Chinese stocks recovered from sharp losses after a roller-coaster ride Wednesday. The benchmark Shanghai Composite Index had dropped 4%, before settling at 3,160.17, 0.2% down from the previous close.
Investors
50% drop in Viacom stock wipes out $16B
The concerns about the future course of Viacom among its investors led the continuous drop in stock on Nasdaq. The latest watching ratings on Viacom's MTV, Nickelodeon, Spike and Comedy Central steeply fell when compared to its competitors. This has created doubts among the company's investors, who resorted to offload their holdings on Nasdaq exchange.
Wild swings in China stocks this week
A rocky start for China stock in this new month as their stock market plunge yet again. Based on the report by CNN, Shanghai Composite index fell 4.2% at the opening bell while Shenzhen Composite index opened 5% lower at the same time.
August sell-off leaves William Ackman's hedge fund with flat gain in 2014 so far
The global stock markets turmoil in August and China's economy slowdown have impacted hedge fund mogul William Ackman, who was one of the best performers in 2014. Ackman's Pershing Square Capital Management's Pershing Square LP fund dropped 7.7 percent in August making the total gain during the year at 0.06 percent flat growth.
Trading apps make the way for influx of young investors
Many young investors are buying stocks and opening accounts regardless of market volatility. Moreover, stock trading apps such as Robinhood have already become popular among young investors and are enabling them to double up as investors as well.
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Teen fashion retailer Forever 21 Inc is not seeing enough growth and is turning to Wells Fargo & Co. and TPG for a $150-million-loan aide. For over a dozen years, this fast-growing retail store has won the hearts of young shoppers and wiped out rivals with its trendy fashion and affordable prices, with $7.90 jeans and $8.90 cardigans. But lately, there are reports that the company is struggling to fill productivity.
Foxconn, the electronics company headquartered in Taiwan, has pulled out $1B investment to Indonesia, rumors have it. But according to a report, Foxconn claims they haven't cancelled it yet.
In just 135 characters, Minecraft creator Markuss Persson has expressed his feelings of existential meltdown on Twitter Saturday:
Alibaba Pictures Group announced Friday that it lost 151.8 million Yuan ($24 million) in the first half of 2015. The loss is due to the transformation the company is undergoing. According to the company, most of its projects are still under the investment stage, and its profit is not yet included in the revenue report of the period.
The US stocks turn attractive on lower PE ratios. The latest market crash might have eroded $2.1 trillion value in the market capitalization in the US stock markets, but equities are no more overpriced as price-to-earnings (PE) ratios turn attractive. According to ConvergEx, after the recent 10 percent drop in the US markets, no one can say that American stocks are expensive.
The stock markets last week witnessed shifting of priorities to gold and money markets funds as high volatility make equity markets uncertain following the steep fall of over nine percent on Chinese market on opening day of the week Monday. This has led to record outflows from equity funds during the week.
South Carolina - The Republican billionaire presidential candidate, Donald Trump, on Thursday, said he would decide in time if he will sign a pledge for the Republican presidential nominee. South Carolina Republican Party requires signing the pledge in order to vie for SC's critical primary.
Even giant Goldman Sachs has been adversely affected by the stock market chaos, as its 2015 distress trading desk lost about $50 million to $60 million.
As panic ensued when the Dow crashed to 1,000 points Monday right after the opening bell, some investors complained on Twitter that they weren't able to log into their online stock accounts.
