Morgan Stanley, a lead underwriter on the company's initial public offering, slapped a price target of $16 on the stock- a buck below its March IPO price. Analyst Brian Nowak wrote in the note that "we have been wrong about Snap's ability to innovate and improve its ad product this year." The bank cut its rating to "equal-weight" from "outperform" and slashed its price...
They were last at $16.12, down 5.1 percent on the day, after falling as low as $15.84. Morgan Stanley cut its rating to "equal-weight" from "outperform" and slashed its price target to $16 from $28, below the median target of $19.50. Snap's user growth trends have been modestly weaker than expected, Morgan Stanley analyst Brian Nowak wrote in the note.
Och-Ziff Capital Management will pay $412 million to resolve U.S. probes into the hedge fund's role in bribing officials in several African countries.
A federal judge certified a class-action lawsuit against Och-Ziff Capital related to a bribery probe, only to throw it out six hours later.
Wall Street's top dogs partied the night away at the 2016 Robin Hood benefit Monday night in New York City, and raised money for a worthy cause.
The biggest hedge fund managers have more money and more sway than ever before, and they are wielding greater political influence.
Critics love to hate hedge fund fees and performance, but the industry is poised to grow even more in 2015.
The New York financial community raised more than $26 million for Jewish causes in one of the single largest charity events of the year.
Nov 2- Och-Ziff Capital Management, one of only a handful of publicly traded hedge fund firms, on Friday reported quarterly earnings that beat Wall Street's forecasts, fueled by higher performance fees and lower taxes.