ClearBridge Investments’ Richard Freeman followed drug company Alza Corp. for 28 years before buying shares in 1999, when a failed acquisition by a larger company sent shares plunging. Two years later, Johnson & Johnson bought Alza for triple the price the fund paid.
Hedge-fund manager J. Kyle Bass is betting on a comeback by J.C. Penney Co., the retailer roiled by falling sales and a dispute with investor William Ackman, according to a person familiar with the matter.
Yields on 10-year Treasury notes will rise above 3 percent as the Federal Reserve scales back its debt purchases, according to Rick Rieder, chief investment officer for fundamental fixed-income at BlackRock Inc.
Foreclosures are surging again in Baltimore, which became a symbol of the U.S. housing crash when the city’s desolate blocks of abandoned row homes served as a backdrop for the HBO TV series “The Wire.”
Robert and Patricia Castillo, a California couple who have already had their monthly mortgage payments cut by almost 60 percent, want the city of Richmond to reduce their debt by using its powers of eminent domain. That could be bad for hospitals in Missouri.
Legg Mason Inc., the money manager seeking to reverse more than five years of net redemptions, posted a profit as rising equity markets lifted assets from a year earlier and clients deposited money into bond funds.