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BUSINESS
January 12, 2005 | From Reuters and Bloomberg News
The Securities and Exchange Commission is preparing to bring an enforcement action against the New York Stock Exchange, possibly in mid-February, for failing to supervise some of its floor-trading specialists, sources familiar with the matter said Tuesday. The action will come as part of a settlement of a long-running probe into improper specialist trading, with the SEC also hoping to unveil simultaneously a number of separate agreements with smaller stock exchanges, the sources said.
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BUSINESS
January 7, 2005 | Tom Petruno, Times Staff Writer
Bond mutual fund investors came through 2004 in much better shape than many had feared. Every category of bond funds posted a positive total return for the year, meaning interest earnings plus or minus change in principal, according to Morningstar Inc. Most bond categories had annual total returns in the range of 2% to 9%. The big surprise was that long-term interest rates fell for the year, even though the Federal Reserve began to raise short-term rates for the first time since 2000.
BUSINESS
January 7, 2005 | Josh Friedman, Times Staff Writer
When clients ask Mike Nozzarella where they should put their money, the Newport Beach financial planner is increasingly likely to steer them toward exchange-traded funds -- arguably the hottest product in the mutual fund industry. Created in 1993 by a Los Angeles native, exchange-traded funds hit critical mass last year, reaching $212 billion in assets through Nov. 30. That's up from $151 billion in 2003, according to the Investment Company Institute.
BUSINESS
January 2, 2005 | Tom Petruno, Times Staff Writer
It's 2005 on the calendar, but what year will this be on Wall Street? Some investment pros are thinking about 1994, when the Federal Reserve began to slowly raise short-term interest rates, then sharply stepped up the pace of credit tightening -- to the bond market's horror. Others are thinking back to 1977. In 1973 and '74, the stock market suffered its worst decline since the Great Depression, only to snap back in 1975 and '76. (Sound familiar?
BUSINESS
December 23, 2004 | Josh Friedman, Times Staff Writer
Google Inc.'s stock debut may have grabbed the headlines in 2004, but the revival of the market for initial public offerings was no one-hit wonder. In fact, the IPOs of 15 companies -- three of them based in Southern California -- have racked up even bigger post-offering gains than the 119% jump in the price of Google's shares since their debut in August.
BUSINESS
December 15, 2004 | From Associated Press
Nasdaq Stock Market Inc. plans to raise $100 million for its investors in a secondary stock offering, and hopes to list its stock on its own market, the publicly held equities market said Tuesday. Nasdaq currently trades on the over-the-counter bulletin board system, an electronic forum for lesser-known stocks that generally do not trade often. By listing on the Nasdaq National Market, the company would have a much higher profile.
BUSINESS
December 7, 2004 | From Dow Jones/Associated Press
Mutual funds are moving to comply with a new rule that requires them to have independent chairmen starting in 2006, despite a growing challenge to the rule. Although the deadline is a year off, a number of companies are inching forward with early assessments of how they will meet the rule's requirements.
BUSINESS
December 2, 2004 | From Associated Press
The Securities and Exchange Commission suspended trading in shares of 26 small companies, including a health website named for former Surgeon General C. Everett Koop, on Wednesday because they failed to file required periodic financial reports. The SEC began in June to halt trading in companies for delinquent reporting to protect investors from possible stock manipulation.
BUSINESS
November 23, 2004 | From Associated Press
Former Silicon Valley technology banker Frank Quattrone, convicted on criminal charges of obstructing justice, has been barred from the securities industry for life by regulators for allegedly failing to cooperate in an investigation of his activities. The NASD, formerly the National Assn. of Securities Dealers, said Monday that its National Adjudicatory Council had permanently banned Quattrone from the industry, overruling a January decision by a hearing panel to suspend him for only a year.
BUSINESS
November 17, 2004 | From Reuters
Shares of Google Inc. fell nearly 7% on Tuesday, as selling restrictions were lifted on 39 million shares held by employees and early investors in the newly public Web search company. Google finished down $12.33, or 6.7%, to $172.55 on Nasdaq. Nearly 21 million shares traded hands, on the high end of typical daily volume over the last month. The lockup expiration more than doubled the number of shares eligible for trade, to around one-fourth of total shares outstanding.
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