MONEY (MSM)
Two New York stockbrokers must face civil insider trading charges brought by U.S. securities regulators, a U.S. judge ruled on Friday, despite a landmark appellate ruling that torpedoed the criminal case against them. U.S. District Judge Jed Rakoff in Manhattan rejected a bid from former Euro Pacific Capital Inc traders Daryl Payton and Benjamin Durant to throw out U.S. Securities and Exchange Commission charges that they engaged in illegal trading
Boeing Co is planning to move final production work for some 737 jetliners to a new facility in China, and is timing an announcement to coincide with the first U.S. state visit of China’s president, Xi Jinping, later this month, according to a published report. The report in Aviation Week on Friday appeared to surprise elected officials, unions and industry leaders in Washington state, where Boeing now builds all 737s.
In a 129-page decision on Thursday, U.S. District Judge Andre Birotte in Los Angeles said the Academy failed to show that GoDaddy acted in bad faith by letting customers purchase 293 domain names such as academyawards.net, oscarsredcarpet.com, billycrystal2012oscars.com and theoscargoestothehangover.com. The Academy sued GoDaddy in 2010, accusing the Scottsdale, Arizona-based company of letting customers “park” their pages on the Internet and share in revenue collected from advertising on those pages.
Energy shares dropped after Goldman Sachs cut its oil price forecast through next year. Eight of the 10 S&P 500 sectors closed higher, led by gains in utilities (.SPLRCU), which tend to rise as bond yields fall. Investors are awaiting next week’s Federal Reserve meeting and news on whether it will raise rates for the first time in almost a decade.
Assuming the collective wisdom of economists is right—which is a generous assumption given that predicting business cycles isn’t exactly a cakewalk—it puts the current expansion on track to have a lifespan of about nine years.
While Wall Street frets about a potential Fed rate rise next week, economist Joe LaVorgna of Deutsche Bank says an October hike is more likely.
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Amazon can grow revenue more than the market expects thanks to its ballooning Prime membership, Mark Mahaney said Friday.
Pervasive skepticism might be setting us up for a relief pop regardless of the Fed’s decision Thursday. But six days is an eternity the way this market has been trading day to day.
The billionaire tells CNBC he’s more bullish on stocks based on valuations than fellow hedge fund titan David Tepper. Ackman also talks Mondelez and his Herbalife short.
