What you need to know on Wall Street today
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An investor crushing 99% of his peers breaks down 3 stocks he loves right now - one of which is 'beating Amazon at its own game'
Just as everyone expected the stock market to ease quietly into the end of 2018, chaos reigned supreme over the final week of the year.
Which is why it's that much more impressive that Kyle Weaver - who oversees $5 billion as lead manager of the Fidelity Advisor Growth Opportunities Fund- has been able to remain atop Wall Street fund manager rankings. He was in the 99th percentile through the end of November, and remained there as of Jan. 4, even following the market's turbulent December.
Weaver picks stocks based on what he calls a "deep value" approach. That means he looks for companies trading at inexpensive valuations right now - perhaps at two to three times earnings - that also possess massive upside over a five- to 10-year period.
Sears will reportedly pursue liquidation
Sears on Tuesday will ask a bankruptcy judge to liquidate after rejecting a $4.4 billion takeover bid by the company's chairman, Eddie Lampert, according to Reuters.
This would mark the end of the iconic retailer, which has survived two world wars and the Great Depression but failed to rebound from several years of sales declines under the control of Lampert, a Goldman Sachs executive turned hedge fund manager.
Lampert's hedge fund, ESL Investments, said his bid would have kept up to 50,000 of Sears' workers employed.
When Sears filed for bankruptcy in mid-October, it had 687 stores and about 68,000 workers.
Uber CEO Dara Khosrowshahi says there's a chance the company may not IPO in 2019 after all
Uber is in no rush to go public this year, according to CEO Dara Khosrowshahi.
Khosrowshahi told The Wall Street Journal in an interview published Tuesday that he and investors would be "disappointed" if there was no IPO but that "the company would be just fine."
The comments appear to be a softening of Khosrowshahi's position from last year, when he consistently said Uber was "on track" for a 2019 initial public offering.
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