Keith Bliss of Cuttone and Company joins Yahoo Finance's Alexis Christoforous from the floor of the New York Stock Exchange to discuss stocks in the financial sector.Read More »
Elliott Management Corp, the largest creditor of Oncor's bankrupt parent Energy Future Holdings Corp, has tried to best Berkshire's offer for the Texas utility with a $9.3 billion proposal. Elliott, which already owned a major position in the biggest block of debt of Energy Future, has now purchased a slice of a different class of debt that would ensure the hedge fund's ability to block Buffett's deal, the Wall Street Journal reported on Wednesday.
Members of the Federal Reserve’s policy-setting committee expect to start the clock on shrinking its $4.5 trillion portfolio “relatively soon,” according to minutes of their July meeting. Economists widely believe the Fed will announce plans to reduce its balance sheet in September, and July’s minutes, released on Wednesday, reaffirmed that central bank officials are ready to move forward. There were some participants who wanted to kick off a balance sheet reduction at the July meeting, though most opted to stay the current course.
U.S. telecom behemoth AT&T Inc.’s T DirecTV deceptive advertising lawsuit filed by the Federal Trade Commission (FTC) in Mar 2015, is currently on trial in the federal court. The trial became functional from this Monday with opening arguments in U.S. District Court in Oakland, CA, and is scheduled to last 20 days. FTC lawyer Jacob A. Snow clearly pointed out that 33 consumers were deceived by the company during the span of 2007-2015. As a result of sign-ups and deceptive practices, DirecTV is estimated to have made $3.95 billion.