General Electric's big news -- the departure of long-time CEO Jeffrey Immelt -- has an activist investor to thank, at least, in part.
The departure of the 35-year company veteran comes after pressure from Nelson Peltz's activist fund Trian Fund Management.
Elsewhere on the activist front -- I hope you're paying attention now -- shareholders of Mylan got a boost Monday morning as proxy firm ISS and later its counterpart Glass-Lewis said shareholders should vote against the company's incumbent board. Things just keep getting worse for the EpiPen maker's C-suite.
While GE's stock was surging with Immelt's departure and Mylan's board was reeling, the tech selloff from Friday continued, this time on the back of a note from Goldman that said low volatility in Facebook Inc. , Amazon Inc. , Microsoft Corp. and Google parent Alphabet Inc. may be blinding investors to risks. Oh, what power the house that Samuel Sachs and Marcus Goldman built still wields 135 years after its inception, outside as well as inside government.
It wasn't all doom, gloom and firings on Wall Street, however. And with the 40-point pull-back in the Nasdaq, and the downturn in the S&P 500 and the Dow Jones Industrial Average, some buying opportunities may actually be presenting themselves.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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