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Lucid Motors subpoenaed by the SEC. Shares plunge [CNN Business]
The company said the probe "appears to concern" the SPAC deal that took it public earlier this year, along with "certain projections and statements."
Lucid raised $4 billion through its combination with Churchill Capital Corp., which was a shell company set up to take a company public without having to go through the typical initial public offering process. The deal was announced in February and shares started trading on Nasdaq in July.

New York City imposes vaccine mandate for all private sector employers, Mayor de Blasio says [CNBC]
The mandate will go into effect on Dec. 27, de Blasio said.
“We’ve got omicron as a new factor, we’ve got the colder weather, which is really going to create additional challenges with the delta variant, we’ve got holiday gatherings,” de Blasio told MSNBC Monday morning. “We in New York City have decided to use a preemptive strike to really do something bold to stop the further growth of Covid and the dangers it’s causing to all of us.”
The city will also require proof of vaccination for children ages 5 to 11 for indoor dining, entertainment and fitness establishments, the mayor said.

Hedge Funds Suffer Big Losses on Biotech Rout [WSJ]
Perceptive Advisors, a prominent biotech hedge fund that manages about $9 billion, lost about 30% this year through November in its main fund, investors say. A hedge fund managed by OrbiMed Partners, which invests more than $18 billion in healthcare in public and private markets, has lost more than 40% this year through November, people familiar with the fund say…. Meanwhile, a hedge fund run by San Francisco-based Logos Capital, which manages about $1.4 billion, is down more than 25% for the period, other people say. Cormorant Asset Management lost 10% in November alone, adding to double-digit losses earlier in the year.

Trump SPAC Delivers Best Month Ever for Hedge Fund Veteran [Bloomberg]
[Bruce Kallins’] event-driven fund, Yakira Partners, gained roughly 12% in October, far better than peers. The fund got a big boost from its stake in Digital World Acquisition Corp., a special purpose acquisition company that announced late in the month that it would merge with Trump Media & Technology Group Corp…. Yakira was the best performer among 67 event-driven funds tracked by industry research firm BarclayHedge. The fund’s returns were twice as high as the next best performer in the category….

Rivian Ratings Arrive. They Are More Positive Than Tesla. [Barron’s]
The 25-day quiet period brokers working on an initial public offering observe before publishing research is over. Now, as of Monday morning, 12 analysts have new Rivian ratings. Eight rate shares Buy. Four rate shares Hold.

Alberto Foglia, hedge fund manager, 1928-2021 [FT]
Foglia, who has died at the age of 93, is best known for being the longstanding chair of Soros’s Quantum fund, one of the most famous and successful hedge funds of all time. He was also a very early pioneer of hedge fund investing, helping the nascent industry grow in the 1960s and 1970s and attract capital from European investors…. During the second world war, Antonio helped the Italian resistance, letting its leaders meet in secret in his house.
Foglia’s encounter with Soros, with whom he spent the afternoon on the telephone finding buyers in the US and Europe for the huge block of Olivetti shares, proved pivotal. Spotting the talents of the Hungarian broker, who was at that time years away from launching his eponymous hedge fund, Foglia gave Soros a trading account to manage. The portfolio yielded returns of 50-150 per cent a year — a sign of things to come.

Related

mgm

Opening Bell: 5.25.21

Wellington’s biotech bets are unwell; Amazon may bail out MGM hedge funds; Elliott gets in on UDG fun; and more!

How do you say, "low six-month fix" in emojis? Helar Lukats [CC BY-SA 4.0], via Wikimedia Commons

Opening Bell: 10.22.20

Stimulus stalls; tick tock TikTok; WhatsApp monetizes; Bill de Blasio could screw something else up; and more!

Opening Bell: 09.19.12

Goldman Names New Finance Chief (WSJ) Mr. Viniar has told colleagues he wants to spend more time at his home in Santa Barbara, Calif., where he often returns on the weekends. His thrice-weekly basketball game has been on hold since he underwent knee-replacement surgery this year. Goldman's New CFO Harvey Schwartz to Receive $1.85 Million in Annual Salary (Reuters) Schwartz's predecessor is among the best-paid executives on Wall Street. He earned $15.8 million last year and held 1.8 million shares of Goldman as of March 26, according to a proxy filing. In 2007, he made $58.5 million. Mary Schapiro May Be Heading For Exit (NYP) Sources say that Schapiro is chafing under the political gridlock in Washington that she feels has stymied a number of her initiatives. “Part of the problem for [Schapiro] is that the tone in Washington has been so partisan,” said Christopher Whalen, of Tangent Capital Partners. The chairwoman’s recent handling of talks surrounding new rules governing money-market funds, some detractors say, has also created bad blood within the SEC. “She’s just frustrated,” Whalen noted. However, Schapiro’s critics say she hasn’t cracked the whip hard enough on Wall Street bad guys. One former Washington insider said that Schapiro is liked by President Obama and would stay on until a replacement is named, should he win re-election. One possible early front-runner to replace Schapiro may be FINRA CEO Richard Ketchum, sources speculate. For Superfast Stock Traders, A Way To Jump Ahead In Line (WSJ) Haim Bodek was a Wall Street insider at Goldman Sachs and UBS before launching his own trading firm. Now he is taking on the financial establishment that spawned him. Mr. Bodek approached the Securities and Exchange Commission last year alleging that stock exchanges, in a race for more revenue, had worked with rapid-fire trading firms to give them an unfair edge over everyday investors. He became convinced exchanges were providing such an edge after he says he was offered one himself when he ran a high-speed trading firm—a way to place orders that can be filled ahead of others placed earlier. The key: a kind of order called "Hide Not Slide." The encounter set off an odyssey for Mr. Bodek that has fueled a sweeping SEC inquiry into the activities of sophisticated trading firms and stock-exchange operators—including Nasdaq OMX Group Inc., NYSE Euronext, Direct Edge Holdings LLC and BATS Global Markets—according to exchange and other officials, and lawyers with knowledge of the inquiry. Vulture Funds Seek Fresh Meat (WSJ) “There hasn’t been a big bankruptcy in the last six to nine months,” said a hedge fund investor. “More stuff is coming out of distress than is going in.” US corporate bankruptcy filings peaked in the second quarter of 2009, at around 16,000, and have been trending downward ever since. In the first quarter of 2011, they hit about 11,000, according to the American Bankruptcy Institute. Silver Point co-founder Edward Mulé is optimistic the feast will continue. The $6.7 billion firm has had one of the best performances of distressed funds. It gained 10.36 percent this year through August and is up 98.6 percent since January 2009. “The tail of the 2008/2009 distressed credit cycle, coupled with weak global growth and de-leveraging, will continue to generate a steady stream of interesting opportunities,” said Mulé in a recent investor letter. Inside The Dark World Of Online Sugar Daddies (BuzzFeed Shift) Shortly after my profile's approval, emails started flooding my new fake account. One was from "International Finance Don Juan." He wrote: "You look hot. Let's meet." He claimed he was exotic and athletic, over six feet and an independent stockbroker on his profile. After some small talk, he asked to meet me at the W — a "cool" luxury chain where seemingly all these guys wanted to meet or get a hotel room. “Don Juan” had sent a face shot of himself. It was cropped and a little blurry, but I had a general idea of what he looked like. When he walked in to the lobby bar, though, instead of "athletic," he looked as if he could have checked off "more to love." I guess all that matters is that these guys have the cash they say they have...He asked what I'd like to drink. I said I liked pinot noir or champagne. "Oh, Prosecco is basically the same thing," he said, and ordered me one. I had made up a story that I was a graduate student in literature at Sarah Lawrence so I was only in the city once or twice a week to see friends. He wasn't trying to feign interest, but was looking my body over in a conspicuous way. "You've got an amazing ass," he said. "I looked when we were walking in. I hope you don't mind." He attempted to wink, but it seemed more like a tic. I said thanks in the most convincing way I could to a sweaty, slobbering guy with the most repugnant perpetual hard-on visible through his khakis. "You like me?" he asked. "You seem very nice. I'm just, I'm just suddenly not feeling well," I blurted out. "You feel sick, or you're not into me?" he asked. "You know, if you want, I live close. You could come and lie down and I can give you a massage. Since it's our first time meeting, once you're better, you could just give me a blow job. How about $550? Probably the quickest $550 you'll ever make, huh?" Soros Fund Invests in Mozambique Ethanol Project (WSJ) The Soros Economic Development Fund on Wednesday said its investment will give it a 19% stake in the $20 million project, started by food-and-energy company CleanStar Mozambique. Executives say the investment is in line with the fund's aim of backing businesses that provide a return on capital and spur broader economic development. US Fiscal Cliff Trumps EU Crisis as Top Worry (CNBC) A looming fiscal problem in the U.S. is now identified as the top tail risk for investors, marking the first time in 17 months that Europe’s debt crisis was not seen as the biggest concern for fund managers, a monthly survey by Bank of America/Merrill Lynch shows. The U.S. “fiscal cliff,” a combination of tax hikes and spending cuts set to come into force in January 2013, was identified by 35 percent of respondents as the largest risk going forward, up from 26 percent in August. In contrast, 33 percent of the respondents rated the euro zone debt crisis as their biggest concern, down from 48 percent in August. The survey of 186 fund managers, who oversee a combined $524 billion, was conducted from Sept. 7 to 13. BOE Looks Set For More Stimulus (WSJ) Rate-setters think the annual rate of inflation will take longer to fall to its 2% target than they thought last month because of rising commodity prices and an increase in companies' labor costs, according to the minutes of the September meeting of the central bank's Monetary Policy Committee, published Wednesday. Annual inflation was 2.5% in August. Lindsay Lohan arrested in New York after striking pedestrian outside nightclub (NYDN) Lohan was arrested early Wednesday in New York after hitting a pedestrian with a Porsche, police said. The troubled actress was maneuvering around a crowd of people in an alley between the Dream Downtown, a hotel and nightclub in the Meatpacking District, and the Maritime restaurant. "She's driving in this freight area, going very slow," a police source said. "She's hitting her horn because there's a lot of people in the area. The crowd moves but she kind of brushes against this one guy. Lohan was driving a 2010 black Porsche Carrera, not hers, when the incident occured around 12:30 a.m. Lohan and friends went inside the club, and the man — who hasn't been named but is 34 — called police. Lohan was later arrested about 2:30 a.m. and booked for leaving the scene of an accident with an injury. She was issued a desk appearance ticket. Her lawyer took the car after the arrest.

paul mccartney

Opening Bell: 10.22.21

Snap snaps; good day for bad person; Jay Powell won’t do that again; hedge fund manager tries to kill Paul McCartney; and more!

stevebannon

Opening Bell: 8.20.20

Tough day for Trump; good times for hedge funds (except those fighting with Citi); “the president has his own mind on some of these things;” and more!

By Jonrev at English Wikipedia [Public domain], via Wikimedia Commons

Opening Bell: 8.10.20

Stocks on edge; hedge fund hopefuls press on; crude follies; let’s go to the mall; and more!

albertsons

Opening Bell: 6.26.20

Jay Clayton’s (bad) idea; hedge funds make all the money Wirecard doesn’t have; no $20 sheet cake for you; and more!

(Getty Images)

Opening Bell: 6.1.17

Morgan Stanley traders suffering the doldrums alongside BofA, JPMorgan; De Blasio gives Wells Fargo the boot; Mr. Met gives fan the finger; and more.