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Appaloosa ups investments in Micron, Facebook, Apple, adds new bets in Caesars, MGM in 4th quarter
Billionaire hedge-fund investor David Tepper's Appaloosa Management was a buyer of technology, energy and bank shares in the fourth quarter, according to a Wednesday regulatory filing. Between the end of the third and fourth quarter, Appaloosa boosted its stake in Bank of America Corp. , upping his position by 170% to 10.8 million shares. He also increased his stake in Apple Inc. , raising that investment to 3.2 million shares and raising his stake in Micron Technology Inc. to 10.45 million shares, representing his largest holding according to WhaleWisdom.com. The hedge-fund luminary also lifted his position in Facebook Inc. by about 70% to 2.2 million shares, while adding to his holdings in the tech-heavy PowerShares QQQ Trust Series 1 to 4.3 million shares. Meanwhile, Tepper took a long position in the exchange-traded Financial Select Sector SPDR ETF , purchasing $280 million worth, though the fund also sold call options in the ETF worth $35 million. Call options give the holder the right but not the obligation to buy an asset a set price and time. Appaloosa also made bullish bets in the energy-centered Energy Select Sector SPDR ETF for $35 million. The investor was a buyer in gambling assets, with new stakes in Caesars Entertainment Corp. , about 5.86 million shares, and MGM Resorts International , where he picked up 2.3 million shares, from the end of the third quarter. Tepper notably divested his entire stake in Kinder Morgan Inc. , Chesapeake Energy Corp. , Whirlpool Corp. and General Motors , recent filings showed. Large investors are required to reveal their long equity holdings at the end of each quarter in filings with the Securities and Exchange Commission.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
AIG shares gain after company swings to adjusted quarterly profit
AIG Inc. shares rose 0.3% late Thursday after the insurer swung to an adjusted profit in the fourth quarter. AIG said it lost $6.7 billion, or $7.33 a share, in the quarter, compared with $3 billion, or $2.96 a share, in the year-ago period. That included a charge of $6.7 billion related to the U.S. tax overhaul. Adjusted for the charge and other items, the company earned $526 million, or 57 cents a share, versus a loss of $2.8 billion, or $2.72 a share in the year-ago period. The insurer said 2017 catastrophe losses were a "record" of $4.2 billion, a year that included domestic catastrophe-related losses related to the California wildfires, AIG said. Analysts polled by FactSet had expected adjusted earnings of 75 cents a share for the quarter. Shares ended the regular session down 3.6%.
eneral Insurance Results -- Fourth quarter adjusted pre-tax income of $13 million included $762 million of catastrophe losses, of which $572 million related to the wildfires in California. North America adjusted pre-tax income of $412 million was offset by an International adjusted pre-tax loss of $399 million. The fourth quarter reflected modest net prior year adverse loss reserve development of 1.4 points, driven by International Commercial lines. The fourth quarter and full year of 2017 loss ratios were 78.3 and 83.2, respectively. The accident year loss ratio, as adjusted was 65.2, a 2.3 point improvement compared to the prior year quarter. For the full year, the accident year loss ratio, as adjusted was 63.0, a 1.1 point increase from a year ago.
"The fourth quarter was another important step forward in positioning AIG for the future. Since I joined the company in May, we've added to our talent base, assessed and initiated underwriting actions, and established a new operating structure. 2017 represents a starting point from which we expect to build and 2018 will be a year of execution. Our actions to diversify our business and pursue profitable growth were further reflected in our January announcement of the acquisition of Validus," said Brian Duperreault, President and Chief Executive Officer.
"Our fourth quarter and full year 2017 results were significantly impacted by catastrophe losses. Despite full year record catastrophe losses of $4.2 billion, we delivered approximately $1.5 billion in pre-tax income and over $3.0 billion in adjusted pre-tax income. Importantly, our fourth quarter reserve review resulted in modest net adverse development and our General Insurance North America Commercial business showed notable improvement and reserve stability. Personal Insurance and Life and Retirement operations continued to deliver solid performance and benefit from their diversified offerings." Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Standard General Reports 16.9 Pct Stake In National Cinemedia As Of Jan 24, 2018
National Cinemedia Inc(NCMI): * STANDARD GENERAL L.P. * STANDARD GENERAL L.P. SAYS ON JAN 24, IT DISCUSSED WITH NATIONAL CINEMEDIA, POTENTIAL APPOINTMENT OF ANY 2 OF 3 CANDIDATES AS CO'S DIRECTORS Source text: Further company coverage:
Mueller seeks to question Trump about Flynn, Comey: reports
Special counsel Robert Mueller is seeking to question President Donald Trump about his decisions last year to fire national security adviser Michael Flynn and FBI Director James Comey, the Washington Post and CNN reported late Tuesday. That could signal that the Mueller investigation is focusing on the possibility that Trump attempted to obstruct the probe into Russian election meddling. CNN reported the form of the interview is still being worked out, with Trump's lawyers preferring a written format. Separately, the New York Times reported earlier in the day that Mueller's investigation interviewed Attorney General Jeff Sessions last week, making him the first Cabinet member to be questioned.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Brawny pickups, futuristic SUVs star at Detroit auto show
It's the year of the pickup truck at the 2018 North American International Auto Show in Detroit as General Motors, Fiat Chrysler and Ford unveil new trucks in a fast-growing and highly competitive U.S. auto market.
EMERGING MARKETS-Brazil's Bovespa hits record high amid New Year optimism
SAO PAULO, Jan 4 (Reuters) -
Brazil's benchmark Bovespa index led gains among its Latin
American peers amid a bullish day in the region, hitting
all-time highs, as domestic and international investors showed
optimism about the nation's general direction at the start of
Investors' eyes are currently focused on a number of
political developments in Latin America's largest economy, such
as a corruption trial for leftist ex-president Luiz Inacio Lula
da Silva at the end of Jan
AIG names Tom Bolt chief underwriting officer
American International Group Inc. said Tuesday it has named Tom Bolt as chief underwriting officer for general insurance, effective January. Bolt, who will join AIG from Berkshire Hathaway Specialty Insurance where he was CEO of the U.K. and Southern Europe, will report to AIG CEO Peter Zaffino and will join the general insurance executive leadership team. He will be responsible for "developing a global framework for underwriting standards, authority and structure that is aligned with AIG's overall risk appetite," the company said in a statement. Shares were not yet active premarket, but have fallen 9% in 2017, while the S&P 500 has gained 18%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Maduro taps major general to lead Venezuela's deteriorating oil industry
Venezuelan President Nicolas Maduro on Sunday tapped a National Guard major general to lead state oil company PDVSA and the Oil Ministry as the OPEC member labors under near 30-year lows in oil production. Manuel Quevedo takes over from two industry veterans to become one of the most powerful players in the country, which is home to the world's largest crude reserves.
UPDATE 3- Maduro taps major general to lead Venezuela's deteriorating oil industry
CARACAS, Nov 26 (Reuters) - Venezuelan President Nicolas
Maduro on Sunday tapped a National Guard major general to lead
state oil company PDVSA and the Oil Ministry as the
OPEC member labors under near 30-year lows in oil production.
UPDATE 2-Maduro says taps military officer to 'clean up' oil company PDVSA
CARACAS, Nov 26 (Reuters) - Venezuelan President Nicolas
Maduro on Sunday tapped a
National Guard major general to lead state oil company PDVSA
and the oil ministry as the OPEC member labors under
near 30-year lows in oil production.
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