Hobbled by a criminal indictment, SAC Capital has shuttered Parameter Capital Management, one of its stock trading units, the latest setback for the once-powerful hedge fund run by the billionaire Steven A. Cohen. A person close to SAC said that the move was planned long before prosecutors and the F.B.I. in Manhattan announced the indictment in July.
A new bid to buy a legendary piano maker, Steinway could be music to the ears of its shareholders. Steinway Musical Instruments Inc. said that an investment firm has offered to pay $38 per share, or about $477 million, for the company. That tops an earlier bid of $438 million, from Kohlberg & Co.