Mixed US stocks dip as GameStop surge and Incyte buyback loom
US equities closed mixed with the S and P 500 near record highs as GameStop surged 74 percent amid a recall to the meme stock era. Incyte jumped 8.6 percent after announcing a stock buyback up to 2 billion dollars. Fortrea slid 14.9 percent after soft quarterly results and a weak full year forecast.
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Hedge fund founders go on trial after Archegos collapse
In New York, Bill Hwang founder of Archegos Capital Management and former CFO Patrick Halligan face a federal fraud trial over alleged deception to banks to fund a rapid portfolio growth from 10 to 160 billion dollars. The indictment says he used derivatives to hide true ownership and control, triggering a 2021 crash that cost banks billions.
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