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☆ Here's why short-seller Spruce Point Capital is betting against Boot Barn
▼ + stars: | 2024-05-08 | 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 EmailHere's why short-seller Spruce Point Capital is betting against Boot BarnBen Axler, Spruce Point Capital founder, joins CNBC's 'Power Lunch' to discuss Boot Barn's trajectory, pop stars Taylor Swift and Beyonce's western influence, inventory issues, and more.

Persons: Axler, Taylor Swift Organizations: Capital, Point Capital

☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
▼ + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +34 min

Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.

Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel

Hedge fund managers gathered Wednesday at the 2024 Sohn Investment Conference in New York to share their best investment ideas. It kicked off with "Next Wave Sohn," a session that features ideas from rising stars within the hedge fund industry. Endocrinology is an $8 billion market, but the cumulative market size, including the company's future therapy targets, is upward of $200 billion, which includes estimates for future obesity drugs, the investor said. It has CA$75 billion market cap with an "unbelievable record of success," according to the investor. The short seller noted that the company has a $5 billion market cap with about $4.8 billion of debt.

Persons: Sohn, Eric Wolff, Wolff, Michelle Ross, Cushing, Ross, Eli Lilly, Crinetics, XBI, Nikhil Daftary, Alimentation, Daftary, Chris Drose, Nate Koppikar, Fahmi Quadir Organizations: Investment, Gumshoe Capital Management Investment, Pason Systems Energy, Pason Systems, Gumshoe Capital Management, StemPoint, Pharmaceuticals, Crinetics Pharmaceuticals, StemPoint Capital, Endocrinology, Novo Nordisk, P Biotech, NK Capital Investment, NK Capital, Starbucks, McDonalds, Bleecker Street Capital, Orso Partners, Justice Department, Federal Trade Commission, Safkhet, Global Education Locations: New York, Canada, U.S

☆ Thompson: AI can be a double-edged sword in cybersecurity incidents
▼ + stars: | 2024-04-02 | 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 EmailThompson: AI can be a double-edged sword in cybersecurity incidentsHugh Thompson of Crosspoint Capital and program committee chair of the RSA Conference, discusses the market fallout from high-profile data breaches, including AT&T and UnitedHealth.

Persons: Thompson, Hugh Thompson Organizations: Crosspoint, RSA Conference

☆ Premarket stocks: Why Zillow is worried about America’s housing market shakeup
▼ + stars: | 2024-03-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Zillow reported that it outperformed the residential real estate industry by 12 percentage points in 2023. That’s because one of the main ways Zillow makes money is through lead generation for real estate agents. “This shift in the structure of real estate transaction costs is too new to understand how it will impact housing market dynamics,” a spokesperson said. Zillow could make even more money if real estate agents offer their services piecemeal, he said. The takeawayThere’s a lot of disagreement between analysts about the future of Zillow and the real estate industry at large.

Persons: Zillow, ”, Dan Kurnos, it’s, Zillow’s, they’ll, who’s, Kurnos, ” Stephen Brobeck, “, It’s, Homes.com, William Blair Organizations: CNN Business, Bell, New York CNN, National Association of Realtors, Realtors, Benchmark Company, NAR, Zillow, Consumer Federation of America, CNN, Bank of America Locations: New York

☆ How Hedge Funds Are Betting on Electricity and the Changing Power Grid
▼ + stars: | 2024-03-05 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +19 min

A onetime commodities backwater, congestion trading has become a growing business in recent years as the demand for electricity and volatility on the power grid in the US has soared. The financial category, which includes specialized power-trading companies, banks, hedge funds, and large proprietary trading firms, dominates the market, in part because the physical power firms typically operate in only one or two regions. He launched three congestion trading teams for the firm, including in California and Texas after those states introduced congestion trading in 2008 and 2010, respectively. Citadel, along with Susquehanna International Group and Tower Research, has been involved in FTR trading since the market's infancy. Volatility has been increasing on the power grid, in part because of changing weather patterns, Jeev added.

Persons: Kumar Jeev, Jane Street, Richard Roseblade, who's, There's, Roseblade, Bill Clark, Jeev, DC Energy's Tyler Kuhn, DRW, California Al Seib, Brevan Howard, Jane, Stephanie Staska, Staska, couldn't, Joe Biden's, It's, Meredith Angwin, Angwin Organizations: Business, Capital, Midwest, Citadel, Tower Research, Yes Energy, Energy, Anadolu, Getty, Federal Energy Regulatory Commission, FERC, Nasdaq, York Stock Exchange, Nvidia, Johns Hopkins University, DC Energy, Wayfair, Squarepoint, Appian, Boston Energy, Susquehanna International Group, DC, Bloomberg, Commodities, Traders, Wall Street, Workers, GreenHat Energy, JPMorgan, Hill Energy Resource & Services, P, Grid, & $ Locations: Wall, East Coast, DRW, Susquehanna, FTRs, New York, Canada, Texas, Virginia, California, Berlin, Chicago, Oregon, California Al, Ukraine, Russian, Uri, Northern Virginia

☆ Here's why short-seller Spruce Point Capital is betting against Zillow
▼ + stars: | 2024-03-05 | 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 EmailHere's why short-seller Spruce Point Capital is betting against ZillowBen Axler, Spruce Point Capital founder, joins 'Money Movers' to discuss why Spruce Point has decided to short Zillow, how the stock trades relative to strength in real estate, and more.

Persons: Zillow Ben Axler Organizations: Capital, Point Capital

☆ StemPoint's Michelle Ross is bullish on J&J after stronger guidance
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStemPoint's Michelle Ross is bullish on J&J after stronger guidanceMichelle Ross, StemPoint Capital CIO, joins 'Closing Bell' to discuss biotech, weight-loss drugs and her playbook.

Persons: Michelle Ross Organizations: StemPoint Capital

The Amplify Online Retail ETF climbed 0.44% and the ProShares Online Retail ETF ended the regular trading session 0.39% higher. The broader VanEck Retail ETF gained 0.02%, and the SPDR S&P Retail ETF was the only one in the group to post declines. The Amplify ETF's gains have been driven by top holdings like Affirm Holdings (AFRM.O), up 11.97% on Monday and 97% so far in 2023. The VanEck Retail ETF's holdings include Costco, (COST.O), which gained 0.6% Monday and is up more than 30% so far this year. For example, the SPDR S&P Retail ETF trades at $63.64, down from its year high of $75.77.

Persons: Caitlin Ochs, Michael Ashley Schulman, Suzanne McGee, Ira Iosebashvili, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Exchange, Shoppers, Adobe Digital, Adobe Inc, Adobe, P, Costco, Nasdaq, P Retail, PwC, Deloitte, Running, Thomson, & $ Locations: New York City, U.S

While the S&P 500 index (.SPX) ended little changed, the Amplify Online Retail ETF climbed 0.4% and the broader SPDR S&P Retail ETF gained about 0.7%. The SPDR S&P Retail ETF, which has net assets of $396.6 million, recorded weekly outflows of $115.6 in the week ended on Wednesday, according to data from Lipper. Still, the bulk of 2023 returns for investors in U.S. retail ETFs have come in recent weeks. The VanEck Retail ETF (RTH.O) has generated half of its 12.8% year-to-date gains in the last two months. But Thomas Hayes, chair at Great Hill Capital LLC in New York, anticipates better-than-expected gains in retail stocks this holiday season.

Persons: Vincent Alban Acquire, Michael Ashley Schulman, Schulman, Thomas Hayes, Suzanne McGee, Lananh Nguyen, Josie Kao Organizations: Woodbury, REUTERS, Exchange, P Retail, Retailers, National Retail Federation, Walmart, United Auto Workers, Hollywood SAG, Running, Retail, Great, Capital, Thomson Locations: Central Valley , New York, U.S, New York

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. The Invesco Aerospace & Defense ETF has seen net inflows of more than $100 million so far this month, according to Lipper data, adding to the nearly $180 million it raked in October. Peers like the $5.5 billion iShares US Aerospace & Defense ETF and $1.78 billion SPDR S&P Aerospace & Defense ETF have posted net inflows of $178.4 million and $163.6 million, respectively, since October. U.S. President Joe Biden has asked Congress to provide $106 billion in supplemental funding, with $61.4 billion for Ukraine and $14.3 billion for Israel. The U.S. Congress has approved $113 billion for Ukraine in 21 months since the start of the war.

Persons: Brendan McDermid, Peers, Ashish Shah, Joe Biden, Michael Ashley Schulman, Bansari Mayur, Shweta Agarwal Organizations: Wall, REUTERS, Invesco Aerospace & Defense ETF, US Aerospace & Defense, P Aerospace & Defense ETF, Goldman Sachs Asset Management, Israel, U.S, Congress, Running, Thomson Locations: New York, U.S, Europe, Ukraine, Israel, Gaza, Bengaluru

"This super pre-emptive right will work only in specific cases, with specific companies," Chebeskov said on the sidelines of a financial forum in Moscow on Nov. 14. "The idea was that this concerns only those strategic companies in which the state already has a share," Chebeskov said. The lack of clarity and uncertain timeline highlights the unpredictable nature of regulatory changes facing investors and businesses seeking to adjust their exposure to Russia. This compares with net outflows of around $48 million in March 2022 and $69 million in February this year. Western investors have already struggled to get assets out of Russia.

Persons: Vladimir Putin, Ivan Chebeskov, Chebeskov, Rybalkin, Tskhakaya, Thomas J Brock, Carlsberg's, Putin, JP Morgan, JPM, Vijay Marolia, Brock, Sinead Cruise, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Jane Merriman Organizations: Ukraine LONDON, Reuters, Nato, Dyakin, Partners, Kaiser Consulting, Investors, Morningstar Direct, Federal Property Agency, Assets, Deutsche Bank, Regal Point Capital, HSBC, Expobank, Thomson Locations: Russia, Ukraine, MOSCOW, Moscow, Russian, Magnit, London

The company reported free cash flow of $2.06 billion, compared with $1.72 billion in the prior quarter. The company posted a net loss of $417 million, narrowing from a $2.3 billion net loss from a year-ago period. Advertising revenue at its networks segment declined 12% to $1.71 billion as global conflicts and inflation created an uncertain climate for marketers. The company's streaming unit posted an adjusted core profit of $111 million, compared with a loss of $634 million a year ago. Warner Bros Discovery had 95.1 million global direct-to-consumer customers at the end of the quarter, down from 95.8 million in the previous quarter.

Persons: Mario Anzuoni, Gunnar Wiedenfels, there's, Wiedenfels, David Zaslav, Michael Schulman, Barbie, Thomas Hayes, Samrhitha, Helen Coster, Saumyadeb Chakrabarty, Anil D'Silva, Mark Porter Organizations: Paramount Pictures Studios, REUTERS, Warner Bros Discovery, SAG, Running, HBO, Thomson Locations: Los Angeles , California, U.S, Bengaluru, New York

☆ Disney taps PepsiCo veteran Johnston as CFO
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 6 (Reuters) - Walt Disney (DIS.N) on Monday hired PepsiCo (PEP.O) veteran Hugh Johnston as its chief financial officer, strengthening top boss Bob Iger's hands as he tries to turn around the media giant facing a decline in its cable business and investor pressure. Johnston had also helped guide the Doritos maker through its bitter battle with activist investor Nelson Peltz's Trian Fund Management. At PepsiCo, Johnston will be replaced by Jamie Caulfield, currently CFO at the company's North America business. Johnston will receive an annual base salary of $2 million, Disney said, compared with the $1 million base salary he received at PepsiCo at of the end of 2022, according to a regulatory filing.

Persons: Brendan McDermid, Walt Disney, Hugh Johnston, Bob Iger's, Johnston, Nelson Peltz's, Trian, Michael Ashley Schulman, Christine McCarthy, Jamie Caulfield, Disney, Akash Sriram, Aishwarya Venugopal, Sriraj Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Monday, PepsiCo, ESPN, Fund Management, Disney, Running, Microsoft, HCA Healthcare, Hollywood, Thomson Locations: New York, U.S, America, Bengaluru

Oct 26 (Reuters) - GOJO Industries, the maker of Purell hand sanitizer, said on Thursday it would refinance its debt after sources told Reuters that negotiations about the sale of the company to paper and building products manufacturer Georgia-Pacific fell through. The suitor that made the most progress in the sale process for GOJO was Georgia-Pacific, a company owned by Koch Industries, the sources said. Silver Point, Georgia-Pacific and Koch Industries did not immediately respond to requests for comment. The company expanded into skincare and invented Purell, an alcohol-based hand cleaner which dries on its own, in 1988. The company launched Purell in the consumer market in 1997.

Persons: GOJO, Goldie Lippman, Jerry, Clarence Cook, Abigail Summerville, Stephen Coates Organizations: GOJO Industries, Reuters, Silver, Koch Industries, Thomson Locations: Georgia, Pacific, , Georgia, New York

☆ Visa profit beats estimates on post-pandemic travel boost
▼ + stars: | 2023-10-24 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

Visa credit and debit cards are seen in this picture illustration taken August 2, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsSummaryCompanies Cross-border volumes surge on steady travel demandStrong results signal consumer resilienceVisa Q4 adjusted EPS $2.33 beats estimate of $2.24Oct 24 (Reuters) - Card giant Visa (V.N) sailed past estimates for fourth-quarter profit on Tuesday as consumers on a post-pandemic travel rebound shrugged off worries of a looming economic slowdown and cost-of-living crisis. Visa's CFO Chris Suh said U.S. inbound travel recovery accelerated in the quarter, while travel into Asia also continued to improve. Visa's payment volumes rose 9% in the quarter, while cross-border volumes excluding transactions within Europe, a gauge of travel demand, surged 18%. Visa posted adjusted profit of $2.33 per share in the three months ended Sept. 30, topping expectations of $2.24 per share, according to LSEG data.

Persons: Benoit Tessier, Chris Suh, Suh, Michael Ashley Schulman, Logan Purk, Edward Jones, Manya Saini, Pooja Desai Organizations: REUTERS, Card, Running, Capital Advisors, Reuters, American Express, Visa, Thomson Locations: Asia, Europe, U.S, Bengaluru

☆ U.S. 10-year Treasury yields hits 5% for first time since 2007
▼ + stars: | 2023-10-19 | by ( Reuters Staff | ) www.reuters.com time to read: +4 min

LONDON (Reuters) - The U.S. 10-year Treasury yield briefly reached 5% for the first time since 2007, marking a fresh milestone in a relentless push higher for government borrowing costs. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermidFurther signs of resilience in the U.S. economy help explain the latest sell off in Treasuries, as traders have unwound bets the U.S. Federal Reserve would soon start to lower interest rates. He highlighted what everyone has seen with the strong economic growth data and the retail sales figure that came out. Just like how the market forced the Fed to stop quantitative tightening in 2019, it might be forcing the Fed to rethink QT today.

Persons: Brendan McDermid, Jerome Powell, MICHAEL SCHULMAN, EL, ”, NOAH, ” BRIAN JACOBSEN, MENOMONEE, QUINCY KROSBY, Powell Organizations: Treasury, New York Stock Exchange, REUTERS, U.S . Federal, Fed, NORTH Locations: New York City, U.S, Treasuries, EL SEGUNDO, CALIFORNIA, CHARLOTTE, NC, WISCONSIN, NORTH CAROLINA, Ukraine, Russia

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. The company's IPO raised $1.48 billion after its 32.3 million shares were conservatively priced at $46 apiece, positioning the 250-year-old brand for a smooth market debut. "Arguably, this should position Birkenstock more favorably in an environment where real interest rates are high and still rising. Birkenstock had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30. The brand has partnerships deal with luxury fashion brands, including Dior, Stüssy, Manolo Blahnik and Rick Owens.

Persons: Fabrizio Bensch, Susannah Streeter, Hargreaves Lansdown, Birkenstock, Javier Gonzalez Lastra, France's Bernard Arnault, Louis Vuitton Moet Hennessy, Margot Robbie, Barbie, Michael Ashley Schulman, Tommy Tranfo, Tranfo, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Hargreaves, Arm Holdings, Tema, Reuters Graphics, Running, Capital Advisors, Thomson Locations: Berlin, Germany, Langen, Bengaluru

☆ US solar company Suniva to restart idled factory thanks to Biden climate law
▼ + stars: | 2023-10-11 | by ( Nichola Groom | ) www.reuters.com time to read: +4 min

The company is the latest to commit to new U.S. solar production capacity since passage last year of the Inflation Reduction Act (IRA), which subsidizes domestic manufacturing of clean energy equipment. "Solar cells can succeed in this market. Suniva will begin producing solar cells, the building blocks of solar panels, at its Norcross, Georgia, facility in the spring of next year, the company said. OIC also committed capital this year to Canadian solar manufacturer Heliene for a new U.S. cell and panel factory in Minnesota. But he credits subsidies contained in the IRA for finally enabling Suniva to produce solar cells again.

Persons: Joe Biden, Brian Snyder, Joe Biden's, Matt, Suniva, Card, Trump, Biden, Suniva's Card, John Podesta, Bidenomics, Nichola, Marguerita Choy Organizations: Democratic, Plymouth Area Renewable Energy Initiative, REUTERS, Reuters, Orion Infrastructure Capital, Lion, White House, Thomson Locations: Plymouth, Plymouth , New Hampshire, U.S, Georgia, China, Norcross , Georgia, New York, Minnesota, Lion Point, America, KS

☆ Warren Buffett's deputy isn't in 'The Big Short' like Michael Burry - but he also bet against the housing bubble and spoke to Michael Lewis
▼ + stars: | 2023-10-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

"The Big Short" starred Michael Burry and others who bet the mid-2000s housing bubble would burst. Author Michael Lewis phoned Combs to talk about his housing wager while researching "The Big Short." AdvertisementAdvertisementMichael Burry and the other stars of "The Big Short" weren't the only investors to uncover the toxic assets underpinning the mid-2000s housing bubble, and place bets on its spectacular collapse. Lewis said he was working on a book about the whole situation that would become "The Big Short." AdvertisementAdvertisementCombs finished the story by saying he enjoys being "one small little piece" of the fascinating backstory behind "The Big Short."

Persons: Michael Burry, Todd Combs, Warren Buffett's, Michael Lewis, Combs, —, Warren, Ted Weschler, Baupost Group's Seth Klarman, Klarman, Bear Stearns, Lewis, Steve Eisman, Danny Moses, Greg Lippmann, Buffett, it's Organizations: Service, Berkshire Hathaway's, Countrywide, Washington, Long, Mortgage, Street, Securities and Exchange Commission Locations: Berkshire, Bear Stearns

☆ Levi Strauss cuts annual forecasts as promotions, wholesale weakness weigh
▼ + stars: | 2023-10-05 | by ( ) edition.cnn.com time to read: +3 min

Levi Strauss & Co cut its annual forecasts for the second time on Thursday after missing third-quarter sales estimates, reeling from hefty promotions and falling demand at wholesale channels in North America. Levi has struggled with declining sales at its overall wholesale business, particularly in North America, which has a higher exposure to the middle-income consumer. This has impacted Levi’s sales at retail partners such as Walmart and Target, where prices of its Signature and Denizen lines start just below $30. Analysts have said Levi might have to increase promotions and cut prices if wholesale channel sales continue to worsen, which could pressure its margins further. Levi forecast revenue to be flat to up 1% in fiscal 2023, compared with prior estimate of 1.5% to 2.5% growth.

Persons: Levi Strauss, Nordstrom, Levi, Harmit Singh, “, ” Singh, Singh, ”, Michael Ashley Schulman, Schulman Organizations: Financial, Reuters, Walmart, Target, Running Locations: North America, Americas

The ADP National Employment report showed private payrolls rose 89,000 in September, much lower than the expected 153,000. Focus now shifts to the more comprehensive non-farm payrolls data due on Friday. Separate data showed the U.S. services sector slowed in September as new orders fell to a nine-month low. Declining issues outnumbered advancers for a 1.02-to-1 ratio on the NYSE and a 1.10-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 19 new lows, while the Nasdaq recorded 4 new highs and 162 new lows.

Persons: Brendan McDermid, Thomas Hayes, Kevin McCarthy, Helen of Troy, Rollins, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Nasdaq, Treasury, Microsoft, Nvidia, Great, Capital LLC, Dow, Traders, Wednesday, Dow Jones, U.S . House, Point Capital Management, NYSE, Thomson Locations: New York City, U.S, HELE.O, Point, Bengaluru

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. Programmable chips sit between Intel's general purpose chips and chips that are designed for a single task and used in everything from encrypting data to 5G wireless telecommunications equipment. Intel said Sandra Rivera, an Intel veteran, will oversee the new unit, which will keep using Intel's factory to make its chips. Programmable chips are used in defense applications such as fighter jets. The deal follows Intel's earlier moves to sell its memory chip unit to SK Hynix and take public part of its Mobileye self-driving car chip unit.

Persons: Dado Ruvic, Sandra Rivera, Rivera, Pat Gelsinger's, Michael Ashley Schulman, Stephen Nellis, Samrhitha, Shilpi Majumdar, David Gregorio 私たち Organizations: REUTERS, Intel, Nvidia, Devices, SK Hynix, Taiwan Semiconductor Manufacturing, Running, Capital Advisors Locations: Taiwan, North America, San Francisco, Bengaluru

Kellogg's cold cereal products are pictured in a market after Kellogg Company announced it would split. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 2 (Reuters) - Shares of Kellanova (K.N) fell more than 7% on Monday after the packaged food giant, previously known as Kellogg Company, completed the spinoff of its North American cereal business into a new standalone entity called WK Kellogg Company (KLG.N). Under the separation agreement, Kellanova shareholders received one share of WK Kellogg common stock for every four shares of Kellanova stock held as of September 21, a statement said. Kellanova shares fell to as low as $51.83, down 7.2%, after opening at $55.70, while WK Kellogg Company dropped by more than 11% and was last at $13.79. Kellanova will retain its place on the benchmark S&P 500 (.SPX) index, while WK Kellogg shares will join the S&P SmallCap 600 index (.SPCY) on Tuesday, before market open.

Persons: Mike Segar, WK Kellogg, Kellanova, Michael Ashley Schulman, Rice, Piper Sandler, Research's Arun Sundaram, Chibuike Oguh, Lance Tupper, Christina Fincher Organizations: Kellogg Company, REUTERS, WK Kellogg Company, WK Kellogg, New York Stock Exchange, Running, Capital Advisors, MorningStar, Jefferies, Thomson Locations: New York, U.S, Kellanova, California, American, Bengaluru

☆ Reactions: Media mogul Rupert Murdoch steps down as chairman of Fox, News Corp
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +5 min

Sept 21 (Reuters) - Media mogul Rupert Murdoch, 92, has stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), ending a more than seven-decade career in which he created an empire spanning from Australia to the United States. His son, Lachlan Murdoch, will become the chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition cements Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. His son Lachlan Murdoch is seasoned and capable of running the business, but of course there's no replacement for someone like the chairman, Rupert Murdoch, who founded the company and built it over decades." "The media world is unrecognisable from the one he stepped into seventy years ago and the decision to scrap plans to reunite his empire must have smarted."

Persons: Rupert Murdoch, Lachlan Murdoch, Murdoch, BRIAN WIESER, Lachlan, MICHAEL ASHLEY SCHULMAN, Smartmatic, Rupert Murdoch's, JASON BENOWITZ, I'm, DANNI HEWSON, AJ BELL, he's, Mary Berry, he'll, RILEY, THOMAS HAYES, Wise, MATTHEW TUTTLE, ED MOYA, Aditya Soni, Samrhitha, Mayur, Ananya Mariam Rajesh, Arun Koyyur Organizations: Media, Fox Corp, News Corp, Fox, MADISON, WALL'S, Dominion, HOGAN, TUTTLE, MSNBC, Thomson Locations: Australia, United States, Bengaluru

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