One of Wall Street's biggest and most successful hedge fund companies faces insider trading charges and claims its embattled billionaire owner ignored the problems. Prosecutors said SAC Capital Advisors earned hundreds of millions of dollars illegally and that Steven A. Cohen, referenced only as the "SAC owner," enabled the practices.
U.S. jobless claims
rose but trend
The number of Americans applying for unemployment benefits rose by 7,000 last week to a seasonally adjusted 343,000. The increase for the week of July 20 followed a drop of 22,000 the previous week. But the broader trend is consistent with an improving job market, according to the Labor Department.
Four Russian nationals and a Ukrainian were charged in New Jersey with running a sophisticated hacking network that penetrated computers at more than a dozen major American and international corporations over seven years, stealing and selling at least 160 million credit and debit card numbers worth hundreds of millions of dollars.
its top U.S. sedan
Consumer Reports magazine has ranked the Chevrolet Impala its top U.S. sedan, the first time in at least 20 years a domestic brand has beaten out cars from Germany and Japan. The full-size vehicle scored 95 out of 100 points in the magazine's testing to get an "excellent" rating.
2Q loss as costs
Amazon.com reported a loss in the second quarter as higher revenue was not enough to make up for rising operating expenses. The world's largest online retailer has been spending heavily on order fulfillment and digital content rights, which continued to weigh heavily on profit margins.