DIRS.INFO The most relevant business & tech news

☆ More Americans will be able to file their taxes for free through the IRS next year
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

"The Treasury Department and IRS look forward to working with states to expand Direct File for Americans across the country," Treasury Secretary Janet Yellen said in a statement. More than 140,000 taxpayers used the free filing option, the IRS reports, exceeding the agency's expectations for the pilot program. Beyond increasing access to the Direct File program to all states, the IRS is working on other ways to broaden eligibility. The IRS also announced it would extend its Free File program through 2029. "Free File was part of a successful filing season at the IRS that saw increased interest in a range of free programs to help taxpayers."

Persons: Janet Yellen, Danny Werfel Organizations: Internal Revenue Service, . Treasury, Washington D.C, Treasury Department, IRS, Treasury, Biden, CNBC Locations: Washington, filers

Kess raised his price target to $47 from $36, suggesting 11% upside from Tuesday's close. His price target, cut to $276 from $311, implies roughly 10% downside from Tuesday's close. "We upgrade SUN to Buy and lift our [target price] to $65 following several cash flow accretive transactions," Dounis wrote. "The January 11th transactions drive ~25% of the target price increase; the NS Acquisition drives the remaining ~75% increase." NKLA mountain 2020-07-01 NKLA since 2020 Still, the analyst's $2 price target implies the stock could surge more than 200% from here.

Persons: Morgan Stanley, Daiwa, Jonathan Kees, Kess, — Michelle Fox, Jon Tower, Chipotle, Sarah Min, Gordon Haskett downgrades Uber, Gordon Haskett, Robert Mollins, Uber, Mollins, — Jesse Pound, Colin Bristow, Bristow, Michael Tyndall, Stellantis, Tyndall, — Sarah Min, Pierre Ferragu, Lisa Su, Ferragu, Sunoco, Spiro Dounis, Dounis, Baird, Nikola, Ben Kallo, NKLA, Kallo, it's, Jessica Reif Ehrlich, Morgan Stanley's Benjamin Swinburne, Swinburne, Goldman Sachs, Eric Sheridan, Erik Woodring, Woodring, Fred Imbert Organizations: CNBC, Big Tech, Wall Street, NewStreet Research, Verizon, Daiwa, Verizon Communications, VZ, Citi, Mexican, UBS downgrades, UBS, HSBC, AMD, Research, NuStar Energy, Zenith Energy, Energy, Netflix, Bank of America, Apple Apple, Edge, Apple Locations: Seattle, Biogen, Skyclarys, Stellantis, Europe, China

☆ Investor JAT Capital sends scathing letter to new Bed Bath & Beyond board over CEO ouster, vacancy
▼ + stars: | 2023-11-17 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Investment firm JAT Capital sent a scathing letter to the board of the new Bed Bath & Beyond on Friday saying it has refused to answer questions from shareholders and is engaging in what the investment firm called unprecedented "poor behavior." Earlier this month, JAT called on Beyond to fire Johnson. In its letter, dated Friday, JAT questioned why Johnson's board seat was removed after his ouster and said it was an attempt to weaken "shareholders ability to have a say." JAT called on Beyond's board to answer its questions, once and for all, and for everyone from vendors to sell-side analysts to demand more transparency. The actions cited below which the Board has taken in the last 60 days appear to be to the detriment of the company and shareholders," the letter states.

Persons: Jonathan Johnson's, JAT's, John Thaler, JAT, Johnson, Jonathan, Marcus Lemonis, Marcus Lemonis wasn't, Allison Abraham, Marcus, Dave Nielsen Organizations: JAT Capital, Inc, JAT Locations: Bath, CNBC's

☆ US government aims to free up more wireless spectrum
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Jonathan Ernst/File Photo Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - President Joe Biden's administration on Monday announced steps aimed at freeing up additional wireless spectrum for advanced technology needs and soaring U.S. wireless demand including by repurposing spectrum currently set aside for parts of the federal government. The White House said it was releasing a National Spectrum Strategy and a presidential memorandum to modernize U.S. spectrum policy that "includes new actions to improve spectrum management and spectrum access - including a study of more than 2,700 megahertz of spectrum for potential repurposing." The White House has said additional spectrum is key to next-generation wireless service and a variety of advanced technology, infrastructure and government needs. Key issues include working to free up government-owned spectrum that agencies no longer need to use, establishing processes for resolving spectrum-related conflicts and developing dynamic spectrum-sharing capability, the White House said. Biden's administration plans within 12 to 18 months to "advance research, create investment incentives and set forth measurable goals to advance spectrum access technology" including establishing spectrum test beds, the White House said.

Persons: Jonathan Ernst, Joe Biden's, David Shepardson, Will Dunham Organizations: United States Capitol, REUTERS, Rights, Mobile U.S, White, Commerce Department's National Telecommunications and Information Administration, Federal Communications Commission, U.S ., FCC, Thomson Locations: Washington , U.S, U.S

☆ Online retailer Beyond Inc's chief steps down amid activist investor pressure
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Companies Beyond Inc FollowNov 6 (Reuters) - Internet retailer Beyond Inc (BYON.N), formerly known as Overstock.com, on Monday said its chief excecutive, Jonathan Johnson, has stepped down amid activist investor pressure. Hedge fund JAT Capital, which owns a 9.6% stake in Beyond Inc, last week urged the board to replace CEO Johnson, arguing that he is to blame for the company's poor financial performance. JAT Capital did not immediately respond to a Reuters request for comment on the change. Overstock.com rebranded its website under the Bed Bath & Beyond name after it acquired intellectual property from the bankrupt company in June. Reporting by Juby Babu in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Jonathan Johnson, Johnson, Dave Nielsen, John Thaler, Marcus Lemonis, Beyond's, Juby Babu, Maju Samuel Organizations: Beyond Inc, JAT, Bed, Thomson Locations: Bengaluru

☆ The new Bed Bath & Beyond's CEO is out, days after activist firm called for his ouster
▼ + stars: | 2023-11-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

The new Bed Bath & Beyond announced Monday its CEO, Jonathan Johnson, is immediately stepping down from his position just days after activist hedge fund JAT Capital called for his ouster. He led the company through its acquisition of Bed Bath & Beyond earlier this year and its corporate name change to Beyond Inc. , which took effect Monday. David Nielsen, Beyond's president and a former Payless ShoeSource executive, has taken over as interim CEO while the board undergoes a search for a permanent candidate. Beyond said Johnson's departure "follows mutual agreement" between him and the board to transition the company to new leadership, but the move came on suddenly. The company and Johnson didn't immediately return a request for comment seeking additional information.

Persons: Jonathan Johnson, Johnson, JAT, Marcus Lemonis, David Nielsen, Jonathan, Allison Abraham, Beyond's, Johnson didn't, Patrick Byrne Organizations: Bed, Inc, CNBC PRO Locations: JAT, CNBC's, New York, Russian

☆ Is an Ivy League degree worth it? Report finds advantages beyond future earnings
▼ + stars: | 2023-08-02 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

In the end, the group of Harvard and Brown University-based economists found that attending an Ivy League college has a "statistically insignificant impact" on earnings. Leadership positions are disproportionately held by graduates of a few highly selective private colleges, the Opportunity Insights report found. Meanwhile, at the nation's top schools, including many in the Ivy League, acceptance rates hover near all-time lows. The pathway to CEO is not necessarily an elite university. However, "the pathway to CEO is not necessarily an elite university," added Alvin Tillery, a political science professor and director of Northwestern's Center for the Study of Diversity and Democracy.

Persons: Christopher Rim, Alvin Tillery, Hafeez Lakhani Organizations: Princeton University, Office, Communications, Harvard University, University of North, Ivy League, Harvard, Brown University, Stanford University, Duke University, University of Chicago, Technology, Command, ACT, Northwestern's Center, Diversity, Diversity and Democracy, Princeton, MIT, Glowimages, Getty Locations: New Jersey, University of North Carolina, Massachusetts, New York, Michigan , Illinois, Wisconsin

☆ Overstock.com Wins $21.5 Million Bid for Bed Bath & Beyond’s Assets
▼ + stars: | 2023-06-22 | by ( Jordyn Holman | ) www.nytimes.com time to read: 1 min

Bed Bath & Beyond, the home-goods retailer that filed for bankruptcy in April, accepted a $21.5 million bid from Overstock.com to acquire its assets, according to a court filing on Thursday. “Following completion of the court-approved auction process and in consultation with the official committee of unsecured creditors, Bed Bath & Beyond Inc. has selected a proposal from Overstock.com as the winning bidder,” Julie Strider, a Bed Bath & Beyond spokeswoman, said in a statement. Overstock will receive Bed Bath & Beyond’s assets, which include its intellectual property, business data, rights to mobile apps and certain contracts, Ms. Strider said. Overstock will “assume certain specified liabilities,” she added. Overstock, the online retailer known for selling large furniture like couches and desks, declined to comment.

Persons: Julie Strider, Overstock, Strider Organizations: Bed, Beyond Inc Locations: Overstock.com

☆ YouTube TV contractors allege in NLRB complaint they were terminated in response to broader union organizing efforts
▼ + stars: | 2023-06-16 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +5 min

They allege they were let go as a union movement among Google contractors began to make inroads. The Alphabet Workers Union has filed a new complaint on Friday with the National Labor Relations Board against Google and its contractor Cognizant on behalf of three contract YouTube TV workers who were terminated. But Google told Insider that the layoffs occurred because it ended the YouTube TV contract. Mencini also said the company has "had many contracts with unionized suppliers and have no objection to Cognizant workers organizing or joining a union." Insider also previously reported that the AWU claims that Cognizant held meetings with YouTube TV contractors where they repeated anti-union talking points.

Persons: they'd, it's, we've, Courtenay Mencini, Mencini, Cognizant Organizations: Google, Alphabet Workers Union, National Labor Relations Board, YouTube, Austin, NLRB, YouTube Music Locations: Austin , Texas, Austin

☆ Google is downsizing its contract workforce that supports YouTube, shortly after one contractor team's union victory
▼ + stars: | 2023-05-15 | by ( Thomas Maxwell | Hugh Langley | ) www.businessinsider.com time to read: +5 min

Workers in Austin recently formed a collective bargaining group with the Alphabet Workers Union. The move comes shortly after a group of Cognizant workers supporting YouTube Music voted 41-0 in favor of unionizing with the Alphabet Workers Union, which is affiliated with the Communications Workers of America, a larger trade union. The cuts did not impact the YouTube Music team, which helps curate themed playlists and review song metadata. The Cognizant team supporting YouTube TV had been in early talks to form their own union following the group at YouTube Music, according to three workers there. Cognizant also confirmed in an email that its contract supporting YouTube TV is ending.

Many Bed Bath & Beyond Inc. shoppers are saying goodbye to the retail giant the only way they know how: Leaving with bags of stuff marked down by 20% off coupons. Shoppers flocked to the chain’s last Manhattan store this week to peruse aisles full of red sales tags. Most of them said they came after they heard Bed Bath & Beyond filed for bankruptcy Sunday.

☆ Bed Bath & Beyond’s Demise Creates Fresh Opportunities, Retail Landlords Say
▼ + stars: | 2023-04-26 | by ( Kate King | ) www.wsj.com time to read: 1 min

Illustration: John McColganHundreds of shopping centers across the U.S. are poised to lose their anchor tenant in the coming months after Bed Bath & Beyond Inc. filed for bankruptcy and announced plans to eventually close its remaining stores. While property owners will have to absorb additional costs to lure replacement tenants, and some might still struggle to fill large vacated spaces, many landlords say they aren’t worried.

☆ Bed Bath & Beyond shares sink 47% in Frankfurt after filing for bankruptcy protection
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: 1 min

LONDON, April 24 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) Frankfurt-listed shares fell 47% on Monday after the U.S. home goods retailer filed for bankruptcy protection. Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy protection on Sunday after it failed to secure funds to stay afloat, and has begun a liquidation sale. Reporting by Joice Alves; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

☆ Futures slip as investors brace for tech earnings, economic data
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

Market heavyweights including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Meta Platforms Inc (META.O), whose shares have supported markets this year, are scheduled to report results this week. Whether the rally continues could depend on the companies beating already-lowered first-quarter estimates. Of the 88 S&P 500 companies that reported results through Friday, nearly 76% beat analysts' first-quarter profit estimates, as per Refinitiv IBES data, above the long-term average of 66.3%. ET, Dow e-minis were down 80 points, or 0.24%, S&P 500 e-minis were down 9 points, or 0.22%, and Nasdaq 100 e-minis were down 19.5 points, or 0.15%. The regional bank, whose shares have sunk 88% this year triggered by the U.S. banking crisis, is set to report results after market closes on Monday.

☆ Bed Bath & Beyond files for bankruptcy protection after long struggle, begins liquidation sale
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

April 23 - Bed Bath & Beyond Inc (BBBY.O) filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale. In February, the embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy. But Bed Bath terminated the deal in late March and announced plans to sell $300 million worth of its shares, warning it might have to file for bankruptcy if it could not secure the funds. In February, according to a court filing, Bed Bath & Beyond's Canadian operations were going out of business. The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy Alvarez & Marsal showed.

☆ Bed Bath & Beyond's rocky ride to bankruptcy filing
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: 1 min

[1/3] A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly//File PhotoApril 20 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat. In March, the company said it would sell $300 million worth of its shares to raise more capital and might have to file for bankruptcy if it failed to secure the funds. Here's a look at some of the major developments at the retailer over the past year:Reporting by Granth Vanaik and Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli, Subhranshu Sahu and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond files for bankruptcy protection
▼ + stars: | 2023-04-23 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +5 min

Bed Bath & Beyond on Sunday filed for Chapter 11 bankruptcy protection after a series of last-ditch efforts to raise enough equity to keep the business alive failed at the eleventh hour. Bed Bath has been hanging on by a thread ever since but has refused to go down without a fight. Days after the second stock offering was announced, Bed Bath said it had partnered with liquidator Hilco Global to boost its inventory levels. Soon, though, Bed Bath revealed in a securities filing that it didn't have enough cash to pay its debts and had defaulted on its credit line with JPMorgan. Under the reduced credit agreements, Bed Bath was on the hook for monthly interest payments.

☆ Bed Bath & Beyond considers asset sales, Sixth Street bankruptcy loan - Bloomberg News
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) is considering sales of assets and intellectual property as part of a potential bankruptcy filing that could come as soon as this weekend, Bloomberg News reported, citing people with knowledge of the situation. The home goods retailer is also looking to secure funding from U.S.-based investment firm Sixth Street Partners to support its operations through Chapter 11 proceedings but the plans could still change, Bloomberg News reported on Friday. Bed Bath and Beyond did not respond to a request for comment, while Sixth Street Partners declined to comment. In January, Reuters reported that the embattled retailer was negotiating a loan to help it navigate bankruptcy proceedings, with Sixth Street in talks to provide some funding. The investment firm loaned Bed Bath & Beyond $375 million in 2022.

☆ Bed Bath & Beyond revives bankruptcy preparations - Bloomberg Law
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 - Bed Bath & Beyond Inc (BBBY.O) is talking with advisers and lenders ahead of a bankruptcy filing that could come in the next few weeks, Bloomberg Law reported on Wednesday, citing people with knowledge of the conversations. The company is also looking at financing options to help fund itself during bankruptcy, according to the report. A Chapter 11 bankruptcy filing could come before April 26, the deadline by which Bed Bath seeks to raise the funds, Bloomberg reported on Wednesday. Bed Bath said last month it was seeking shareholder approval for a reverse stock split in the range of 1-for-5 to 1-for-10 ratio. Earlier in April, its board urged shareholders to approve the split, and said that if the plan fails, bankruptcy would be imminent.

☆ Bed Bath & Beyond Preparing for Bankruptcy Filing Within Days
▼ + stars: | 2023-04-19 | by ( Soma Biswas | Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. is preparing a bankruptcy filing for as early as this weekend as its falling stock price makes it near impossible to raise enough capital to avert default, according to people familiar with the matter. The embattled retailer recently said it needed to raise $300 million from share sales by April 26 to stay out of chapter 11. The company will have to stop selling stock by that date, when it would lose eligibility to continue under its share registration documents. Given the stock’s closing price on Wednesday of 46 cents, Bed Bath & Beyond faces long odds to raise that amount of money within that time.

NEW YORK, March 31 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) was sued on Friday by Mark Tritton, who was ousted last June as chief executive of the troubled home goods retailer, in a complaint accusing the company of failing to honor his $6,765,000 severance agreement. In those discussions, Bed Bath & Beyond "conceded Tritton was (and is) entitled" to severance payments, under his agreement dated four days after he was replaced as chief executive, the complaint said. Bed Bath & Beyond did not immediately respond to requests for comment after business hours. Bed Bath & Beyond is closing hundreds of stores, and on Thursday announced plans to sell up to $300 million of stock. Shares of Bed Bath & Beyond closed down 16.6 cents at a record closing low of 42.7 cents on Friday.

☆ Bed Bath & Beyond plans to sell $300 mln in stock, warns again of bankruptcy
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

The embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy. Bed Bath said it had so far raised $360 million through the complex deal, repaid its loan defaults and made all interest payments for senior notes. The latest stock offering plan comes amid a risk of losing additional funding from key investor Hudson Bay Capital Management, as the stock price continues to trade below $1. Separately, Bed Bath said it expects fourth-quarter comparable sales to decline in the range of 40% to 50%, compared with analysts' estimates of a 26.3% drop, according to Refinitiv data. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond Ends Hudson Bay Deal, Turns to Market for $300 Million to Avoid Bankruptcy
▼ + stars: | 2023-03-30 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. said it will try to sell up to $300 million of common stock in the open market while terminating a fundraising deal with hedge fund Hudson Bay Capital Management LP in the latest effort by the troubled home-goods retailer to stave off bankruptcy. The Union, N.J.-based company broke off its equity-raising deal with Hudson Bay after reporting another sharp drop in sales in the most recent quarter. Bed Bath & Beyond also said that if its public offering fails to come through, the company expects to file for bankruptcy protection, likely wiping out holders of its common stock.

☆ Bed Bath & Beyond plans to sell $300 mln in stock, again warns of bankruptcy
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Thursday announced plans to sell $300 million worth of its shares as the struggling retailer looks to raise more capital, and warned again that it would likely have to file for bankruptcy if it did not get the proceeds. The latest stock offering plan comes as the company risked losing additional funding from key investor Hudson Bay Capital Management, as its stock price trades below $1. On March 20, Bed Bath & Beyond stock dropped 21% to close at 81 cents after the company's announcement that it was seeking shareholder approval for a reverse stock split. Separately, Bed Bath said it expects fourth-quarter comparable sales to decline in the range of 40% to 50%, compared with analysts' estimates of a 26.3% drop, according to Refinitiv data. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: Bed Bath & Beyond, EVgo, UBS and more
▼ + stars: | 2023-03-30 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

A Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Bed Bath & Beyond Inc. said it would shutter another 87 stores in addition to the 150 closures it announced in August. Juniper Networks — The cloud computing network provider added 1.3% on the back of an upgrade to outperform from in line by Evercore ISI. Crocs — Shares rose 3% after B. Riley initiated coverage of the stock as a buy, saying the shoe company is underappreciated. Interpublic Group of Companies — The advertising agency gained 3% following an upgrade to buy from neutral by Bank of America.

Search resuls for: "Beyond Inc"

25 mentions found