Regulators prepare to reprimand Citigroup for failing to improve risk systems: WSJ

finance.yahoo.com
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The expected move from the Office of the Comptroller of the Currency and the Federal Reserve accelerated planning for Chief Executive Officer Michael Corbat&...
TipRanks

September traditionally signals back-to-school, but has the month signaled something else for investors? To follow up a historic rally, September has seen steep losses across the board, with the S&P 500 slipping 5% since the month kicked off. This decline has led some to wonder, is this just a correction, or is it the beginning of another bear market? Hedge fund manager David Tepper has said the market is "maybe the second most overvalued" he has ever witnessed, only behind the 1999 dot-com bubble. "The market's pretty high and the Fed's put a lot of money in here ... the market is by anybody's standard pretty full," he commented. That said, while Tepper is taking a "relatively conservative" stance, he is still watching out for opportunities. Based on Tepper's storied career, it makes sense why the Street is giving serious thought to his commentary. The legend, who began as a credit and securities analyst with Equibank, co-founded hedge fund Appaloosa Management in 1993. Appaloosa wowed clients early on as the fund, which started with $57 million in capital, delivered 57% returns on its assets and grew to $300 million in 1994, $450 million in 1995 and $800 million in 1996. If $1 million had been invested at the time of inception, it would have grown into $181 million. To this end, Appaloosa now manages about $13 billion.Bearing this in mind, we decided to look at Appaloosa's recent activity for inspiration. Running two stocks the fund picked up during Q2 through TipRanks' database, we found out that the analyst community is also on board, as each sports a "Strong Buy" consensus rating. Boston Scientific Corporation (BSX) First up we have Boston Scientific, which develops and manufactures interventional medical devices. Following its recent estimate-beating performance, some believe this name's long-term growth narrative is strong. During Q2, Appaloosa pulled the trigger on 835,000 shares, increasing its holding by a whopping 727%. With the fund's total…
Reuters
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