Hedge Funds Bought High-Flying Tech Stocks in Second Quarter

U.S. hedge fund managers were active in the FAANG group of high-flying tech stocks in the second quarter, with Third Point increasing its stake in two of the companies and Omega Advisors trimming stakes in three, regulatory filings showed.

The group comprises Facebook, Amazon, Apple, Netflix and Google parent Alphabet Inc., each of which have roughly followed broader U.S. indexes including the benchmark SP 500, Dow Jones industrial average, and the tech-heavy Nasdaq Composite to record highs in recent months.

Daniel Loeb’s Third Point increased its stake in Alphabet by 120,000 class A shares to 575,000 and increased its position in Facebook by 500,000 class A shares to 3.5 million in the quarter ended June 30, according to the filings with the U.S. Securities and Exchange Commission.

Leon Cooperman’s Omega Advisors took a generally bearish stance overall and cut its stake in Facebook by 26,700 class A shares to 236,200. It also cut its stake in Netflix by 12,700 shares to 65,000 shares and trimmed its stake in Amazon by 8,900 shares to 10,500 shares. Omega kept unchanged its stake in Alphabet of 158,835 class A shares.

Cooperman told CNBC last week that Alphabet was his biggest position and that his investment in the company’s shares amounted to about 4-4.5 percent of his fund.

Barry Rosenstein’s Jana Partners, while not a holder of any of the FAANG stocks at the end of the second quarter, showed that it increased its stake in upscale grocer Whole Foods Market Inc. over the three-month period by 9 million

Article source: http://www.newsmax.com/Finance/Headline/Facebook-Apple-Amazon-Google/2017/08/14/id/807576

Buffett’s Berkshire Sheds GE, Adds Synchrony

Warren Buffett’s Berkshire Hathaway Inc. on Monday said it has taken a 17.5 million share stake in Synchrony Financial and shed its investment in the financial services company’s former parent, General Electric Co.

In a regulatory filing detailing its U.S.-listed stock holdings, Berkshire said it owned about $521 million of Synchrony shares as of June 30.

It also reported no holdings of GE, after having reported a roughly $315 million stake as of March 31.

Investors follow Berkshire’s stock holdings closely to determine what has won or lost Buffett’s favor. Smaller equity investments at Berkshire are normally made by Buffett’s deputies Todd Combs and Ted Weschler.

Article source: http://www.newsmax.com/Finance/Headline/13F-Berkshire-Hathaway-Warren-Buffett-GE/2017/08/14/id/807619

Modest money: small sums obscure more than 40 per cent of federal fundraising

OTTAWA — Since the 2015 election, Canadians have donated nearly $75 million to the five political parties with seats in the House of Commons— but federal law makes it impossible to tell where more than 40 per cent of it came from.

The Canadian Press analyzed Elections Canada financial data on donations to parties between Oct. 20, 2015 — the day after the federal election that vaulted Justin Trudeau’s Liberals into power — and June 30, 2017.

In total, $74,792,986.82 was donated directly to political parties during that time frame.

The Conservatives were responsible for 42.5 per cent of it, or $31.8 million, followed by the Liberals, with 38 per cent or about $28 million. The NDP was a distant third, raising $9.3 million, about 12.5 per cent of the total.

The Green party came in with 6.2 per cent, or $4.6 million, while the Bloc Quebecois brought up the rear with $1.1 million, or 1.4 per cent.

Fully 42 cents of every dollar the parties raised — $31.1 million — can’t be traced by donor or by the province or city they live in, thanks to a clause in the Canada Elections Act.

The law only requires parties to publicly disclose the names and addresses of people who donate at least $200 in a single year.

Fully half of what the Bloc and the Greens raised, and 47 per cent of what the NDP brought in, came from donations less than $200. That group accounted for 43 per cent of all Conservative donations and 32 per cent of what the Liberals raised.

The rules are different when it comes to leadership contests, however: parties

Article source: http://world.einnews.com/article/398299773/ACgLEfBCHWogDjAb?ref=rss&ecode=dYZEnKEuqPQMTccj

Port Authority looking for owner of large sum of money found on bus

Port Authority police are looking for the owner of a large amount of money that was found on a bus in July.

According to officials, the woman boarded the inbound 61C bus in Homewood at 11 a.n. July 20, and got off the bus in Oakland not long after boarding.

The bus operator found the money and turned it into police.

Anyone who can help identify the woman is encouraged to call Port Authority police at 412-255-1385.

Article source: http://world.einnews.com/article/398300721/KI0G2L3S0fmB-KD9?ref=rss&ecode=dYZEnKEuqPQMTccj

How much money did the BMX championships bring to Rock Hill?

Rock Hill officials estimate that hosting the 2017 UCI BMX World Championships generated around $19.2 million for this area.

The event, held in late July, far exceeded the expectation of $13 million that officials had been touting for months.

John Taylor, the city’s Parks, Recreation and Tourism Director, said the number inflates to $29 million when accounting for national and international airfare in and out of the greater Charlotte area.

“We were very happy about what it did economically for the community,” Taylor said. “But I think the biggest thing about the event was that the whole community bought in. People were proud to be Rock Hillians, and show it off to the world.”

Taylor said the economic numbers are created by a series of in-depth surveys with consumers, digging into information such as food, lodging and transportation expenses.

The international event attracted nearly 20,000 people, while projected cumulative attendance for the week from multi-day admissions is estimated around 50,000-55,000, according to the PRT study.

Officials say around 3,700 riders from 48 countries flocked to Rock Hill for the championships.

Taylor says the event has broken BMX records.

A webcast of the challenge races July 25-28 broke viewership records with more than 500,000 views, making them the highest-viewed challenge races in BMX World Championships history.

City manager David Vehaun told the Rock Hill City Council Monday night that UCI officials complimented Rock Hill on its management of the event, which took three years to plan.

“They called it the best they’ve ever had,” Vehaun said. “John (Taylor)

Article source: http://world.einnews.com/article/398301870/1G1GDaX028rEc0h0?ref=rss&ecode=dYZEnKEuqPQMTccj

Team Liquid wins International 2017 and $10 million+ prize money

Team Liquid have been crowned champions at this year’s DotA 2 The International competition, taking home the Aegis of Champions and a prize pool of more than $10 million, transforming the players’ lives over night. But it wasn’t a smooth road for the champions, who had to fight back from diversity to take their place in the history of top-level esports.

Team Liquid dominated their group stage league, but lost a close-fought best of three game against Invictus Gaming in the first round of the main event. That placed it back in the losing bracket, which meant it would need to win a lot more games to make it through to the championships. But do so they did.

Next up was Team Secret, which Team Liquid beat in a conservative 2-1 victory. Next up it dominated Team Empire, followed by Virtus Pro, a tough matchup for any pro team. Going even further though, Team liquid then beat out top Chinese ranked teams LGD gaming and semi-finalist loser LGD ForeverYoung to head into the grand finals against Newbee, who had dominated all the competition thrown their way in the winners’ bracket.

But it was TeamLiquid who would ultimately walk away the victors in the first 3-0 washout of The International’s history.

There were a number of exciting moments in DotA 2 top-level competition throughout The International. What were some of your highlights?

Image Source: International/Valve

Article source: http://world.einnews.com/article/398304655/zgXbWSXaLT-Z3A0a?ref=rss&ecode=dYZEnKEuqPQMTccj

Drug Lord El Chapo Has a Money Problem

The drug lord known as El Chapo can hire a high-profile lawyer, but the judge overseeing his case won’t guarantee he gets paid.

Joaquin Guzman, who has been represented by public defenders, wants private attorney Jeffrey Lichtman to take over. But Guzman’s assets are frozen, and there’s a risk that the government could seize any legal fees he pays, claiming they’re tainted by drug money.

“He’s completely locked down so how does he pay us?” Lichtman told NBC News. “He can’t just go to his checkbook in his jail cell and say, ‘Here’s a check, you’re hired.'”


Article source: http://world.einnews.com/article/398088952/QO6QDwtpRjh8kMMy?ref=rss&ecode=dYZEnKEuqPQMTccj

Amazon refunding money to some eclipse glasses buyers as experts warn of fakes

Amazon is refunding money to some customers who bought eclipse glasses that “may not comply with industry standards,” CNN and other news sites reported.

The company removed some listings for glasses on its website, CNN reported, but did not name those listings in a statement.

[READ MORE: Solar eclipse is a hot ticket in the Carolinas. Here’s what you need to know.]

Mary and Peter Schild of Charlotte, who ordered their glasses weeks ago, got an email from Amazon on Saturday morning.

“Amazon has not received confirmation from the supplier of your order that they sourced the item from a recommended manufacturer,” it said. “We recommend that you DO NOT use this product to view the sun or the eclipse.”

Amazon will refund their money. But many local stores are sold out and the Schilds don’t want to risk viewing the eclipse with glasses of uncertain reliability.

“Should we just watch it on TV?” Mary Schild said.

NASA has previously warned that unsafe glasses are being marketed in the run-up to the first solar eclipse to cross the U.S. coast-to-coast since 1918.

The path in which the sun will be in total eclipse is about 70 miles wide and will run from coastal Oregon to Charleston.

Certified lenses will be stamped with the manufacturer’s name and address and say they meet the ISO 12312-2 international safety standard. But counterfeits will also claim that.

The American Astronomical Society offers detailed tips to learn whether your glasses are safe. NASA

Article source: http://world.einnews.com/article/398091638/d1L4UZ6l3GGyHyiv?ref=rss&ecode=dYZEnKEuqPQMTccj