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BUSINESS
March 30, 2012 | By Walter Hamilton, Los Angeles Times
The next big stock tip might be as close as a Twitter feed. Professional traders are developing computer programs that scour Internet posts in search of the next stock market darling. Their technology analyzes everything uttered about a company - good or bad, racy or mundane - and spits out trading recommendations. The logic is that the popular sentiment expressed by millions of people on sites such as Twitter and Facebook yields investment clues that can't be gleaned from financial statements or analyst reports.
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BUSINESS
April 2, 2014 | By Walter Hamilton
At a time when public trust in Wall Street already is at a low, new allegations about high-speed stock trading threaten to further erode confidence in the financial markets. The furor centers on accusations that professional traders armed with ultra-fast computers have rigged the stock market. High-speed firms engage in what critics say amounts to insider trading, using super-charged systems to decipher trading patterns. Criticism of high-frequency trading has long swirled in financial circles, and multiple regulators are conducting investigations.
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BUSINESS
May 11, 1989 | From Times wire services
Mexico's National Stock Market Commission has suspended 11 traders, three permanently, after a probe into a multimillion-dollar illegal trading scandal, news reports said today. The Excelsior news service reported that the suspensions followed an investigation into the October, 1987, crash, when complaints were filed by at least 200 investors against all but one of Mexico's 24 registered brokerage firms. Stockholders lost millions of dollars worth of holdings in the crash.
BUSINESS
February 21, 2013 | By Walter Hamilton
Two-fifths of the elderly spend more than they earn, often forcing them to dip into savings to pay bills, according to a new study. Among those 65 and older, 40% shell out more on housing, medical care and other costs than they take in from Social Security, pensions and other sources, according to the Employee Benefit Research Institute. An additional 14.3% of that age group spend more than 75% of their incomes on regular expenses, leaving little cushion for unexpected financial setbacks, the study showed.
NEWS
January 18, 1991
On Wall Street, stock prices drifted in a narrow range today, pausing after the onslaught of buying Thursday that greeted early signs of success in the war against Iraq. Interest rates and oil prices, which both fell sharply Thursday, rebounded a bit overnight. That left stock traders wary of chasing after stocks at the sharply higher levels they reached by Thursday's close.
BUSINESS
November 20, 1991 | From Times Staff and Wire Reports
Salomon Lays Off 130: Salomon Bros. Inc. laid off 130 investment bankers, stock traders and analysts in the latest restructuring after the firm's Treasury bond scandal. The dismissals are part of a major cost-cutting effort undertaken by interim Chairman Warren E. Buffett, who last month took back $110 million that had been set aside for a year-end bonus pool.
BUSINESS
February 19, 2013 | by Walter Hamilton
The stock prices of Office Depot Inc. and OfficeMax Inc. surged Tuesday on word that the companies are contemplating a merger to better compete against Staples Inc. The two office-supply chains are reportedly in talks that could result in a deal this week. Shares of Office Depot jumped 37 cents, or 8.1%, to $4.96. OfficeMax stock rose $2.11, or nearly 20%, to $12.86. Still, both companies are far off their all-time highs. Office Depot reached nearly $45 in mid-2006. OfficeMax peaked at nearly $55 in early 2007.
BUSINESS
February 22, 2001 | Associated Press
Stock traders have asked the Securities and Exchange Commission to extend the April 9 deadline for implementing decimal-priced stock quotes on Nasdaq by at least four months, saying the market needs more time to make the switch. "The current plan does not provide enough time to adequately test and assess the many technology and trading issues associated with the conversion," the Security Traders Assn. contends in a letter to Laura Unger, the SEC's acting chairwoman.
BUSINESS
February 21, 2013 | By Walter Hamilton
Two-fifths of the elderly spend more than they earn, often forcing them to dip into savings to pay bills, according to a new study. Among those 65 and older, 40% shell out more on housing, medical care and other costs than they take in from Social Security, pensions and other sources, according to the Employee Benefit Research Institute. An additional 14.3% of that age group spend more than 75% of their incomes on regular expenses, leaving little cushion for unexpected financial setbacks, the study showed.
BUSINESS
February 19, 2013 | by Walter Hamilton
The stock prices of Office Depot Inc. and OfficeMax Inc. surged Tuesday on word that the companies are contemplating a merger to better compete against Staples Inc. The two office-supply chains are reportedly in talks that could result in a deal this week. Shares of Office Depot jumped 37 cents, or 8.1%, to $4.96. OfficeMax stock rose $2.11, or nearly 20%, to $12.86. Still, both companies are far off their all-time highs. Office Depot reached nearly $45 in mid-2006. OfficeMax peaked at nearly $55 in early 2007.
BUSINESS
December 4, 2012 | By Andrew Tangel
NEW YORK -- Federal prosecutors charged a former stock trader at Rochdale Securities of orchestrating an alleged scheme involving a $1-billion bet on Apple stock as the tech giant released earnings results in October. David Miller, a former trader at the Connecticut firm, is accused of costing Rochdale $5 million in losses, after it was stuck holding 1.6 million Apple shares. The unauthorized bet backfired when Apple reported disappointing quarterly earnings, sending its stock price lower.
BUSINESS
March 30, 2012 | By Walter Hamilton, Los Angeles Times
The next big stock tip might be as close as a Twitter feed. Professional traders are developing computer programs that scour Internet posts in search of the next stock market darling. Their technology analyzes everything uttered about a company - good or bad, racy or mundane - and spits out trading recommendations. The logic is that the popular sentiment expressed by millions of people on sites such as Twitter and Facebook yields investment clues that can't be gleaned from financial statements or analyst reports.
OPINION
February 12, 2012
The Senate and House have rushed to pass a bill explicitly prohibiting lawmakers and their staffs from making stock trades based on the company secrets they're told. The two chambers split, however, over what to do about a new breed of Wall Street professionals who buzz around Capitol Hill, searching for tips that could affect stocks. The work of these "political intelligence" consultants may not merit the same degree of regulation as lobbyists, who actively try to influence legislation.
BUSINESS
April 7, 2011 | By David Sarno, Los Angeles Times
With confidential information plundered from some of New York's most prestigious law firms, a corporate finance attorney, a Wall Street trader and a "middleman" bought hundreds of thousands of shares in companies about to be acquired, selling them when the deals were done to net millions of dollars in instant profit, federal officials allege. After each haul — totaling at least $32 million over nearly 17 years, according to federal investigators — the men met in Atlantic City casinos, where they believed they could share their large cash spoils without attracting attention.
BUSINESS
January 8, 2009 | Walter Hamilton
The stock market has been placid for most of the day, but Peter Kenny holds his breath as the final hour of trading approaches. A professional trader at Knight Capital Group Inc. who buys and sells stocks for large investors such as mutual funds, Kenny is betting that prices will drop before trading stops so he can pick up shares at attractive prices.
BUSINESS
September 11, 2002 | From Dow Jones Newswires
Stock trader Amr "Anthony" Elgindy was scheduled to be released from jail in New York late Tuesday, after spending three months incarcerated on charges he manipulated stock prices in a scheme with FBI agents. He is expected to return to his home in San Diego after posting bond of $2.5 million. Elgindy, 34, was arrested in May and, with four others, accused of securities fraud and racketeering.
OPINION
February 12, 2012
The Senate and House have rushed to pass a bill explicitly prohibiting lawmakers and their staffs from making stock trades based on the company secrets they're told. The two chambers split, however, over what to do about a new breed of Wall Street professionals who buzz around Capitol Hill, searching for tips that could affect stocks. The work of these "political intelligence" consultants may not merit the same degree of regulation as lobbyists, who actively try to influence legislation.
BUSINESS
February 19, 2008 | From Times Wire Services
European stock markets ended broadly higher Monday, continuing their back-and-forth pattern of recent weeks, as depressed banking issues attracted buyers. Mexican and Brazilian shares also rallied while Asian markets were mixed. In Europe, Germany's DAX share index rose 2%, France's CAC gained 1.9% and Britain's FTSE-100 jumped 2.8%. With U.S.
BUSINESS
March 22, 2007 | From Times Staff and Wire Reports
The Fed to the rescue? The stock market surged Wednesday after the Federal Reserve hinted that additional interest rate increases might not be in the cards. For a market battered in recent weeks by worries that recession risks were rising, the Fed's apparent shift soothed many investors -- and stoked hopes that the central bank soon would be cutting rates. "We've been waiting for the Fed to be on our side," said Michael Mullaney, who helps manage $10 billion at Fiduciary Trust in Boston.
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