Michael Burry’s Scion Asset Management scooped up shares of Alphabet Inc. GOOGL and Amazon.com Inc. AMZN during the fourth quarter of 2023, part of a shopping spree that saw his fund open positions in more than a dozen stocks. After drawing attention last year for holding bearish puts against the S&P 500, the Nasdaq-100 and a basket of semiconductor stocks, Burry apparently sold the last of these puts and instead added more long positions to his portfolio in the fourth quarter. The value investor expanded ...

Morgan Stanley is cutting hundreds of wealth-management positions, including some managing directors, in one of new Chief Executive Ted Pick’s first major moves since taking over six weeks ago, according to a source familiar with the bank. The layoffs mark an effort by Morgan Stanley MS to contain costs. They will impact less than 1% of the roughly 40,000 employees in the marquee investment bank’s wealth-management unit but won’t include key client-facing staff, the source said. Morgan Stanley will begin to ...

Nelson Peltz’s Trian Fund Management, which is headed for a showdown with Walt Disney Co. at the company’s annual shareholders meeting on April 3, upped the ante on Wednesday in a stinging letter that dismissed Disney’s latest moves as a “spaghetti-against-the-wall plan.”... Master your money. Subscribe to MarketWatch. Get this article and all of MarketWatch. Access from any device. Anywhere. Anytime. Subscribe Now Already a subscriber? Log In ... ...

Charles Schwab Corp. SCHW said Wednesday total client assets in January rose 14% from the year-ago period, and remained flat with the previous month. Total core net new assets brought to the company in January by new and existing clients were $17.2 billion, or $21.4 billion in core net new assets excluding Ameritrade originated brokerage clients. Transactional sweep cash as of Jan. 31 fell $11.3 billion to $406.1 billion compared to the previous month. “This decline was in-line with typical January seasonal ...

PNC Financial Services Group Inc. PNC said Wednesday it plans to spend $1 billion on its branch network. Plans include opening more than 100 new branches and renovating 1,200 out of a total network of 2,300 by the end of 2028. PNC plans to build new branches in San Antonio, Texas, Miami, Houston, Dallas, Denver and Austin, Texas, among other locations. Alex Overstrom, head of PNC Retail Banking, said the bank’s 15,000 team members help customers with home financing, check deposits, saving for retirement and ...

Italy’s competition watchdog fined Amazon.com AMZN and British American Tobacco UK:BATS, saying the companies had misled consumers when advertising heated-tobacco devices without stressing potential health risks. The Italian Competition Authority, or AGCM, said Wednesday that the companies advertised BAT’s glo hyper X2 and glo hyper air devices by denying, omitting or not highlighting information on nicotine consumption, leading consumers to purchase products that carry health risks and are forbidden to min ...

Abbott Laboratories ABT, -1.06% said that a Food and Drug Administration panel voted in favor of the safety profile of its heart device TriClip. The medical device company on Tuesday said that the Circulatory System Devices Panel of the Medical Devices Advisory Committee also confirmed the effectiveness and risk/benefit profile of the device to treat people with tricuspid regurgitation. Tricuspid regurgitation is a type of heart valve disease that occurs when the tricuspid valve doesn’t close tight enoug ...

Amazon.com Inc. founder and executive chair Jeff Bezos continues to sell stock, dumping another $2 billion as part of a trading plan. A new filing with the Securities and Exchange Commission on Tuesday shows that Bezos unloaded 12 million more Amazon shares AMZN, -2.15% across a series of transactions Friday and Monday. He dumped roughly the same amount in a bout of selling done last Wednesday and Thursday, a prior SEC filing indicated. The most recently disclosed sales took place at prices between $170.61 ...

It’s official: Nvidia Corp. is worth more than Amazon.com Inc. The chip company hadn’t finished a trading session worth more than the e-commerce powerhouse in nearly 22 years, but it achieved the milestone Tuesday — after flirting with the feat a session earlier. Nvidia’s NVDA, -0.17% market value exceeded that of Amazon AMZN, -2.15% based on Monday’s intraday action, but Amazon closed out that session back on top. But while Nvidia and Amazon shares both fell Tuesday alongside broad market pressure, Nvidia’ ...

ESPN and the College Football Playoff have agreed to a six-year deal worth $1.3 billion annually that allows the network to keep exclusive rights to the 12-team playoff through the 2031 season, two people with knowledge of the agreement told The Associated Press. The people spoke to the AP on condition of anonymity Tuesday because a deal cannot be finalized until the CFP works through other outstanding issues regarding the format and revenue distribution. Disney’s DIS, +1.07% ESPN was first to report the ...