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Federal Reserve Vice Chairman Richard Clarida will leave the central bank two weeks earlier than planned, following increased scrutiny into financial transactions he made in 2020 — while the Fed was taking action to save the U.S. economy. Clarida, who served as the central bank’s No. 2 official on monetary policy efforts through the pandemic, said he will step down from the Fed effective Jan. 14. He was appointed by the Trump administration in September to serve for a term that expired… Source link

Wall Street sees the rationale behind Take-Two’s $12.7 billion deal to buy Zynga, even if traders hate the transaction at first blush. “Take-Two is using its balance sheet and equity to opportunistically buy a good mobile asset in a depressed market,” said Jefferies analyst Andrew Uerkwitz.  The Grand Theft Automaker said it would pay a 64% premium to scoop up Words With Friends developer Zynga, using a mix of cash and stock. Zynga will continue to be led by CEO Frank Gibeau, get two seats on… Source link

Eric Schmidt, the former chief executive of Google, has paid $65 million for Enchanted Hill, a prized piece of undeveloped land in Beverly Hills that was owned by late Microsoft co-founder Paul Allen, according to people familiar with the situation. The deal, which closed in December, marks the end of a more than three-year push to sell the roughly 120-acre property, which came on the market asking $150 million in 2018.  Source link

Tech and internet stocks came up for air on Monday afternoon amid a recent sell-off in high growth stocks. The declines came amid a rising 10-year treasury yield (^TNX).  Microsoft (MSFT) ended the session flat after being down earlier this morning. The stock is down more than 6% over the last five session.  Amazon ended .66% lower, recuperating much of the earlier morning losses. The stock had declined more than 3% on Monday, reaching intraday levels it hasn’t seen since May. Alphabet ( Source link

Stocks are in a risk-off mood six trading days into the New Year for a multitude of reasons, prompting one veteran strategist to issue a blunt warning to over-enthused investors.  “We have never seen equities priced quite this high. The adjusted price to earnings ratio is pushing up against 40 times. The last time we saw that was in 1999. But if you look at price to sales ratios, that’s over three times — that’s higher than what we saw in the dot com bubble,” said Tematica Research chief… Source link

SAN FRANCISCO — Golden State Warriors owner Joe Lacob says he’s not a tweeter, but if he were to send a tweet, he knows exactly what it would say. “I would tweet, ‘Tonight Chase Center is finally finished with construction,’ ” Lacob told Yahoo Sports Sunday night after Klay Thompson made his season debut after spending nearly two years recovering from ACL and Achilles tears. “We’re halfway through our third year in this building, and I feel like Klay is the final piece to the… Source link

Stocks sank on Monday, with technology stocks under renewed pressure as investors anticipated higher interest rates this year and looked ahead to several economic data and earnings reports later this week. The S&P 500 dropped more than 2% at session lows to add to losses after the blue-chip index closed out its first week of trading for the new year in the red. The Nasdaq Composite fell following its worst week since February 2021. The Dow also fell. Other risk assets also came under… Source link

Beyond Meat’s founder Ethan Brown says his R&D team worked double-time to get the texture of KFC’s iconic chicken spot on.  “It has been a fun process. We have been trying to get to the North Star. Everyone loves the taste of Kentucky Fried Chicken. We wanted to deliver on that, but change the substrate — the meat component of it. For us, it was a focus on texture. So that is the North Star of Kentucky Fried Chicken’s delicious tasting products. I think we are getting closer and closer,”… Source link

Bitcoin (BTC-USD) and Ethereum (ETH-USD) are tumbling in what has been an ugly start to the year for cryptocurrencies. Bitcoin, the largest digital cryptocurrency, has extended its slide to fall to as far as $39,558 Monday morning, dipping below the crucial $40,000 level for the first time since September 2021. It is nearing what is known as the “death cross,” a bearish indicator which occurs when the 50-day moving average dips below the 200-day moving average, and could mean bitcoin is… Source link

Google wrongly claimed attorney-client privilege to protect documents subpoenaed in a National Labor Relations Board case filed by former employees who say the company fired them because of their unionization efforts, a labor judge has ruled. The administrative law judge, Paul Bogas, whom the N.L.R.B. appointed as a special master to review the documents, said in a report on Friday that “this broad assertion is, to put it charitably, an overreach.” The ruling is the latest legal blow to… Source link