Stocks: Tech Sector Gets Boost From Apple -- WSJ
Apple Shares See Best Streak in More Than 2 Years
Apple Shares' Best Streak in More Than 2 Years
UPDATE: Growth stocks could replace dividend stocks as star performers
Plus, Ivy Asset Strategy outed as flash crash culprit, and more.
On June 14, the U.S. Senate Finance Committee introduced a bill that could potentially alter the way AllianceBernstein's AB income is taxed. To this point, the firm has benefited from below-average tax rates in part because of its partnership structure. The Senate finance bill, if enacted, would void the firm's tax-preferred status, thereby subjecting it to higher corporate tax rates. The bipartisan bill appears to stand at least a decent shot at passage. However, it remains unclear whether the bill will apply to Alliance, as it's ostensibly aimed at private-equity partnerships that have either gone public or are contemplating an offering in the future. (Per a representative, Alliance is not commenting pending further legal review; a call to the Senate Finance Committee was not returned as of this note). As such, we're placing our fair value estimate for Alliance under review as we further investigate the proposed bill's implications. We will closely monitor the situation and provide ...
Plus, AllianceBernstein to buy W.P. Stewart, FPA Paramount alters its focus, Fidelity to roll out a short-duration high-yield fund, PIMCO plans for a managed-futures fund, and a sad farewell to retired T. Rowe Price manager and 1995 Fund Manager of the Year Jack Laporte.
The manager of Leuthold Asset Allocation, which has been reeling from outflows, has left the firm, prompting the merger. Also, AllianceBernstein changes named managers in its target-date series and target-risk suite, ING swaps out managers on its asset-allocation team supporting multiasset funds, ...
We'll be monitoring how these firms adapt to the rapid growth of ETFs and the continued risk aversion of investors.
In a tough week for Marsico, the firm is removed as a subadvisor on two separate funds. Also, Calamos plans dividend and mid-growth funds, Oppenheimer to close Discovery to new investors, and John Hancock makes a raft of portfolio-management changes.