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Activist investor Jana Partners disclosed in a letter Monday that it has built a "significant" position in semiconductor manufacturer Wolfspeed and urged the company to resolve what it called a "staggering erosion of shareholder value," up to and including a sale. In the letter to Wolfspeed's board, viewed by CNBC, Jana wrote that the semiconductor company's "differentiated manufacturing capabilities" and status as an "American supplier supporting the energy transition" gave it significant intrinsic value. Jana also wrote that management's missteps around capital allocation, execution and strategy had depressed the stock. Wolfspeed, formerly known as Cree, is a supplier of electronic components and semiconductors used to manage electricity, often in cars. Jana said Wolfspeed's board should "promptly" begin a comprehensive review of the business, up to and including a sale.
Persons: Scott Ostfeld, Jana Partners, Jana, Wolfspeed, Barry Rosenstein, Kif Leswing Organizations: JANA Partners, CNBC, Reuters, TSR, Qualcomm, Trimble Locations: New York City, U.S, Mohawk Valley, Siler City, Freshpet ,
Apple CEO Tim Cook just sold $88 million of his stock, earning about $41.5 million after taxes. The iPhone maker's boss cashed in 13% of his stake, but still owns shares worth $570 million. The disposals generated around $88 million of gross proceeds, but roughly $44 million was withheld by Apple to cover the taxes incurred. For example, he sold $752 million worth of Apple stock in August 2021, netting himself around $355 million after taxes. Following his latest trades, Cook owns about 3.3 million Apple shares, a position worth $570 million as of Wednesday's close.
Persons: Tim Cook, Cook, , Apple, Tesla, Warren Buffett's Berkshire Hathaway, Buffett Organizations: Apple, Service, TSR, Nvidia, Tech Locations: Warren
The one job AI should actually replace: CEOs
  + stars: | 2023-09-11 | by ( Ed Zitron | ) www.businessinsider.com   time to read: +12 min
The only job that seems to be safe from the rise of ChatGPT and other AI tech is, oddly enough, the most expensive and easily automated role: CEO. Let's replace our CEOs with AI. Actually, AI is too advanced for that job, all you need is a Fisher Price tape recorder loaded up with a bad bunch of ideas." What better way can we hold a chief executive accountable than making sure they actually execute? Or perhaps the chief executives need to be far more afraid of losing their jobs to equally capable robots.
Persons: Scott Seiss, Fisher, it's, I'm, Proctor, A.G, Lafley, isn't, doesn't, Elon, David Zaslav, Zaslav —, Zaslav, shelve, I'd, Said, Ed Zitron Organizations: Harvard, Gamble, TSR, Warner Bros, Hollywood, Alliance, Television Producers Locations: Let's, California
A Ronan Farrow story in the New Yorker highlights an adventure of teenage Elon Musk. Musk and a friend made an unsupervised trip to a mall to obtain a Dungeons & Dragons adventure. While the story doesn't mention which classic '80s module Musk was after, we have a guess. AdvertisementAdvertisementTeenage Elon Musk took a joyride in a boosted car and skipped out of a South African mall with a possibly purloined Dungeons & Dragons module. AdvertisementAdvertisementOnce at the mall, the pair discovered they didn't have enough money to pay for the module.
Persons: Ronan Farrow, Elon Musk, Farrow, Theo Taoushiani, Taoushiani's, Elon, Taoushiani, Musk, he's, Jon Peterson, , ToEE, Gary Gygax, Peterson, Gygax, Trey Parker Organizations: Yorker, SpaceX, New Yorker, TSR, AAA, Wizards Locations: Johannesburg, South Africa
Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.
Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, , Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS
The job market is clearly starting to slow down. Mohamed El-Erian said March's jobs report was a win-win for both the stock market and the Fed. "We are making this transition where the stock market was obsessed with interest-rate risk to one that is concerned about credit risk." What's your take on the latest job data? In other news:Traders works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020.
Here are Wall Street's biggest calls on Thursday: Bank of America reiterates Chevron as buy Bank of America said it's standing by its buy rating on the oil and gas giant after it announced its 2023 capital budget on Wednesday. JPMorgan upgrades Vulcan Materials to overweight from neutral JPMorgan said risks for the construction materials company are already priced in. UBS initiates Shopify as sell UBS said it's concerned about increasing competition. UBS upgrades Hershey to buy from neutral UBS said it's becoming bullish on the chocolate and candy maker's long-term growth. Bank of America reiterates Lowe's as buy Bank of America said shares of Lowe's remain attractive.
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