Bloomberg Hedge-Fund Titans Lose Billions to Reddit Traders Running Amok (Bloomberg) — For once, Main Street is beating Wall Street.In a matter of weeks, two hedge-fund legends — Steve Cohen and Dan Sundheim — have suffered bruising losses as amateur traders banded together to take on some of the world’s most sophisticated investors. In Cohen’s case, he and Ken Griffin ended up rushing to the aid of a third, Gabe Plotkin, whose firm was getting beaten down.Driven by the frenzied trading… Source link

Shares in video game retailer GameStop (GME) are on a wild rollercoaster ride, fueled by retail trader geeks on Reddit—and newly minted New York Mets owner Steven A. Cohen is obscurely involved. GameStop shares rose more than 50% last Friday after users on the Reddit forum WallStreetBets (WSB) ganged up to buy the stock in response to a number of short calls, most notably from Andrew Left of Citron Research, who predicted that the stock would drop to $20. (GameStop isn’t the only one: AMC… Source link

Those select few on Wall Street waiting for tech giant Microsoft (MSFT) to stumble a bit amid sky-high expectations will have to wait another quarter. Or maybe another year. The company had a litany of wins in its most recent quarter that suggests business momentum will be sustained for some time, Jefferies tech analyst Brent Thill thinks. First, sales of Microsoft’s cloud service Azure rose an impressive 50% year-over-year as companies continued to pull forward cloud spending as workforces… Source link

On Monday, Google announced its replacement for third-party cookies. This “private-first” alternative is meant to group users into “flocks” to protect individual data. Tech columnist Jason Aten argues this isn’t really about privacy — it’s about Google maintaining control over the ad-tracking industry. Visit Insider’s homepage for more stories. On Monday, Google announced that it plans to begin testing out a replacement for third-party cookies… Source link

“Effective competition in the ad tech industry is important for Australian consumers. Ifadvertisers pay too much for digital advertising, the costs will be passed on to consumersin the form of higher prices for goods and services,” the report states. “If publishers receive too little revenue for their advertising inventory, consumers will face a reduction in the quality and variety of online content.” The ACCC said it had not yet reached a view on whether concerns about… Source link

Florida offensive coordinator Brian Johnson is leaving the school for the NFL. Johnson has informed Florida officials that he has agreed to become the quarterbacks coach for the Philadelphia Eagles, sources told Yahoo Sports. Johnson, 33, has established himself as one of the most promising young coaches in college football. He interviewed for jobs at South Carolina and Boise State in recent weeks and established himself as one of the top candidates in upcoming seasons. Johnson brings… Source link

Turning our attention to Torrey Pines this week, a full field will line up for a tough test in La Jolla, California. Golfers will play one round at the North Course and 54 holes at the host track, the South Course at Torrey Pines. So, for our research purposes, we are going to focus on the South Course. It’s a monster layout that stretches out to nearly 7,800 yards. The course forces you to hit lots of drivers and then hit your approach shots into small targets. Once you reach the greens you… Source link

Getty Images With Apple’s new… Source link

The US Department of Homeland Security declared a nationwide terrorism alert Wednesday, citing the potential threat from domestic anti-government extremists opposed to Joe Biden as president. “Information suggests that some ideologically-motivated violent extremists with objections to the exercise of governmental authority and the presidential transition, as well as other perceived grievances fueled by false narratives, could continue to mobilize to incite or commit violence,” the department… Source link

The chatter about video game retailer GameStop (GME) and traders on Reddit has been bubbling over the past week and finally spilled over from the finance world to the mainstream. Here’s what’s happening: What or who is ‘WallStreetBets’? WallStreetBets is actually “r/wallstreetbets” and it’s a forum or “subreddit” on the popular website Reddit, which is a social platform and discussion group that also rates web content. Essentially, it’s a group of people who enjoy talking… Source link