The most important news of the last week 7.9.2020
Flushing in the technology sector
American technology companies have plunged into a sharp reversal of the sale of technology stocks this year's record. The largest technology stocks, including Apple, whose shares fell 8 per cent, lost more than $150 billion from the company's market capitalization. Amazon, Alphabet and Microsoft ended the day more than 4 per cent lower.
The sell-off also has shaken commodity markets, with oil prices falling in Asian trading.
Performance French’s GDP QoQ (tradingview.com)
Hedge fund manager arrested
Daniel Kamensky, Neiman Marcus’s hedge fund manager, has been arrested and charged with fraud, extortion and obstruction of justice for allegedly attempting to disrupt the competitive offer of one of the retailer's most valuable assets.
Kamensky, who began his career as a bankruptcy lawyer, ran a long-running campaign to hold Neiman's private equity owners accountable for what he allegedly considered a fraudulent attempt to move MyTheres out of the reach of creditors. The owners, Ares and CPPIB, eventually settled the allegations and gave preference shares in MyTheres to unsecured creditors, including Marble Ridge.
The allegations made by federal prosecutors in Manhattan, along with a special civil lawsuit filed against Kamensky by the US Securities and Exchange Commission on Thursday, are based on text messages and interviews between a hedge fund manager and investment bankers at Jefferies at the end of July, including one interview, in which Mr Kamensky allegedly tried to keep it secret.
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