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☆ Asia markets slip after Fed raises rates and hints hikes could end
  + stars: | 2023-05-04 | by ( Jihye Lee Lim Hui Jie | Jihye Lee | Lim Hui Jie | ) www.cnbc.com   time to read: +1 min
The US Federal Reserve Building is seen in Washington, DC, May 3, 2023. However, the Fed did hint at a possible pause to hikes. In Australia, the S&P/ASX 200 fell 0.24%, ahead of the country's March trade data due later Wednesday. Futures for Hong Kong's Hang Seng index were also lower standing at 19,656, compared to its last close of 19,699.16. Mainland Chinese markets are set to reopen after the Labor Day holiday, while Japanese markets are closed for a holiday Thursday.
☆ Carl Icahn, Activist Investor, Becomes Target of Short Seller
  + stars: | 2023-05-03 | by ( Michael J. De La Merced | ) www.nytimes.com   time to read: +1 min
Over nearly a half-century, Carl Icahn has shaken up Wall Street as a corporate raider and activist shareholder, making corporate titans bow down to his demands and change their business strategies. But on Tuesday, his publicly traded company, Icahn Enterprises, became a target of Hindenburg Research, the short seller firm that has made its name in recent years by taking on the Indian tycoon Gautam Adani and the Twitter co-founder Jack Dorsey. Hindenburg accused Icahn Enterprises of being overvalued. The company trades well above its net asset value, unlike similar financial vehicles run by William A. Ackman and Daniel S. Loeb. “Icahn has been using money taken in from new investors to pay out dividends to old investors,” Hindenburg wrote in a public report.
☆ Short investor Hindenburg erases fifth of Icahn empire's value
  + stars: | 2023-05-02 | by ( Manya Saini Niket Nishant Koh Gui Qing | Manya Saini | Niket Nishant | ) www.reuters.com   time to read: +4 min
In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn's net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund's performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP's stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any U.S. large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.
☆ Short investor Hindenburg erases fifth of Icahn empire’s value
  + stars: | 2023-05-02 | by ( ) edition.cnn.com   time to read: +4 min
In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn’s net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund’s performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP’s stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any US large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.
☆ Mario Gabelli ranks these old media stocks among the best trades he’s ever made. Here's why
  + stars: | 2023-04-30 | by ( Samantha Subin | ) www.cnbc.com   time to read: +1 min
A simple focus on what is now a well-known phenomenon helped Mario Gabelli execute what he calls some of the best trades in his decades-long career. One of those companies, Chris-Craft, was eventually bought by News Corp. for $5.5 billion in the early 2000s. It was an investment on which Gabelli said he made at least 10 times his original stake. The other money-making trade, on the now defunct Lin Broadcasting, was one Gabelli said he made a "significant amount of money" on. "It basically became EBITDA minus capex, and that notion has gotten pretty far along in the last 40 years," he said.
☆ Ding Liren of China Wins World Chess Championship
  + stars: | 2023-04-30 | by ( Dylan Loeb Mcclain | ) www.nytimes.com   time to read: +1 min
Ding Liren of China won the world chess championship in a tiebreaker on Sunday, defeating Ian Nepomniachtchi of Russia to become the first Chinese man to hold the world title. Ding’s victory is the latest high point in chess for China, a rising power in the game. The country, which once banned chess as a symbol of a decadent West, now holds both the men’s and women’s world championships. Chinese users, full of pride and relief after two anxiety-filled weeks, celebrated the championship even as some admitted to their ignorance of how to play chess. Nearly all agreed, though, on the weight of the moment.
☆ Biden Calls for Release of Jailed Journalist Evan Gershkovich, Other Detainees
  + stars: | 2023-04-29 | by ( John Mccormick | ) www.wsj.com   time to read: 1 min
President Biden at the White House Correspondents’ Association dinner in Washington on Saturday. Photo: saul loeb/Agence France-Presse/Getty ImagesPresident Biden and others at an annual Washington dinner called for the release of jailed Wall Street Journal reporter Evan Gershkovich in Russia during a gathering that brought together members of the media and government officials to celebrate press freedom. Mr. Biden met privately with Mr. Gershkovich’s family, who attended the White House Correspondents’ Association dinner as Journal guests, as he arrived for Saturday’s black-tie gala and recognized them in his remarks.
☆ These vulnerable major stocks could be activists' next targets, according to Goldman
  + stars: | 2023-04-21 | by ( Yun Li | ) www.cnbc.com   time to read: +2 min
Shareholder activism could continue its momentum this year, and a number of major companies could be popular targets, according to Goldman Sachs. "Sales growth has been the most important variable in determining an activist target, followed by EV/sales valuation." Goldman screened the Russell 3000 index for companies that may be susceptible to a campaign by an activist investor. Bath & Body Works could experience more action from activists this year, according to Goldman's screen. In the retail space, Goldman also predicts activists may target Best Buy , Burlington Stores and CarMax .
☆ Space Force chief says U.S. is facing a 'new era' of threats beyond Earth
  + stars: | 2023-04-20 | by ( Morgan Brennan | ) www.cnbc.com   time to read: +4 min
Chance Saltzman took the stage for his keynote at the Space Symposium in Colorado Springs, Colorado, this week, his message was simple: The U.S. is in a new era of space activity. "The threats that we face to our on-orbit capabilities from our strategic competitors has grown substantially," Saltzman, the U.S. Space Force's second-ever chief of space operations, said in a CNBC interview after the speech. Case in point: the Space Force's recently announced procurement strategy for more launch services. With business to be awarded next year, the National Security Space Launch Phase 3 is estimated to run into the billions of dollars and is expected to draw bids from the likes of Rocket Lab , Relativity Space and Jeff Bezos' Blue Origin, among others. While still just a fraction of the country's overall defense budget, the Space Force's $30 billion request for fiscal 2024 represents a 15% increase from this year's enacted levels.
☆ This 1977 Nike memo that calls personal ambition a 'danger' and urges workers to 'fight the law' is getting renewed attention thanks to 'Air'
  + stars: | 2023-04-18 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +5 min
In 1977, Nike executive Rob Strasser typed a list of 10 company "principles." The raw and unfiltered list captures the irreverence and combativeness of early Nike employees. It was republished after the April 2023 release of "Air," a movie about how Nike signed Michael Jordan. The list, which captures the irreverence and competitiveness of early Nike employees, once again is making the rounds on social media. One of them: "Be on the offense, always," a direct nod at Strasser's list, and a phrase that remains a favorite of Nike executives.
☆ The Stupid War Between Disney and DeSantis
  + stars: | 2023-04-14 | by ( Holman W. Jenkins | ) www.wsj.com   time to read: 1 min
Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.
☆ Virginia Norwood, ‘Mother’ of Satellite Imaging Systems, Dies at 96
  + stars: | 2023-04-12 | by ( Dylan Loeb Mcclain | ) www.nytimes.com   time to read: +1 min
Virginia Norwood, an aerospace pioneer who invented the scanner that has been used to map and study the earth from space for more than 50 years, has died at her home in Topanga, Calif. She was 96. Her death was announced by the United States Geological Survey, whose Landsat satellite program relies on her invention. Her daughter, Naomi Norwood, said that her mother was found dead in her bed on the morning of March 27. Ms. Norwood, a physicist, was the person primarily responsible for designing and championing the scanner that made the program possible. NASA has called her “the mother of Landsat.”
☆ Earnings momentum: Analysts are raising expectations on these stocks going into their reports
  + stars: | 2023-04-11 | by ( Hakyung Kim | Https | Www.Linkedin.Com In Hakyungkim | ) www.cnbc.com   time to read: +3 min
As Wall Street gears up for another earnings season, analysts see some stocks better positioned than others for gains. Against this backdrop, CNBC Pro used FactSet data to screen for stocks that Wall Street analysts think have the largest potential upside heading into a new earnings season. And more than half of analysts covering Booking Holdings still rate it a strong buy or buy, according to Refinitiv data. BKNG YTD mountain Shares of Booking Holdings Another stock expected to outperform during earnings season is Paccar . Salesforce's earnings per share are estimated to climb by 24% over the next six months.
☆ The Devil and Alvin Bragg
  + stars: | 2023-03-31 | by ( Holman W. Jenkins | ) www.wsj.com   time to read: 1 min
Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.
☆ EastGroup CEO: Here's why banking turbulence is 'net positive' for REITs
  + stars: | 2023-03-31 | 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 EmailEastGroup CEO: Here's why banking turbulence is 'net positive' for REITsEastGroup CEO Marshall Loeb joins 'Squawk on the Street' to explain why he thinks the banking sector turbulence could be a 'net positive' for commercial real estate space and more.
☆ Carl Icahn wants to bring back Illumina's ex-CEO -WSJ
  + stars: | 2023-03-29 | by ( ) www.reuters.com   time to read: +1 min
[1/2] 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 BlakeMarch 29 (Reuters) - Carl Icahn wants former Illumina (ILMN.O) CEO Jay Flatley back at the U.S. life sciences firm, the Wall Street Journal reported on Wednesday, as the activist investor intensifies his proxy fight that was launched earlier this month. In an interview with the WSJ, Icahn signaled that Illumina "should bring Flatley back as CEO immediately". Icahn and Illumina did not immediately respond to Reuters' request for comment. Reporting by Leroy Leo and Bhanvi Satija in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
☆ Mayor Pete and the FAA’s Plan for Higher Fares
  + stars: | 2023-03-28 | by ( Holman W. Jenkins | ) www.wsj.com   time to read: 1 min
Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.
☆ U.S.-China relations are going downhill with ‘no trust’ on either side, Stephen Roach says
  + stars: | 2023-03-28 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +5 min
US President Joe Biden and China's President Xi Jinping (L) shake hands as they meet on the sidelines of the G20 Summit in Nusa Dua on the Indonesian resort island of Bali on November 14, 2022. "Right now, there is no trust," he told "Squawk Box Asia" on Tuesday, who is currently attending the China Development Forum in Beijing. watch now"The balloon was a spark that really put us on a swift downhill descent," Roach added. The office did not provide details of her itinerary while in the U.S. On Taiwan, China has repeatedly said the issue is an internal affair. Every single Taiwan president in recent memory has done this," White House National Security Council spokesman John Kirby, said at a press briefing last week.
☆ Let DeSantis Fight Trump Before Putin
  + stars: | 2023-03-24 | by ( Holman W. Jenkins | ) www.wsj.com   time to read: 1 min
Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.
☆ The Joe Biden Banking Crisis
  + stars: | 2023-03-21 | by ( Holman W. Jenkins | ) www.wsj.com   time to read: 1 min
Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.
☆ Analysis: Big money captivated by banking drama as investors brace for more turmoil
  + stars: | 2023-03-20 | by ( Svea Herbst-Bayliss Lawrence Delevingne | Svea Herbst-Bayliss | Lawrence Delevingne | ) www.reuters.com   time to read: +5 min
One hedge fund manager described trades in the financial sector as being "all over the map", with nobody agreeing on anything. Some breathed a sigh of relief that a competitor stepped in with a rescue offer for Credit Suisse. Others worried that the $3.2 billion UBS will pay is far less than the $9.5 billion Credit Suisse was valued at on Friday, and one investor said the market may not consider this to be a positive. loadingLater, short seller Jim Chanos tweeted his shock that $17 billion of Credit Suisse bonds would be wiped out, asking "What are the Swiss doing here…?!" There was also little agreement on how investors would be positioning themselves in smaller U.S. banks, including First Republic.
☆ JPMorgan and the Jeffrey Epstein Forever Wars
  + stars: | 2023-03-17 | by ( Holman W. Jenkins | ) www.wsj.com   time to read: 1 min
Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.
☆ This luxury trailer in the Hamptons broke records in a $3.75 million sale
  + stars: | 2023-03-17 | by ( Celia Fernandez | ) www.cnbc.com   time to read: +3 min
A luxury trailer in the Montauk Shores community sold for a record-breaking $3.75 million, which is $5,000 per square foot. In 2022, there weren't any properties for sale in the Montauk Shores community of the Hamptons, New York, but that didn't stop one mystery buyer from making a record-breaking purchase. The trailer is located in Montauk Shores, an oceanfront community in the Hamptons. Since the trailer is in the Montauk Shores residential community, the sale includes access to swimming pools, a recreational center, a playground, and a basketball court. This unit is 150 square feet smaller than the one that sold for $3.75 million.
☆ Silicon Valley Bank and Joe Biden’s $19 Trillion Monday
  + stars: | 2023-03-14 | by ( Holman W. Jenkins | ) www.wsj.com   time to read: 1 min
Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.
☆ Marc Benioff praises Elon Musk's vision, bemoans not buying Twitter, and rings the recession alarm in a new interview. Here are the Salesforce CEO's 9 best quotes.
  + stars: | 2023-03-10 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +4 min
Marc Benioff praised Elon Musk, hailed AI's potential, and warned of an impending US recession. The Salesforce CEO said he regretted not buying Twitter years ago, and has always loved the company. Benioff hinted Bob Iger and Howard Schultz felt obligated to return as CEOs of Disney and Starbucks. Benioff spoke during the Upfront Summit this month, in an interview aired during a recent episode of the "On With Kara Swisher" podcast. (Benioff was discussing the recent return of Bob Iger and Howard Schultz as CEOs of Disney and Starbucks respectively.)
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