The note was added to the profile of 17-year-old Mohammed Islam, featured as part of the magazine's "Reasons to love New York" issue.
The University Trading Challenge (UTC) is open to full-time students in Finance and Economics programs at any university. The competition has four main components: Real Market Trading Challenge , a Portfolio Trading Challenge, and (2) Case-Study Presentations. The live portion of the competition (Short-Term Trading and Case-Study Presentations) will take place Friday November 14th, 2014 at Fordham University’s Trading Floor in Bronx New York.
Please see more details here.
Share orders worth several billions of dollars were cancelled in Japan due to a trading error.
At 9:25 am local time, orders for shares in 42 totalling 67.78tn yen ($617bn, £380bn, €488bn) were cancelled, according to data compiled by Bloomberg from the Japan Securities Dealers Association.
The stock orders more than the size of Sweden's economy.
involved in the trading error include Toyota Motor, Motor, , Sony and Nomura Holdings. The biggest order was for Toyota shares at 1.96 billion, representing 57% of the company's outstanding shares, for 12.68tn yen through an off-exchange transaction.
Off-exchange or over-the-counter trades are conducted directly between two parties without supervision of the .
"It's not rocket science that there was a fat finger here, but it reopens the question about accountability," Gavin Parry, managing director at Hong Kong-based brokerage Parry International Trading, told Bloomberg.
Please read more in the International Business Times.
Note: Image credit from Blue Point Trading.
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By Weiyi Lim and Inyoung Hwang
Panic is making an enemy of telephones for Catherine Yeung, the director for equities at Fidelity Investment Management Ltd. in Hong Kong.
“My children hate that BlackBerry,” said Yeung, whose clients have been calling amid two weeks of declines that erased$3 trillion from global stocks. She’s advising calm, noting that profits are rising and shares just got a lot less expensive.
“Being a contrarian and getting in when things seem bad is often a good thing,” she said in an interview today. “The companies we are looking into can still deliver attractive margins. Things are getting cheap.”
Strategists from Goldman Sachs Group Inc. to AMP Capital Investors and JPMorgan Chase & Co. are also telling clients to hang on after losses that began with currencies in Turkey and Argentina spread to developed markets. The Standard & Poor’s 500 Index slid 2.3 percent yesterday, capping its first 5 percent retreat in eight months, while Japan’sTopix index plunged 4.8 percent for its biggest decrease since June.
“We didn’t expect the U.S. would be this weak,” Kathy Matsui, chief Japan strategist for Goldman Sachs in Tokyo, said by e-mail. “Since we do not see sufficient reason to change our fundamental earnings outlook and stock prices have fallen, the market still appears attractive to us.”
Please read more here.
By Newsmax Wires
Despite the 6.5% stock market rally over the last three months, a handful of billionaires are quietly dumping their American stocks . . . and fast.
Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of “disappointing performance” in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.
In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.
With 70% of the U.S. economy dependent on consumer spending, Buffett’s apparent lack of faith in these companies’ future prospects is worrisome.
Unfortunately Buffett isn’t alone.
Fellow billionaire John Paulson, who made a fortune betting on the subprime mortgage meltdown, is clearing out of U.S. stocks too. During the second quarter of the year, Paulson’s hedge fund, Paulson & Co., dumped 14 million shares of JPMorgan Chase. The fund also dumped its entire position in discount retailer Family Dollar and consumer-goods maker Sara Lee.
Finally, billionaire George Soros recently sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.
So why are these billionaires dumping their shares of U.S. companies?