Archegos-linked stocks slide as markets eye more unwinding – Reuters

SourceReuters
SectorFinancial Markets
CountryMiddle east

FILE PHOTO: 888 7th Ave, a building that reportedly houses Archegos Capital, is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., March 29, 2021. REUTERS/Carlo Allegri/File Photo(Reuters) - Archegos Capital Management’s ill-fated bets weighed on ViacomCBS, Discovery Inc and other media stocks on Monday, and at least one analyst said it remained unclear when banks exposed to the troubled family office would be done selling off their positions in the shares.Archegos, run by U.S. investor Sung Kook “Bill” Hwang, was caught on the wrong side of debt-laden bets on the stocks of these companies last month, forcing several Wall Street banks that acted as brokers to sell shares in the companies.Credit Suisse Group AG, which is expected to record billions of dollars in losses from its exposure to Archegos, is still unwinding its positions, a source familiar with the trades said on Monday. The bank declined to comment.

Nomura, which...read more...