Deals wrap: Icahn turns inward
Seems billionaire investor Carl Icahn has had enough of managing money for outsiders. The 75-year-old stock picker dropped a bit of surprising news on Tuesday when he said he plans on returning all of his clients’ money, making him the latest in a string of investors to do so.
Barnes & Noble’s bid to reinvent itself as a formidable competitor in the burgeoning e-books sector is off to a solid start. Its Nook is the second best-selling e-reader on the market behind Amazon’s Kindle, and the book chain’s chief says it has 25 percent of the e-books market. So why can’t the bookseller find any buyers? Reuters correspondents Phil Wahba and Jessica Hall take a closer look in a new piece.
Jury selection in the trial against Galleon Group hedge fund founder Raj Rajaratnam kicks off the action today in a case at the heart of the biggest insider trading investigation in a generation.
NYT’s DealBook editor Andrew Ross Sorkin wonders why Rajat Gupta isn’t facing criminal charges if the insider trading accusations lodged against him last week are so serious? Felix Salmon responds with his take on the situation.
Renewed talk that Deutsche Telekom and Sprint Nextel are in discussions to combine their operations in the U.S. sent shares in both companies up on Tuesday.