Knight Capital shares tank as it secures lifeline August 6, 2012 KNIGHT Capital said yesterday that a group of investors has rescued the firm in a $400m (£256.2m) deal that keeps the embattled leader in US equities market-making in business, but comes at a huge cost to existing shareholders. Chief executive Tom “TJ” Joyce said the new investors supported him and his management team, but it [...]
Best Buy mulls founder’s offer to take it over August 6, 2012 AMERICAN electronics retailer Best Buy may be taken private after founder and former chairman Richard Schulze made an offer to the company’s board valuing it at up to $9bn (£5.8bn) yesterday. Schulze’s offer to buy the 80 per cent of Best Buy he does not already own sent shares in the retailer up 17 per [...]
Knight in for $400 million lifeline after trading debacle August 6, 2012 Knight Capital Group looks set to enter into a $400m (£256m) financing deal with a group of investors, allowing the trading firm to open its doors today after a crippling $440 million loss. But it will come at a steep cost to shareholders, sources familiar with the situation said. Such a deal would help Knight [...]
Troubled Knight Capital nears a deal for funding August 5, 2012 US EQUITY traders will today give their verdict on stricken deal maker Knight Capital following an audacious last minute bid to save the firm, which last week lost $440m (£281m) due to a technical trading glitch. Several parties were locked in talks last night to provide a financing deal for the market maker, whose algorithmic [...]
Manchester United due to float August 5, 2012 Manchester United is set to float on the New York Stock Exchange this week, in what is shaping up to be a bumper week for the US initial public offering market. The football club is looking to raise $300m (£192m) to help pay down debts. Diner chain Bloomin’ Brands, which owns Outback Steakhouse, is also [...]
WALL ST THE WEEK AHEAD August 5, 2012 DESPITE a ho-hum earnings season and central banks’ disappointing hopes for aggressive economic stimulus last week, US stocks held firm. After four days of losses, the benchmark Standard & Poor’s 500 index rallied on Friday, finishing the week in the positive for a fourth straight time and reaching three-month highs. Sustaining momentum are valuations that [...]
Shares drop for fourth straight day on Wall St August 2, 2012 US stocks fell for a fourth day yesterday after European Central Bank President Mario Draghi disappointed investors hoping for immediate action to contain the Eurozone debt crisis. One of Wall Street’s top market makers, Knight Capital Group, was fighting for its survival after a trading glitch that roiled markets on Wednesday wiped out $440m the [...]
Team GB is doing brilliantly – but the British economy isn’t August 2, 2012 JUST as some had started to worry, Team GB delivered spectacularly yesterday, thanks in no small part to Bradley Wiggins, our new sideburned national hero. GB Plc isn’t performing as well, unfortunately. Manufacturing output is shrinking disastrously. The manufacturing purchasing managers index slumped from 48.4 to 45.4 in July – its lowest level since May [...]
Technical glitch forces NYSE to cancel trades August 1, 2012 THE New York Stock Exchange (NYSE) was forced to cancel trades in several shares yesterday after a technical glitch by market maker Knight Capital triggered dramatic stock price movements. The US exchange identified “irregular trading” in 140 shares in the opening 45 minutes of trade, but ultimately cancelled trades in just six shares. Most of [...]
Team GB is doing brilliantly – but the British economy isn’t August 1, 2012 JUST as some had started to worry, Team GB delivered spectacularly yesterday, thanks in no small part to Bradley Wiggins, our new sideburned national hero. GB Plc isn’t performing as well, unfortunately. Manufacturing output is shrinking disastrously. The manufacturing purchasing managers index slumped from 48.4 to 45.4 in July – its lowest level since May [...]