Securities

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Stocks Fall After Fed Pushback as Meta Tumbles 13%: Markets Wrap

Wall Street pumped the brakes on a tech rally as Meta Platforms Inc. sank 13% on plans to take on debt to fund its artificial-intelligence push. Bond yields and the dollar rose as the Federal Reserve tempered rate-cut expectations.

By Rita Nazareth

Private Credit Enters the Equity Business as Borrowers Struggle

Private credit firms are in the business of lending, not owning. But as more borrowers start to struggle with their liabilities, lenders are swapping their debt positions for equity stakes to try and stem losses.

Trust Still Owes Tax After $191 Million Pharma Stock Settlement

The former shareholder of a pharmaceutical business owes additional tax on a portion of its $191 million settlement payout following a squeeze-out merger, after the Third Circuit determined Thursday that the shareholder couldn’t convert what was ordinary income into capital gains.

Meta Escapes CFPB Probe Into Financial Services Advertising

Facebook and Instagram parent Meta Platforms Inc. said it is no longer facing potential penalties from the Consumer Financial Protection Bureau over advertising for financial services on its platforms.

Core Scientific Investors Spurn CoreWeave Takeover in Vote

Core Scientific Inc. shareholders rejected a takeover bid by CoreWeave Inc. that proxy advisers said undervalued the data center company, ending a contentious monthslong saga.

Prophecy Fund Collapse Leading to More Guilty Pleas, US Says

A prosecutor said more people will plead guilty over the 2020 collapse of Prophecy Asset Management, which the US says cost investors $294 million.

Convertible Bond Boom Delivers Hedge Fund LMR’s Traders 30% Gain

A team of traders specializing in convertible bonds at multistrategy hedge fund LMR Partners is on track for record yearly gains as a surge in issuances and a pickup in corporate actions create a fertile hunting ground for the arbitrageurs.

Musk’s $1 Trillion Tesla Pay Package Opposed by Calpers

California Public Employees’ Retirement System, the largest public pension plan in the US, is planning to vote against Elon Musk’s $1 trillion Tesla Inc. compensation agreement, delivering a setback for the company’s plan to award one of the most lucrative pay packages in corporate America.

AIG to Buy Stakes in Convex, Onex for More Than $2.7 Billion

American International Group Inc. agreed to buy stakes in specialty insurer Convex Group and alternative asset manager Onex Corp. in transactions that total more than $2.7 billion.