S&P 500 recovers from August drop toward record highs
The S&P 500 climbs 1.2 percent on November 1 to 2104 amid improving quarterly earnings and global policy stimulus. It sits within 1.3 percent of its May 21 peak as fears from August spikes fade and the market eyes a possible year end rally.
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Wealth concentration among SigFig investors highlighted
SigFig users show sharp wealth concentration with the top half holding 97 percent of assets, the top 10 percent owning about two thirds, and the top 1 percent controlling roughly 28 percent of assets managed via SigFig tracking services. These figures illustrate heavy inequality within the platform’s investor base.
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USA tech stock portfolio tracking by SigFig data
Data from SigFig shows nationwide investor activity with over half a million users managing about 200 billion in assets. Five day and six month averages indicate mixed moves with AAPL as largest holding and MSFT among most sold.
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Chipotle Pauses Oregon Washington Outbreak Closure
The fast casual chain temporarily closed restaurants in Oregon and Washington while investigating an E coli outbreak health officials say sickened at least 22 people. A short seller who had promised damaging allegations against a drug maker pulled back on Friday.
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Visa Europe deal eyed to trim costs and raise fees
Visa plans to acquire its former subsidiary Visa Europe for up to 23.3 billion dollars in a move the company says will cut costs over the long term and enable higher fees. The deal appears amid a 4 week trend and market price moves around 75 dollars.
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Fitbit faces rising competition as shares dip after earnings
Fitbit beat profit and revenue estimates with 24 cents a share on 409.3 million, lifting yearly gains but after hours drop 8 percent amid rivals from Apple Alphabet Samsung Garmin and Microsoft. Company plans to sell 7 million new shares with insiders selling 14 million more, increasing float and pressure on investors.
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Valeant shares rally after short-seller retreat amid criticism
Valeant Pharmaceuticals stock rose 7.15 percent to 100.47 as Citron Research backed off a new report while not retracting warnings of fraud. Goldman Sachs cut its rating to neutral with a 122 target, and Charles Munger called Valeant’s pricing tactics immoral amid past acquisitions and price hikes. Valeant defended ethics and compliance.
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