depending on the industry, the challenges can range from climate change and human rights to workplace inclusivity or healt...
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Nvidia Corporation (NASDAQ: NVDA), in Q1 2024, posted a record 262% year-over-year jump in quarterly revenue to $26 billion on the back of its growing data centre business boosted by the Blackwell platform. Nvidia share prices jumped to record levels on the announcement, hovering above $1,100 apiece on May 28. The chipmaker also decided to execute a 10:1 or 10-for-1 forward stock split in its quarterly earnings report. The corporate action, scheduled for June 7, will impact the shareholders of Nvidia common stock. Split-adjusted trading will begin on June 10. A company would typically go throu...
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Update May 28: Headline and subtitle was modified correctly pertain to Gates' foundation's stake in Walmart. Philanthropist billionaire and former CEO of Microsoft (NASDAQ: MSFT), Bill Gates, has a significant stake in Microsoft through his holdings and the Bill and Melinda Gates Foundation Trust. While the Trust has gradually reduced its share in the tech giant over decades, the latest 13F filing for Q1 2024, released on May 15, shows a marked drop in its Microsoft stake by 1.71 million shares to 36,499,597, worth $15.35 billion. However, it remains the largest holding of the Trust's $45.85 b...
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Bridgewater Associates, founded by billionaire investor Ray Dalio, went heavy on most of the "magnificent seven" stocks while offloading giants like Cisco Systems and Qualcomm despite posting solid Q1 results, according to the latest company 13F filing. Dalio's strategies around risk parity to balance risks across asset classes, "Pure Alpha" to attain maximum return-to-risk ratios via active management, and the "All Weather" investments for consistent returns regardless of the economic landscape have helped Bridgewater Associates become the largest hedge fund in the world. The fund manages $12...
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Ark Invest CEO Cathie Wood shot to fame when all the exchange-traded funds (ETFs) managed by her investment management firm jumped by over 100% each in 2020 compared to the S&P 500's mere 16% returns. Wood is known for her singular investing approach and bets on disruptive, high-growth firms, including generative AI, genome development, autonomous robotics, space exploration, cryptocurrency, and 3D printing. With the philosophy that today's disruptive innovation will shape tomorrow's future and is the shortest path to growth, Wood often takes bold calls and treads investing paths Wall Street m...
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Billionaire investor David Tepper is known for his high-risk, aggressive trading style. As the founder of the Appaloosa Management hedge fund, Tepper has made a fortune with his contrarian calls and bets on the debts of distressed assets. During the '08 financial crash that drove down the value of banks to record lows, Tepper was heavily investing in these assets in distress. As an opportunistic fund manager, he bought almost $2 billion worth of commercial mortgage-backed securities at face value from AIG. Soon after, he profited by $7 billion on the trade after the US government stepped in to...
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Billionaire investor Kenneth C Griffin runs one of the most successful hedge funds in the world. As the founder and CEO of Citadel with a majority stake, Griffin has a net worth of $38.4 billion, making him one of Earth's wealthiest people. His open-mindedness to various asset classes and love for math, evident from his quantitative investing approach, has helped Citadel generate around $74 billion in net gains since its incorporation in 1990. Although Griffin could be more vocal about his trades and strategies, his approach reveals patterns of high-frequency trades backed by complex algorithm...
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