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Best Buy Warns That Growth Is Slowing After Strong Quarter

(Bloomberg) — Best Buy Co. benefited from Americans splurging on household upgrades but warned that the boost it received from reopening stores won’t last through the rest of the current quarter, sending the shares down.Comparable-store sales in the U.S. — a key gauge of performance — rose 5%, beating analysts’ projections. But like other retailers, Best Buy said it wouldn’t provide financial guidance due to the uncertainty surrounding the coronavirus pandemic. The hints it did give about third-quarter sales disappointed investors.The shares fell 2.9% in premarket trading as of 8:26 a.m.After Target’s stellar results last week, investors were keen to …read more […]

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Navy SEAL Trader at Jefferies Helped Expose Hedge Fund Scandal

(Bloomberg) — He was a Navy SEAL, before becoming a trader. Then someone messed with him.Joe Femenia, the head of distressed-debt trading at Jefferies Financial Group Inc., set in motion one of the most astonishing falls-from-grace to captivate the world of hedge funds. The 43-year-old is the unidentified executive outlined in court filings last week, whose taped conversation led to the swift downfall of Dan Kamensky’s Marble Ridge Capital, according to people with knowledge of the matter.The saga has laid bare the rough-and-tumble ways of distressed investing, where investors look to pull every lever in their favor.In the industry’s social …read more […]