Up & Down the Street
Sometimes, sheer absurdity can be a beautiful thing to watch. Like Karl Rove on Fox News on election night. Or Will Arnett in pretty much any role he’s ever played. Or the behavior of Netflix stock over the past few weeks. After a year in which NFLX has Ping-Ponged between $53 and $133, it was suddenly—and absurdly—a safe haven in the midst of a post-Obama-re-election market meltdown. Apple may be taking over the world, but Netflix stock rose 2.5 percent to $78 last week while that of the Cupertino juggernaut fell by more than 5 percent. In hopes of getting by email spam filters and pesky copy editors, I will pose the resultant question as simply and cleanly as I can: WTF?
It’s been quite a month for shareholders of the DVD rental and online video streaming service.
Trading operations at Knight Capital Group are running again after the firm was forced to stop accepting orders yesterday amid a power outage at its Jersey City headquarters.
The market maker, which had been running on backup generators since Sandy landed on Monday evening, is said to have lost power around 11:45 a.m. yesterday. According Read More
Morgan Stanley is going to win out over Citigroup when a mediator places a value on the Morgan Stanley Smith Barney brokerage, The New York Post reports. The two banks have disputed the value of the joint venture: Morgan Stanley, which owns 51 percent of the brokerage and plans to acquire remaining shares, said Read More
Not that we doubted, or ever forgot, only that we’d like to stop and admire the stylings of a master of the form. Carl Icahn, of course, is the activist investor who has been waging an increasingly public proxy battle with Forest Laboratories, a war of words that’s touched on everything from the succession plan Read More
Libor-ated: The U.S. Department of Justice is building criminal cases against financial institutions and individuals involved in the manipulation of interbank lending rates, according to The New York Times. Deutsche Bank agreed to cooperate with the European Commission’s Libor investigation, reports Der Spiegel. Prosecutors in New York, Connecticut, Florida and Massachusetts are Read More
Muted response: As the clock ticked past Facebook’s scheduled open, Nasdaq stayed mum on the technical glitches that delayed trading in the social media company’s stock by 28 minutes. The resulting chaos lasted hours, causing confusion over who had bought and sold how many shares at what prices—and leading to about $115 million in losses Read More
Seventeen very rich families added their names to the list of tycoons who’re the majority of their fortunes to charity via Warren Buffett and Bill and Melinda Gates’ Giving Pledge. Good for them! Whatever they did to amass all that money, all is forgiven.
Meet the Newest Ultra-Rich Givers. >>
It had been a while since we checked in on the doings of billionaire corporate raider (but also philanthropist) Carl Icahn, so let’s catch up with Far Rockaway’s favorite son.
Check out The Biggest Wall Street Stars of the Year.>>
Mr. Icahn’s efforts to take over Lion’s Gate, the company that makes Read More
Billionaire Far Rockaway native and CapsLock enthusiast Carl Icahn is now facing a lawsuit from indy studio Lions Gate Entertainment. Lions Gate says Icahn denounced a merger between Lions Gate and fellow studio Metro Goldwyn Mayer so that he could make a bigger profit on an eventual deal.
Dow Jones Newswires reports Read More
Carl Icahn, Far Rockaway’s favorite billionaire, announced today that he’s offering to buy Metro-Goldwyn-Mayer senior debt from the studio’s creditors at 45 cents on the dollar with the proviso that they vote against a merger between MGM and Spyglass Entertainment. If the debt deal went through, Icahn would become one of the biggest Read More