Bloomberg

As Meme Stock Mania Fizzles, Wall Street Sees ‘Big Reckoning’

(Bloomberg) — The day-trading Reddit crowd turned the first quarter of 2021 into one of the wildest periods of stock market mania in modern history. Books — plural — will undoubtedly be dedicated to the topic in years to come.But after these small-time speculators banded together to drive up dozens of obscure stocks by hundreds or even thousands of percent — and in the process burned a few hedge-fund barons betting on declines — the movement appears to be petering out. An index that tracks 37 of the most popular meme stocks — 37 of the 50 that Robinhood Markets banned clients from trading during the height of the frenzy — is essentially unchanged over the past two months after soaring nearly 150% in January.Talk to Wall Street veterans and they’ll tell you that this flat-lining is the beginning

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BENGALURU: Wipro Ltd said on Thursday it would buy British consultancy Capco for US$1.45 billion in cash, as the Indian software giant looks to boost its offerings for the financial services industry that generates the bulk of its revenue.

London-based Capco makes 96per cent of its revenue from Europe and North America, from where Indian IT services companies have traditionally won the most lucrative contracts.

Wipro and its rivals including Infosys Ltd and Tata Consultancy Services Ltd have become major global players, offering services spanning from back-office work for banks to social media content moderation as well as traditional technical support.

Capco will give Wipro access to 30 new large banking and financial clients and make the Indian firm one of the largest end-to-end consulting and technology service providers to that industry globally, Wipro said.

Banking and financial clients account for nearly a third of Bengaluru-headquartered Wipro’s revenue,

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