Stocks gain…Hedge fund founder charged…Lonely Planet CEO leaves
NEW YORK (AP) – Technology companies are helping to drive U.S. stocks higher in afternoon trading, adding to the sector’s market-leading gains this year. Banks also rose as bond yields inched higher. Energy stocks got a boost from the price of crude oil, which climbed back above $70 a barrel a day after the U.S. moved to withdraw from a nuclear accord with Iran.
NEW YORK (AP) – A New York hedge fund founder has been arrested on charges that he exaggerated his company’s performance by over $200 million to impress investors. Anilesh Ahuja is the founder, chief executive officer and chief investment officer of the investment firm Premium Point Investments LP. A former portfolio manager and former trader at the firm were also charged.
NEW YORK (AP) – Media company Twenty-First Century Fox is buying seven TV stations from Sinclair Broadcast Group for $910 million. The move comes as Sinclair is selling some stations to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media. Meanwhile, Disney is pursuing a $52 billion takeover of much of Fox, though TV stations will stay with Rupert Murdoch’s family under a new Fox company.
NEW YORK (AP) – Shoppers will be able to buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their car to get them installed. It’s the latest deal between Sears and Amazon as the struggling department store operator seeks to boost sales. Last year, Amazon began selling Sears’s Kenmore brand of ovens, washers and other appliances.
UNDATED (AP) – The travel and guidebook company Lonely Planet confirms that the company’s young CEO has departed. The news comes amid reports that Lonely Planet is up for sale. A spokeswoman says Daniel Houghton (HOH’-tun) has left to “take on a CEO role at another company.” He was an unknown 24-year-old when he became CEO five years ago.