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☆ CNBC Daily Open: U.S. economy is cooling, but may not fall off a cliff
▼ + stars: | 2023-12-01 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Clearer brand messagingNew Gap CEO Richard Dickson said the apparel firm's products had got "lost in the message" in its discount-heavy online communication. [PRO] Top holiday pickThe Dow is nearing a major milestone — and certain members may lead the blue-chip average over the finish line. CNBC Pro screened for the Dow members with the largest upsides to average price targets among Wall Street analysts.

Persons: Korea's Kospi, Hong, Nelson Peltz, Ike Perlmutter, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza, Josh Kushner's, Richard Dickson, Dickson, Dow Organizations: CNBC, Nikkei, underperform, Dow Jones Industrial, Disney, Marvel, Sky, Peltz, CNBC Pro, Dow, Wall Street Locations: Asia, Pacific, underperform Asia

☆ CNBC Daily Open: A cooling economy does not mean it's falling off a cliff
▼ + stars: | 2023-12-01 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis, the Commerce Department reported. Headline inflation was flat on the month and at a 3% rate for the 12-month period, the release also showed. Energy prices fell 2.6% on the month, helping keep overall inflation in check, though food prices rose 0.2%.

Persons: Dow, Dow Jones, Nelson Peltz, Ike Perlmutter, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza Organizations: CNBC, Dow Jones Industrial, Nasdaq, Big Tech, Federal Reserve, Commerce Department, Energy, of, Petroleum, OPEC, Disney, Marvel, Sky, Peltz, United Arab Locations: OPEC, Saudi Arabia, Brazil, COP28, United Arab Emirates, COP27, Egypt

Activist investor Nelson Peltz and his firm are seeking more than two seats on Disney's board, according to a person familiar with the matter, setting the stage for a proxy fight. "Mr. Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take its case to shareholders. Mr. Perlmutter owns 78% of the shares that Mr. Peltz claims beneficial ownership of, or more than 25 million of the 33 million shares," Disney said in a statement. Disney shares are up about 6% this year, far underperforming the S&P 500. Peltz had earlier pushed for a seat on Disney's board after Trian took an approximately $800 million stake in Disney.

Persons: Nelson Peltz, Peltz, Disney, Trian, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza, Sir Jeremy Darroch, Ike Perlmutter, Bob Iger, Perlmutter, Isaac Perlmutter, Robert A, Iger, – CNBC's Alex Sherman Organizations: Trian Fund Management, Future Investment Initiative, Summit, Disney, Sky, Peltz, Disney's, CNBC Locations: Miami , Florida

Nov 30 (Reuters) - Activist investor Nelson Peltz is pushing ahead with plans to seek at least three board seats at Disney (DIS.N) as the firm is not satisfied with Disney CEO Bob Iger's changes, several people familiar with the matter said. During a conversation on Thursday morning with Iger, Disney extended an offer for Trian to meet with the company's board but rejected the activist shareholder's request for seats on a board that will soon have 12 members, Trian said in a statement. He wanted the company to come up with a better succession plan, overhaul the streaming business and cut costs. Early this year, Peltz aborted a board challenge to give Iger time to "right the ship." "If they’ve made significant progress," Gadson said of Disney, proxy advisers "are more likely to allow for time to complete the transformation."

Persons: Nelson Peltz, Bob Iger's, Trian, Iger, Peltz, Disney, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza, Patrick Gadson, Vinson, they’ve, Gadson, Samrhitha, Dawn Chmielewski, Bayliss, Mark Porter, Lisa Shumaker Organizations: Disney, Trian, ESPN, Sky, Companies, Exxon, Svea Herbst, Thomson Locations: Bengaluru, Dawn, New York, Providence

☆ Marvel movies will be Bob Iger’s Disney priority after the cinematic universe suffered recent box office fails
▼ + stars: | 2023-11-29 | by ( Liam Reilly | Jon Passantino | ) edition.cnn.com time to read: +4 min

“Quality needs attention to deliver quality, it doesn’t happen by accident,” Iger said. Iger, speaking in a wide-ranging interview with Andrew Ross Sorkin at The New York Times’ annual DealBook summit, acknowledged that Disney had “diluted” the caliber of films produced by Marvel. The company, he added, had “made too many” film sequels that had not been well received by audiences or critics. Francis deSouza, the former CEO of Illumina — a biotech company — said he would not seek re-election to the board. In a statement, Mark Parker, the chairman of Disney’s board, praised Gorman’s succession planning abilities at Morgan Stanley.

Persons: CNN —, Bob Iger, ” Iger, ” “, Andrew Ross Sorkin, “, we’ve, ”, Iger, Bob Chapek, you’ve, Morgan Stanley, James Gorman, Sky Jeremy Darroch, Francis deSouza, Illumina, —, Mark Parker, Ted Pick, Gorman, James, Morgan Stanley’s, ” Parker, Samantha Delouya Organizations: CNN, CNN — Disney, Marvel Studios, Marvel, The New York Times, Disney, Sky, “

☆ Carl Icahn says new Illumina CEO has his 'full support' months after proxy fight
▼ + stars: | 2023-09-07 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Carl Icahn on Thursday expressed his support for Illumina 's new CEO Jacob Thaysen – a relief for the company as it tries to rebound from a bitter proxy fight with the billionaire activist investor. "I think he will do an excellent job and he has my full support," Icahn said in a post on X, noting that he spoke with Thaysen. Icahn, who continues to own a small stake in Illumina, launched a proxy battle over the company's decision to close its $7.1 billion acquisition of cancer test developer Grail in 2021 without approval from antitrust regulators in U.S. and European Union. Icahn was a staunch critic of Illumina's former CEO Francis deSouza, who ultimately resigned after the proxy battle in May despite securing enough votes to stay. "I'd find it comical, if it wasn't so reprehensible that ILMN's share price is down 63% due to CEO Francis deSouza making such an absurd and questionable purchase," Icahn said in a statement to CNBC in March.

Persons: Carl Icahn, Jacob Thaysen –, Icahn, Thaysen, Francis deSouza Organizations: Union, CNBC Locations: Illumina

☆ Illumina taps Agilent's Jacob Thaysen as CEO
▼ + stars: | 2023-09-05 | by ( Bhanvi Satija | ) www.reuters.com time to read: +2 min

FILE PHOTO: A sign at the front entrance to the global headquarters of Illumina is pictured in San Diego, California, U.S., November 28, 2022. REUTERS/Mike Blake/File Photo(Reuters) -Illumina on Tuesday named Agilent Technologies’ Jacob Thaysen as its CEO, months after the former head of the U.S. genetic testing company resigned following a proxy fight with billionaire Carl Icahn. The company said Thaysen, 48, who has been part of the analytical instruments division leadership at Agilent since 2018, would take the helm effective Sept. 25. Thaysen “checks all the boxes” required for the CEO role with his expertise in medical tools industry and understanding of Illumina’s customer base, said Evercore analyst Vijay Kumar. Thaysen will replace interim CEO Charles Dadswell, who will resume as senior vice president and general counsel at Illumina.

Persons: Mike Blake, Jacob Thaysen, Carl Icahn, Illumina, Icahn, Thaysen, Vijay Kumar, John Thompson, Andrew Teno, Francis deSouza, deSouza, Charles Dadswell, Patrick Donnelly Organizations: REUTERS, Illumina, Citi Locations: San Diego , California, U.S, Agilent, Illumina, China

☆ Illumina names new CEO months after Icahn proxy fight over Grail deal
▼ + stars: | 2023-09-05 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Illumina 's board on Tuesday named Jacob Thaysen the DNA sequencing company's new CEO as it tries to rebound from a grinding dispute over its acquisition of cancer test developer Grail. Thaysen, a 48-year-old longtime executive at medical devices firm Agilent , will step in as CEO on Sept. 25. His nomination comes months after a bitter proxy fight with activist investor Carl Icahn ended with Illumina's former CEO Francis deSouza resigning despite securing enough votes to stay. "Jacob's unique combination of deep technological and commercial experience will be a great addition to Illumina," Stephen MacMillan, the chair of Illumina's board, said in the release. Thaysen will take over for Charles Dadswell, who has been serving as Illumina's interim CEO since June.

Persons: Illumina, Jacob Thaysen, Carl Icahn, Francis deSouza, Icahn, Thaysen, Stephen MacMillan, Charles Dadswell, Dadswell Organizations: Union, European Commission, U.S . Federal Trade Commission, Illumina Locations: Illumina, San Diego , California, U.S, Agilent

☆ Illumina cuts annual profit forecast as biotech funding woes linger
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File PhotoAug 9 (Reuters) - Illumina Inc (ILMN.O) cut annual profit forecast, in a sign that a funding crunch among its biotech and pharmaceutical clients is expected to weigh on sales for its genetic testing tools and diagnostics products. Rising interest rates have squeezed funding for drug development and research programs among small biotech firms, especially in China. Higher-than-estimated demand for the production-scale sequencer, NovaSeq X, however, helped the U.S. genetic testing company surpass Wall Street estimates for second-quarter profit. The San Diego, California-based company reported adjusted profit of 32 cents per share, compared with expectations of 2 cents per share, according to Refinitiv data. Illumina expects full-year adjusted profit per share to be between $0.75 and $0.90, compared with its prior forecast of $1.25 to $1.50.

Persons: Mike Blake, Charles Dadswell ., Illumina, Carl Icahn, Francis deSouza, Pratik Jain, Shilpi Majumdar Organizations: Inc, REUTERS, Illumina, Bank, Wall, Thomson Locations: San Diego , California, China, U.S, Bengaluru

☆ Corporate agitators slow down in Q2 but ready to pounce in H2 -Barclays data
▼ + stars: | 2023-06-30 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Investors, bankers and lawyers expect a busy second half where activists may become more involved in trying to jumpstart mergers and acquisitions (M&A). "Volatile markets and depressed M&A markets are not deterring activists from launching campaigns in 2023," said Jim Rossman, global head of shareholder advisory at Barclays. In the second half, Barclays' Rossman expects to see a market with pent-up demand for M&A and $1.4 trillion parked in private equity firms' war chests that needs to be put to work. "The proof is in the pudding in the 2023 proxy season," Rossman said. "Activists won seats at 80% of proxy contests that went to a final vote, compared to 33% in 2022."

Persons: Jim Rossman, ValueAct, Carl Icahn, Francis deSouza, Elliott, Rossman, Svea Herbst, Bayliss, Jamie Freed Organizations: YORK, Elliott Investment Management, Capital, Legion Partners, Barclays, Holdings, Inclusive, Partners, Bayer, Reuters, Capital Management, Svea, Thomson Locations: Europe, Asia, United States

☆ Illumina starts job cuts, plans office exit to rein in costs
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

Illumina has begun to lay off 10% of its research and development team, health news website STAT reported on Monday, citing internal emails. Illumina, which had engaged in a proxy battle with activist investor Carl Icahn, earlier this month said CEO Francis deSouza had stepped down. The reduction in workforce commenced on June 21 and will result in charges of about $25 to $35 million, the company said, with majority incurred in the second quarter. Illumina's core global workforce comprised about 10,200 full-time employees as of Jan. 1, according to a regulatory filing. Reporting by Khushi Mandowara in Bengaluru; Editing by Sriraj Kalluvila and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Illumina, Carl Icahn, Francis deSouza, Khushi, Sriraj Kalluvila, Maju Samuel Organizations: Illumina, Thomson Locations: California, Bengaluru

☆ Illumina acquisition of Grail wins support from GOP lawmakers, state AGs as FTC tries to block it
▼ + stars: | 2023-06-13 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Republican lawmakers, state attorneys general and several advocacy groups have voiced their support for Illumina's acquisition of cancer-test developer Grail while the Federal Trade Commission fights to unwind the deal. The groups filed 14 amicus briefs Monday urging the U.S. 5th Circuit Court of Appeals to reverse an FTC order that would have Illumina undo the $7.1 billion Grail deal over concerns that it stifles competition. Thirty-four Republican lawmakers touted Grail's early screening test, which can detect more than 50 types of cancers through a single blood draw. And activist investor Carl Icahn, who holds a 1.4% stake in Illumina, launched a proxy fight with the company over the Grail deal. Icahn's opposition stemmed from Illumina's decision to close the acquisition without first gaining approval from antitrust regulators.

Persons: Illumina, Carl Icahn, Francis deSouza Organizations: Federal Trade Commission, U.S, FTC, Food and Drug Administration, European Commission Locations: San Diego, Alaska , Arkansas, Georgia , Idaho , Indiana , Iowa , Kentucky, Louisiana , Nebraska, South Carolina , Utah, Virginia, Illumina

☆ Illumina CEO deSouza resigns after proxy battle with Icahn
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

The Grail deal "has kept a lot of investors out of the stock" TD Cowen analyst Dan Brennan said. The company's shares have lost about 60% of their value since completing the Grail deal in 2021. Illumina shares closed at $200.53 on the Nasdaq on Friday. Icahn has said he wants former Illumina CEO Jay Flatley to return. He had secured more than twice the number of shareholder votes than his challenger received in the proxy vote, which could have given him enough legitimacy to hang on.

Persons: Francis deSouza, Carl Icahn, Icahn, Illumina, Charles Dadswell, DeSouza, deSouza's, Cowen, Dan Brennan, Francis, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Michael Erman, Anirban Sen, Mark Porter, Marguerita Choy, Edwina Gibbs Organizations: Nasdaq, LinkedIn, Unilever Plc, U.S . Federal Trade Commission, Thomson Locations: Illumina, Occidental, Bengaluru, New York, New Jersey

☆ Stocks making the biggest moves midday: Carnival, Nasdaq, Oracle, KeyCorp and more
▼ + stars: | 2023-06-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, Sept. 30, 2022. Other cruise stocks also got a boost, with Norwegian Cruise Line gaining about 9% and Royal Caribbean adding 2%. Chinook Therapeutics — Shares soared 58.32% after Novartis announced it has agreed to acquire the biotech firm for up to $3.5 billion. Oracle — Shares of the IT cloud software company gained 5.99% ahead of its quarterly earnings announcement scheduled for after the bell. Wolfe Research upgraded shares to outperform from peer perform in a Sunday note, citing the company's early-mover advantage in the artificial intelligence boom.

Persons: JPMorgan Chase, Thoma Bravo, Morgan Stanley, Wolfe, Alessandro Maselli, Nio, Nomura, Illumina, Francis deSouza, Carl Icahn, KeyCorp, — CNBC's Hakyung Kim, Alex Harring, Samantha Subin, Jesse Pound Organizations: Carnival Cruise, JPMorgan, Bank of America, Cruise Line, Royal, Chinook Therapeutics, Novartis, Nasdaq —, Thoma, Oracle —, Wolfe Research Locations: San Francisco, Royal Caribbean

☆ Stocks making the biggest moves before the bell: Nasdaq, Illumina, Oracle, Carnival & more
▼ + stars: | 2023-06-12 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Nasdaq — The exchange operator's shares dropped 7.7% following the announcement of its deal to buy Adenza, the software firm owned by Thoma Bravo. Illumina — The biotech stock rose 2% in premarket trading after Illumina announced a CEO transition plan on Sunday. Bill.com — Shares shed 4.8% in the premarket after Morgan Stanley downgraded the expense management platform to equal weight from overweight. Oracle — The IT stock added 4.7% in Monday's premarket as investors awaited earnings for the fiscal fourth quarter expected after the bell. The Wall Street firm upgraded shares to overweight, citing continued demand momentum in the cruise industry.

Persons: Thoma Bravo, Illumina, Francis deSouza, Carl Icahn, Nio, Nomura, Morgan Stanley, Bill.com, Wolfe, —, Jesse Pound, Samantha Subin, Michelle Fox Organizations: Nasdaq, Thoma, Oracle, Wolfe Research, ISI, Barclays, JPMorgan Locations: Monday's premarket

☆ Illumina CEO deSouza resigns after battle with Icahn
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +3 min

Analysts said they expect the company's shares to trade up on Monday morning after deSouza's resignation. The Grail deal "has kept a lot of investors out of the stock" TD Cowen analyst Dan Brennan said. The company's shares have lost about 60% of their value since completing the Grail deal in 2021. Illumina shares closed at $200.53 on the Nasdaq on Friday. Icahn has said he wants former Illumina CEO Jay Flatley to return.

Persons: Francis deSouza, Carl Icahn, Illumina, Charles Dadswell, DeSouza, Icahn, deSouza's, Cowen, Dan Brennan, Francis, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Michael Erman, Anirban Sen, Jason Neely, Jan Harvey, Mark Porter, Marguerita Choy Organizations: Nasdaq, LinkedIn, Unilever Plc, U.S . Federal Trade Commission, Thomson Locations: Occidental, Bengaluru, New York, New Jersey

☆ Illumina CEO Francis DeSouza resigns after battle with Icahn
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +2 min

June 11 (Reuters) - Illumina (ILMN.O) Chief Executive Officer Francis DeSouza stepped down on Sunday, the gene-sequencing machine maker said in a statement, ending a battle with activist investor Carl Icahn in which the company's chairman left the company earlier this year. Illumina said it named Senior Vice President and General Counsel Charles Dadswell as interim CEO. Icahn in a tweet said he is happy with the recent changes at Illumina and considers them a "very positive occurrence." Icahn has said he wants former Illumina CEO Jay Flatley to return. Vicki Hollub, for instance, remains Occidental Petroleum's (OXY.N) CEO after the company cut a deal with Icahn over board seats in 2020 and after Icahn cashed out two years later.

Persons: Francis DeSouza, Carl Icahn, Illumina, Charles Dadswell, DeSouza, Icahn, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Anirban Sen, Jason Neely, Jan Harvey, Mark Porter Organizations: LinkedIn, Unilever, U.S . Federal Trade Commission, Thomson Locations: Occidental, Bengaluru, New York

☆ Illumina CEO Francis deSouza Resigns Amid Regulatory Hurdles, Proxy Fight
▼ + stars: | 2023-06-11 | by ( Peter Loftus | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/illumina-ceo-francis-desouza-resigns-89c38eec

Persons: Dow Jones, francis, desouza

☆ Illumina announces CEO transition plan as Francis deSouza resigns
▼ + stars: | 2023-06-11 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Illumina on Sunday announced its board of directors has accepted the resignation of CEO Francis deSouza, just weeks after activist investor Carl Icahn failed to oust him from the biotech company. "It has been the privilege of a lifetime to serve Illumina," deSouza said in the release. Similarly, in an open letter to Illumina shareholders in April, Icahn accused deSouza of "desperately, hilariously and, most of all, unsuccessfully" trying to spin "decidedly mediocre" quarterly results during a press tour. In late May, Icahn had urged shareholders to vote off deSouza and Chairman John Thompson from the nine-member board. Shareholders booted Thompson, but deSouza held onto his role until Sunday.

Persons: Francis deSouza, Illumina, Carl Icahn, Charles Dadswell, Illumina's, DeSouza's, deSouza, Icahn, John Thompson, Thompson Organizations: Illumina Inc, Economic, Sunday Locations: Davos, Switzerland, Illumina

REUTERS/Mike Blake/File PhotoWASHINGTON, June 5 (Reuters) - Illumina (ILMN.O) on Monday filed an appeal against a Federal Trade Commission (FTC) order, demanding that it divest cancer diagnostic test maker Grail (GRAL.O) over competition concerns in the U.S. market for cancer tests. San Diego-based Illumina is arguing that the FTC "violated due process by depriving Illumina and Grail of a fair proceeding before an impartial tribunal," according to the filing in the U.S. Fifth Circuit Court of Appeals. An administrative law judge at the FTC had earlier dismissed the antitrust charges brought against Illumina but FTC staff won an appeal against that decision. In early December, EU antitrust regulators proposed measures for Illumina to unwind its acquisition of Grail, three months after blocking the deal. Billionaire investor Carl Icahn, who owns 1.4% of the company, had also urged Illumina to unwind the Grail deal which he called a risky acquisition.

Persons: Mike Blake, Illumina, Carl Icahn, Francis deSouza, Vincent Intrieri, Diane Bartz, Mrinmay Dey, Jamie Freed, Edwina Gibbs Organizations: REUTERS, WASHINGTON, Federal Trade Commission, Fifth, Appeals, FTC, Illumina, Thomson Locations: San Diego , California, U.S, Diego, Europe, EU

☆ Illumina board appoints Hologic CEO as non-exec chairman
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

June 2 (Reuters) - Illumina Inc (ILMN.O) said on Friday it had elected two new independent board members, including Hologic Inc (HOLX.O) CEO Stephen MacMillan as the non-executive chairperson, with immediate effect. The genetic sequencing equipment maker also appointed Edwards Lifesciences (EW.N) Chief Financial Officer Scott B. Ullem to the board, the company said in a statement. These appointments follow activist investor Carl Icahn mustering enough shareholder support last month to oust Illumina's board chair John Thompson and install one of his board nominees, Andrew Teno. However, Illumina CEO Francis deSouza survived a challenge to his board seat from Icahn. Reporting by Leroy Leo in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephen MacMillan, Edwards Lifesciences, Scott B, Ullem, Carl Icahn, Illumina's, John Thompson, Andrew Teno, Francis deSouza, Leroy Leo, Savio D'Souza, Rashmi Organizations: Illumina, Hologic Inc, Thomson Locations: Icahn, Bengaluru

☆ Illumina shareholders oust board chair, CEO survives Carl Icahn proxy battle
▼ + stars: | 2023-05-25 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Activist investor Carl Icahn on Thursday won enough support from Illumina shareholders to oust the biotech company's board chair. Icahn had urged shareholders to vote off the company's CEO, Francis deSouza, and Thompson from the nine-member board. Shareholders also voted to install one of Icahn's three board nominees, Andrew Teno, a portfolio manager at Icahn Capital LP, an entity where Icahn manages investment funds. Earlier this month, proxy advisory firm Institutional Shareholder Services recommended that Illumina shareholders back Teno. Icahn, who owns a 1.4% stake in San Diego-based Illumina, had proposed two other director candidates who are his current or former employees.

☆ Glass Lewis backs two of Icahn's nominees for Illumina
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +2 min

May 10(Reuters) - Proxy adviser Glass Lewis said on Wednesday Illumina Inc (ILMN.O) shareholders should vote for two of Carl Icahn's nominees to the firm's board, as representatives who can challenge the current board would be beneficial to the company. Glass Lewis added shareholders should vote against the re-election of the current chief Francis deSouza and chair John Thompson, saying they had enough reasons to advocate for a new chair. Icahn, who owns 1.4% of Illumina, began a boardroom battle at the gene sequencing company in March. Glass Lewis said in a report it recommends shareholders support Icahn's nominees, Vincent Intrieri and Andrew Teno, adding the company's $7.1 billion acquisition of cancer-testing firm Grail had been a "costly, distracting, value-crimping millstone" for Illumina. However, it did not extend support to Icahn's third candidate, Jesse Lynn, adding that election of all three candidates was not needed.

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☆ Carl Icahn calls Illumina Q1 results ‘very disappointing,’ slams cost-cutting plan
▼ + stars: | 2023-04-28 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Carl Icahn on Friday called Illumina's first-quarter results "very disappointing" and slammed the DNA sequencing company's new plans to cut costs. "Illumina CEO Francis deSouza seems to believe that he can fool all of the people all of the time," Icahn wrote. Illumina's stock is down more than 9% since the company reported earnings. In that missive, Icahn also took shots at cost-cutting plans Illumina unveiled to improve its shrinking margins. Illumina reported a negative operating margin of 5.7% for the quarter, down from 15% during the same period a year ago.

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