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10 mentions found


☆ Globe Life's stock crashed amid federal probes. Here's everything you need to know.
  + stars: | 2024-04-14 | by ( Katie Balevic | Susan Antilla | ) www.businessinsider.com   time to read: +5 min
Globe Life Inc., a publicly traded insurance company based in Texas, was once flying high. Its top insurance agents basked in luxury with lavish company retreats and expensive sports cars. Related storyBy August 2023, Warren Buffett's Berkshire Hathaway had dumped over half of its 6.35 million shares of Globe Life. By then, Berkshire Hathaway had sold off all its shares in Globe Life. "It's disappointing that Globe Life neglected to address the evidence of insurance fraud and sexual misconduct that we uncovered."
Persons: —, Arias, Simon Arias III, Wolf, Renee Zinsky, Mike Russin, BI's, Warren Buffett's Berkshire Hathaway, Simon Arias, Abeni Mayfield, Berkshire Hathaway, AIL, Panda, Susan Antilla's, Nate Koppikar, Zinsky, Russin Organizations: Service, Business, of Justice, Life Inc, Arias Organization, Globe, Arias, Commission, AIL, Organization, BI, Department of Justice, Globe Life, Life, DOJ Locations: Texas, Pennsylvania
☆ These are the most overbought and oversold stocks on Wall Street after a wild week of trading
  + stars: | 2024-04-13 | by ( Lisa Kailai Han | ) www.cnbc.com   time to read: +3 min
The stock market ended the volatile week lower, but there could still be opportunities for plenty of companies' shares to rebound. CNBC Pro used its stock screener tool to find the most overbought and oversold stocks on Wall Street as measured by their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are considered overbought, which indicates that shares might soon turn lower. Devon Energy made the list of overbought stocks, dominated by oil and gas producers, with an RSI of 82. On the other hand, Texas-based life insurer Globe Life , with an RSI of just 3, is among the most oversold stocks on Wall Street.
Persons: Roger Read, Devon, Wells, Deere, Lamb Weston, FactSet, —, Fred Imbert Organizations: Dow Jones, CNBC Pro, Devon Energy, Exxon Mobil, Barclays, Exxon, Truist Securities, Deere, Globe, Research, Securities Locations: Devon, Wells, Delaware, Illinois, Texas, Lamb, Idaho
☆ Short-seller sends Globe Life shares plunging 53% as insurance giant calls report 'defamatory,' threatens legal action
  + stars: | 2024-04-12 | by ( Susan Antilla | ) www.businessinsider.com   time to read: +12 min
Read previewShares of insurance giant Globe Life Inc. plunged 53% today and trading was halted eight times after a short-seller issued a damning narrative on the company. (Globe Life, AIL, and the other defendants denied the allegation in a legal filing.) Meanwhile, Warren Buffett's Berkshire Hathaway sold all 6.35 million shares of Globe Life stock the investor once held. In his April 3 presentation to investors, Koppikar called Globe Life "a dead-end pyramid scheme." He predicted that the DOJ investigation will hinder recruiting, "which is the lifeblood for pyramid schemes like Globe Life."
Persons: —, Arias, Panda, Fuzzy Panda, Steve Greer, Dave Zophin, Trina Orlando, Renee Zinsky, Zinsky, AIL, Simon Arias, Michael Russin, Amy Williamson, Zinsky's, Russin, Warren Buffett's Berkshire Hathaway, John Kane, Matthew D, Williamson, wasn't, I'm, Michael Clark, Renee, Jennifer Haworth, Abeni Mayfield, Susan Antilla, Orlando, Nate Koppikar, Haworth, J, Matthew Darden, Russin's, Koppikar Organizations: Service, Inc, Business, BI, Organization, Globe, AIL, Arias Organization, Agencies, Opportunity, Department of Justice, Globe Life, Russin, AAA, Orlando, Alpha, Reuters, DOJ Locations: Globe's, Pittsburgh, Columbia , Maryland, Mayfield, Arias
☆ Globe Life shares plummet following short report
  + stars: | 2024-04-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobe Life shares plummet following short reportCNBC's Contessa Brewer reports on the news of a new short report from Fuzzy Panda Research.
Persons: Contessa Brewer Organizations: Globe, Fuzzy Panda Research
☆ Globe Life shares rebound about 20% after plummeting over 50% Thursday
  + stars: | 2024-04-12 | by ( Ryan Anastasio | ) www.cnbc.com   time to read: +1 min
Shares of Globe Life rebounded about 20% Friday morning after sinking 53% Thursday following a short-seller report alleging multiple instances of insurance fraud. Fuzzy Panda Research disclosed a short position in the Texas-based insurance company after it uncovered "extensive allegations of insurance fraud ignored by management despite being obvious and reported hundreds of times." The short-seller claims that Globe Life had insurance policies written for fictitious and deceased individuals, forged signatures and had funds withdrawn from bank accounts without customer approval. They also allege that fictitious bank accounts were used to fund fake insurance policies so employees met their bonuses. In a statement Thursday, Globe Life refuted the allegations and said they are "driven solely by short-term profit."
Organizations: Globe, Panda Research, CNBC Locations: Texas
☆ Stocks making the biggest moves midday: Globe Life, JPMorgan, Zoetis, Wells Fargo and more
  + stars: | 2024-04-12 | by ( Lisa Kailai Han | ) www.cnbc.com   time to read: +2 min
Wells Fargo — Shares of the bank inched lower by less than 1% after it reported a decline in net interest income during the first quarter. Wells Fargo did beat analyst expectations for its first-quarter adjusted earnings and revenue. Globe Life — The life insurance stock bounced 10% after plummeting more than 50% during Thursday's session. The firm said shares were not worth purchasing ahead of the first quarter earnings report, given the weakness expected. Ciena — Shares slipped nearly 3% after Citi initiated coverage of the software company with a sell rating.
Persons: Jamie Dimon, Wells, LSEG, Corteva, Librela, — CNBC's Michelle Fox, Alex Harring, Tanaya Macheel, Pia Singh Organizations: JPMorgan, Street, Wells Fargo, BlackRock —, BlackRock, Fuzzy Panda Research, Paramount, Skydance Media, Citi, Wall Street, Solensia, Arista Networks, Rosenblatt
☆ Stocks making the biggest moves before the bell: JPMorgan, BlackRock, Globe Life and more
  + stars: | 2024-04-12 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
JPMorgan — The bank slipped 2.4% despite beating expectations on both lines and reporting lower credit costs than anticipated. Wells Fargo — Wells Fargo shares vacillated after reporting first-quarter earnings , but were recently up less than 1%. The bank topped Wall Street's expectations on the top and bottom lines, but reported a decline in net interest income. Citigroup — Shares rose more than 2% after the bank posted $21.1 billion in revenue , which was higher than analysts' expectations of $20.4 billion, according to LSEG. Globe Life — The insurer jumped about 9% in Friday's extended trading, rebounding after tumbling more than 50% in the prior session.
Persons: Jamie Dimon, LSEG, Thursday's, Raymond James, —, Macheel, Samantha Subin, Sarah Min, Michelle Fox Organizations: JPMorgan, Citigroup —, BlackRock, Blackrock, Research, Paramount, Skydance, Wolfe Research, Corteva, Citi Locations: Wells, LSEG
☆ Staff at Pure Barre and other boutique gyms say a major franchisee stiffed them on pay, sent bizarre emails, and talked about drinking his own urine
  + stars: | 2023-11-21 | by ( Jake Swearingen | Jack Newsham | ) www.businessinsider.com   time to read: +15 min
Staff at some Pure Barre, CycleBar, Row House, and other high-end fitness studios aren't being paid. Outposts of CycleBar, Row House, and other pricey fitness studios have also shut their doors, suddenly and sometimes without explanation. In one call reviewed by Business Insider, Brown spoke about drinking his own urine. In his November 8 email to all studio staff, Brown wrote that he "failed all of you." And unlike the fitness studio employees, they didn't find the message or tone of Brown's November 8 email surprising.
Persons: Mitch Brown, —, Brown, Amy, Xponential, Jaime Miettinen, Miettinen, Mitch, Jason Whitman, Stride, hollowing, we're, Pamela Chatman, CycleBar, Subreddits, Chatman Organizations: Service, Staff, Business, Midwest, Professional Holdings, Employees, Xponential, Research, Holdings, Fitness, Pure Locations: Barre, CycleBar, Pure Barre, Detroit, California, New York, Ohio, Michigan, Brown
☆ EV maker Fisker faces liquidity questions after short-seller claims its cash is "tied up"
  + stars: | 2022-12-01 | by ( John Rosevear | ) www.cnbc.com   time to read: +4 min
Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California. Electric vehicle startup Fisker is facing new liquidity questions after a short seller report Thursday claimed the company's funds are "tied up." According to the report, much of Fisker's cash balance is tied up via bank guarantees on behalf of Magna International , the auto parts giant that began building Fisker's Ocean SUV under contract last month. "Fisker Inc. does not have a bank guarantee with Magna, and Fisker owns the intellectual property for the Fisker Ocean platform," Fisker said in a statement after the U.S. markets closed on Thursday. With a potential downturn looming, Fisker's cash hoard has provided some comfort to its investors.
☆ Fisker's cash tied up in bank guarantees, short-seller report says
  + stars: | 2022-12-01 | by ( ) www.reuters.com   time to read: +1 min
Dec 1 (Reuters) - Short-seller Fuzzy Panda Research said on Thursday that Fisker Inc's (FSR.N) access to its funds is limited by bank guarantees that set a mininum cash balance, sending the electric-vehicle maker's shares down 5%. In a report disclosing an unspecified short position, Fuzzy Panda Research said nearly all of the $825 million Fisker has in cash "is tied up" in guarantees to its manufacturing partner Magna Steyr, the Austrian unit of Magna International Inc (MG.TO). The guarantees include Fisker paying for Magna's tooling costs as well as manufacturing margins and direct manufacturing costs, the short seller said, citing interviews with former employees. The EV maker is the latest target of Fuzzy Panda Research, which has previously issued reports on EVgo Inc (EVGO.O), Workhorse Group Inc (WKHS.O) and now bankrupt Electric Last Mile Solutions. The short-seller also said that Fisker has been selling shares to raise cash and pay expenses instead of funding operating losses using its cash balance.
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