FILE PHOTO: 888 7th Ave, a building that reportedly houses Archegos Capital, is pictured amid the coronavirus disease pandemic in the Manhattan borough of New York City, New York, U.S., March 29, 2021. REUTERS/Carlo Allegri/File Photo
Other stocks that were said to be caught up in the unwinding of Archegos included Tencent Music Entertainment Group, which was up 4.9% on Tuesday.Wall Street was counting the cost of the Archegos meltdown on Tuesday, with pressure piling up on Credit Suisse, while attention was turning to regulatory scrutiny that might result from banks unwinding the fund’s positions.
“Investors have decided the selling is done and its safe to go back in the water,” said Chris Marangi, co-chief investment officer for value at Gabelli Funds, which holds shares in Discovery and was ViacomCBS’s second biggest holder of voting stock as of late January.Tuesday’s rally follows a wild ride that has taken shares of ViacomCBS and Discovery to record highs of $101.97 and $78.14, respectively.
CFRA analyst Tuna Amobi reiterated his ‘buy’ ratings for ViacomCBS and Discovery, which have fallen 54% and 43% from their highs, respectively. Still, he said the volatility in the stocks was likely to persist.
pedrocerize
thank you very much for your work
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European stocks and U.S. equity futures mixed after records, with commodity stocks in the leadThe week was kicking off with gains for the Stoxx Europe 600, which was aiming at a fresh record, though slightly more cautious. U.S. futures were mixed,...
Source: MarketWatch - 🏆 3. / 97 Read more »
German stocks hit record high as European banks reverse Archegos-linked tumbleEuropean stocks continued their climb higher on Tuesday, with Germany’s key index opening to a new high, as the market seems to have shrugged off wider...
Source: MarketWatch - 🏆 3. / 97 Read more »
Archegos-linked stocks slide as markets eye more unwindingArchegos Capital Management’s ill-fated bets weighed on ViacomCBS, Discovery Inc and other media stocks on Monday, and at least one analyst said it remained unclear when banks exposed to the troubled family office would be done selling off their positions in the shares. Kids need to learn wisdom in schools daily just like math and reading.The more poverty and crime, the more kids need wisdom. Grades 5-12 free Wisdom is a few minutes daily for 1or2 Tips kids learn for life and equality. Wisdom elevates lives. 8? That’s unlucky number.
Source: Reuters - 🏆 2. / 97 Read more »
Nomura And Credit Suisse Warn Of ‘Significant’ Losses Following Archegos Fire Sale, Banking Stocks TumbleI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com
Source: Forbes - 🏆 394. / 53 Read more »
Stocks Favored in ‘Reopening Trade’ Hit TurbulenceThe sectors that benefited most from the pandemic-inspired shift to working from home have fallen hard since late January, while hot technology firms and blank-check merger companies have tumbled from their highs. Cellframe Nice For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Blakescott64 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success
Source: WSJ - 🏆 98. / 63 Read more »