Wealth

The U.S. bank sector has been pummeled this year but investors hunting for bargains there may need deep reserves of patience as banks are particularly sensitive to low interest rates, the uneven economic recovery and the muddy stimulus outlook.

Billionaire investor Carl Icahn said on Thursday the energy sector will bounce back one day but shareholders need to be very patient and he is not urging people to buy.

Five Democratic U.S. senators on Thursday asked BlackRock Inc to justify why it rarely supported shareholder resolutions tied to climate change issues despite its increased focus on the environment this year.

U.S.-based taxable bond funds attracted $15.3 billion in the week to Wednesday, according to Lipper, the biggest weekly net inflow in such bond funds in data back to 1992.

Investment manager Keith Meister said on Thursday the utilities sector is a sensible place to invest and pitched Exelon Corp as a favorite idea because it is cheap, well-positioned in its sector and because he expects change at the company.

A top executive at Institutional Shareholder Services does not forecast big changes in how the firm interacts with clients and others after the U.S. government earlier this year adopted new rules on how proxy advisers like ISS advise in corporate votes.

ValueAct Capital Management, a long-time investor in Citigroup Inc, threw its weight behind the third largest U.S. bank in an unusually public way on Thursday by saying its share price could double in the near term.

Investors are looking for bargains among healthcare stocks, even as prospect of a Democratic “Blue Sweep” in next month’s elections threatens more volatility for a sector already trading near a historical discount to the broader market.

Morgan Stanley has agreed to buy Eaton Vance Corp for about $7 billion in a cash-and-stock deal that can quickly expand its investment-management business and add more offerings for retail investors, the bank said on Thursday.