Money Daily Brief: Troubled Galleon sees redemptions soar(Read article summary)
Investors have redeemed $1.3 billion from troubled hedge firm Galleon.
Douglas C. Pizac/AP/File
•Galleon Group woes: Employees began preparing resumes as investors moved to recoup $1.3 billion in assets from the $3.7 billion hedge fund, which is at the center of an insider-trading scandal. Raj Rajaratnam , the group's cofounder, went free after posting $100 million in bail. Institutional investors may have to pull out of the firm.
•Earnings reports: DuPont's third-quarter profit rose a better-than-expected 11 percent, but the chemical giant's revenues fell. Pfizer, whose earnings climbed 26 percent, saw a similar phenomenon, while Caterpillar's earnings plunged 53 percent. The picture was far brighter at Apple, which surged past earnings expectations for the fiscal fourth quarter with a 47 percent rise in profit and 25 percent jump in revenue on computer and iPhone sales. But the tech bellwether expected its gross profit margin to slip more than 2 percent in the fiscal first quarter, which includes the holiday season.