Wednesday Wrap-Up: Buying Like Bezos
Don't wake me until Friday, please.

Happy hump day. 

You're almost there! Two more days till the weekend. If I can do it, you can do it. And yes, that's your motivational push for the day.

You Can Buy Like Bezos

Now You Can Be Rich Too! Just kidding. But, thanks to TheStreet's Tony Owusu, you can buy the same stocks Jeff Bezos has invested in. 

In case you don't understand the hullabaloo, the CEO of Amazon (AMZN) is worth a whopping $160 billion. 

Bezos' investment history goes back to at least 1998. While still struggling to get Amazon off the ground four years after its inception, Bezos invested $250,000 in Google (GOOGL - Get Report).

Some of the highlights from Bezos' investment portfolio are his $112 million investment into Airbnb, his $200 million investment in education tech company EverFi, and his $37 million stake in Uber.

Despite his investments in tech, Bezos also appears comfortable stepping out of his comfort zone with a swath of investments from education to hospitality.

Amazon and Alphabet Inc., the parent company of Google, are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN or GOOGL? Learn more now.

Jerome Powell Graces the Stage

But not the hearts of the people after the Federal Reserve announced that it was hiking rates for the third time so far in 2018. 

Yeah, and that's not the end of it either.

TheStreet's Bradley Keoun covered Fed chairman Jerome Powell's power presence and the Fed's hike. 

The central bank's monetary-policy committee, led by Powell, raised rates by 0.25 percentage point to a range between 2% and 2.25%, according to a statement Wednesday. In a subtle shift, the panel did not characterize monetary policy as "accommodative," as it had in recent communications.

"The committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions and inflation" around 2%, according to the statement. "Risks to the economic outlook appear roughly balanced."

The Fed, which cut rates to near zero in the wake of the financial crisis a decade ago, in a bid to stimulate the economy, has been raising them since late 2015 as growth recovered. Trump's $1.5 trillion of tax cuts in December have pushed already-minimal unemployment down even further, most recently to 3.9%, close to an 18-year low.

Most traders and economists predict the Fed will hike rates by another 0.25 percentage-point in December, though they're divided on the likely number of additional increases coming next year.

Fox Admits Defeat Over Sky

Boo, hoo.

After losing out to Comcast in a bid war over the weekend, Fox admitted defeat.

TheStreet's Martin Baccardax covered the news.

21st Century Fox (FOXA - Get Report) said Wednesday that it will sell its 39% stake in Britain's Sky plc to Comcast Corp. (CMCSA - Get Report) , ending one of the longest takeover battles in U.K. history and handing control of Europe's biggest pay-TV group to America's biggest cable company.

Comcast shares were marked around 0.35% higher in New York Wednesday and changing hand at $35.54 each while Sky shares traded at £17.26 each by late afternoon in London, a move that extends their year-to-date gain to 72.4% and some 80% since the Fox made its first approach to buy the whole of the broadcaster in December 2016. Disney shares edged 1.08% higher to trade at $114.85 following news of the sale.

Comcast CEO Brian Roberts called Sky a "wonderful company with a great platform, tremendous brand, and accomplished management team" and said the acquisition would allow the Philadelphia-based group to "quickly, efficiently and meaningfully increase our customer base and expand internationally."

TheStreet's Action Alerts Plus team has argued that Comcast has scored a major victory in besting its rival for a key European asset critical to its overseas expansion.

Now, soccer fans, let's just hope the coverage stays the same -- am I right? Don't want to miss out on my Chelsea games. 

Anyway, that's a wrap for Wednesday.

Dream of Friday, it's just around the corner. 

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