Why billionaire investor Leon Cooperman says there are ‘three stock markets,’ as he warns about danger in FAANG stocks

Leon Cooperman, the 77-year-old billionaire chief executive of hedge fund Omega Advisers, has a lot of thoughts on the stock market. Or, as he puts it, three stock markets.

The second market is what he calls the Robinhood market, referring to the zero-cost stock brokerage where young, retail investors play, bidding up bankrupt or struggling companies like Hertz HTZ, -3.98%, American Airlines AAL, +2.32% and Eastman Kodak KODK, +1.00%. “Look, [billionaire investor] Carl Icahn is no fool. He’s a brilliant guy. He’s done a fabulous job in running his own financial affairs. He sold his mistake in Hertz [for] 72 cents a share.

A CNN poll found viewers thought Biden did better by a 60%-to-28% margin — a nearly identical view of the first 2016 presidential debate, in which viewers thought former Secretary of State Hillary Clinton beat Trump by a 62%-to-27% margin. Speaking of Clinton, Director of National Intelligence John Ratcliffe on Tuesday declassified a Russian intelligence assessment alleging Clinton in 2016 was trying to stir up a scandal by tying Trump to Putin.

Data analytics company Palantir Technology’s PLTR, direct listing is due to start trade on Wednesday.Regeneron REGN, -1.34% said its trial antiviral drug cocktail reduced the coronavirus load and the time needed to ease symptoms in non-hospitalized patients with COVID-19. Moderna MRNA, +3.34% late on Tuesday said early-stage data suggest its COVID-19 vaccine can generate neutralizing antibodies in older and elderly adults at levels comparable to those in younger adults.

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