Michael Spencer's Big Trade Looks Better by the Year
When Michael Spencer sells, pay attention. The British broking entrepreneur sold almost all his shares in TP ICAP Plc soon after he received them following the merger of his ICAP voice broking business with rival Tullett Prebon. Shares in TP ICAP slid as much as 37 percent after the company issued a profit warning, erasing more than $1 billion of market value.