Constellation Software Profit Rises as Acquisitions Lift Revenue
Constellation Software posted third-quarter profit of $212 million as revenue climbed 19% to $3.51 billion, with acquired businesses driving most of the growth. Earnings per share, however, came in below analysts’ expectations, while organic revenue increased 2%, the company said.
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Hawaiian Electric’s Third-Quarter Profit Rises After Bank Share Sale
Hawaiian Electric Industries’ third-quarter profit rose to $35 million as gains from selling part of its American Savings Bank stake helped offset weaker results in its core business. Revenue increased 28% to $1.01 billion, while the utility’s adjusted earnings were 13 cents a share after certain one-time items were excluded.
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October losses hit hedge funds across strategies
Hedge funds across several strategies suffered a bruising October, with losses and staff departures reaching multi-strategy firms, macro traders and credit desks. The pressure has renewed questions about the industry’s high-stakes talent culture, as volatile markets and steep annual portfolio-manager turnover leave little room for a prolonged slump.