Fed unleashes another big rate hike in bid to curb inflation
The Fed is tightening credit even while the economy has begun to slow, thereby heightening the risk that its rate hikes will cause a recession later this year or next.
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Indiana’s tech firms saw strong venture investment activity in 2Q
Indiana-based tech firms attracted a combined $166 million in investments last quarter, according to a report released this week by Indianapolis-based TechPoint. The quarterly total was up sharply from the first quarter, despite the nationwide tech slowdown.
Lilly Endowment sells more than $500 million in Eli Lilly stock
The stock sale is a primary way for the endowment, one of the largest private philanthropic foundations in the United States, to raise cash to make grants to arts, education, religious and community development organizations.
Twitter sues to force Musk to complete his $44B acquisition
In a fiery filing, Twitter accuses Musk of violating the merger agreement “because the deal he signed no longer serves his personal interests.”
Crypto plunge is cautionary tale for public pension funds
The recent crypto meltdown has prompted a larger question: For pension funds that ensure teachers, firefighters, police and other public workers receive benefits in retirement after public service, is any amount of crypto investment too risky?
Wall Street expects inflation squeeze on 2Q earnings
Inflation tightened its grip on businesses and consumers during the second quarter and investors expect to see a dent in the latest round of corporate earnings.
From stocks to crypto, a punishing six months for investors
The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20% after starting the year at an all-time high. It’s the worst start to a year since 1970, when Apple and Microsoft had yet to be founded.
Lilly faces lawsuit over alleged excessive retirement-plan fees
The drugmaker is one of hundreds of U.S. companies being sued in the recent trend in litigation: excessive fees on 401(k) retirement plans.
Bitcoin plunges as major crypto lender halts operations
Crypto lender Celsius halted all withdrawals, citing “extreme market conditions.” It is the second collapse of a part of the crypto world in the last two months.
Stocks dive to another losing week as inflation worsens
The S&P 500 sank 2.9% to lock in its ninth losing week in the last 10, and tumbling bond prices sent Treasury yields to their highest levels in years.
Stock market slump unsettling Americans eying retirement
A stock market slump this year has taken a big bite out of investors’ portfolios, including retirement plans like 401(k)s.
Carmel man handed federal prison sentence for securities fraud
George R. McKown, 71, who was convicted of conspiracy to commit securities fraud and wire fraud, also was ordered to pay more than $5.2 million in restitution to his victims.
Target shares plunge 26% amid rout of retail stocks
Target Corp. is on pace for its worst stock drop since 1987’s Black Monday crash after becoming the second big retailer in two days to trim its profit forecast. Other retailers suffered steep drops in their stock prices Wednesday.
Indianapolis-based Centerfield launches $400M investment fund
The investment fund is Centerfield Capital Partners’ fifth, and the largest yet in the private-equity firm’s 24-year history.
Former Merrill Lynch broker Buck ordered to pay $7.5M in damages to former client
Thomas Buck built a reputation as one of the state’s top financial advisers before being sentenced to prison for securities fraud in 2019.
In wicked reversal, stock market has worst day in two years
The sell-off was a sharp reversal of fortunes after markets posted large gains on Wednesday, a whiplash caused by temporary confusion over the Federal Reserve’s approach to raising interest rates this year.
Dollar surges to 2-decade high as investors seek refuge
Rising inflation that has caused the biggest jump in prices in 40 years has spurred the Federal Reserve to aggressively raise interest rates, which increases demand for U.S. dollars.
Elon Musk to join Twitter’s board after becoming largest shareholder
Putting Musk on Twitter’s board and limiting the amount of stock he can acquire while as a director may be a strategic move on Twitter’s part.
Suddenly, Twitter’s biggest stakeholder is Tesla’s Elon Musk
Twitter co-founder Jack Dorsey stepped down as CEO in November. Musk’s stake in Twitter is now more than four times the size of Dorsey’s, who had been the largest individual shareholder.
Elon Musk takes 9.2% stake in Twitter; shares skyrocket
Twitter shares exploded 26% in premarket trading after the Securities and Exchange Commission filing showed that Musk snapped up more than 73 million shares, valued at $2.89 billion.