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☆ Third Point Pulls Plan for Proxy Fight With Bath & Body Works
▼ + stars: | 2023-03-06 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Bath & Body Works has been criticized by Third Point for its financial performance. Dan Loeb ’s Third Point LLC no longer plans to nominate candidates to the board of Bath & Body Works Inc. after the retailer added a director endorsed by the hedge fund. The appointment will stave off a proxy battle by Third Point, which has criticized the retailer for what it called excessive executive pay and lagging financial performance.

☆ Bath & Body Works adds director, Third Point backs off proxy fight
▼ + stars: | 2023-03-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

[1/2] Shoppers wait in line outside a Bath and Body Works retail store in Brooklyn, New York, U.S., December 8, 2020. REUTERS/Brendan McDermid/File PhotoNEW YORK, March 6 (Reuters) - Bath & Body Works Inc (BBWI.N) on Monday named veteran financial executive and board member Thomas Kuhn as a new director, ending a potential challenge from billionaire investor Daniel Loeb's hedge fund Third Point. "Tom’s 35 year history as a respected financial and legal advisor, including working with consumer companies, will bring an important perspective to Bath & Body Works as it focuses on its key strategic initiatives to maximize shareholder value," Bath & Body Works board chair Sarah Nash said in a statement. Bath & Body Works, which is valued at roughly $10 billion, has been operating as a standalone company since 2021. At Bath & Body Works the company was advised by law firm Wachtell Lipton Rosen & Katz, financial services company J.P. Morgan Chase & Co, proxy solicitor Innisfree M&A Inc and public relations firm Joele Frank.

☆ Stocks Fall After Powell Comments, Latest Fed Rate Hike
▼ + stars: | 2023-03-05 | by ( Akane Otani | ) www.wsj.com time to read: 1 min

Photo: Saul Loeb/AFP via Getty ImagesU.S. stocks dropped Wednesday, giving up their initial gains, after the Federal Reserve approved raising interest rates to their highest level in 16 years. The S&P 500 slipped 0.7%, while the Dow Jones Industrial Average declined 0.8%, or 270 points, and the Nasdaq Composite lost 0.5%.

☆ Activist investor Dan Loeb builds passive stake in AMD
▼ + stars: | 2023-03-02 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: 1 min

March 2 (Reuters) - Billionaire investor Daniel Loeb on Thursday told investors in his hedge fund Third Point that the firm has invested in microchip company Advanced Micro Devices(AMD.O), or AMD, a source familiar with the matter said. Third Point, which occasionally pursues an activist strategy and pushes for changes at companies, is not planning to press for changes at AMD and the investment can be considered a passive stake, the person familiar with the fund said. A spokesperson for Loeb declined to comment and AMD declined to comment. Shares of AMD were up about 2% in late afternoon trade. Reporting By Svea Herbst; editing by Peter HendersonOur Standards: The Thomson Reuters Trust Principles.

☆ Third Point's Daniel Loeb takes a passive stake in AMD
▼ + stars: | 2023-03-02 | 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 EmailThird Point's Daniel Loeb takes a passive stake in AMDCNBC's Scot Wapner joins 'The Exchange' to report on billionaire investor Daniel Loeb taking a passive stake in AMD.

☆ Activist hedge fund manager Dan Loeb takes a passive stake in AMD
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: +1 min

The hedge fund manager took the bet when AMD shares struggled, according to sources. AMD shares have underperformed the rest of the sector over the last 12 months, down more than 30% as the PHLX Semiconductor Index declined 14%. Third Point's Dan Loeb has taken a passive stake in chipmaker AMD , sources told CNBC's Scott Wapner. AMD recently reported fourth quarter earnings that exceeded Wall Street expectations, but guided for a 10% decline in year-over-year sales in the current quarter. The semiconductor sector has been grappling with lower consumer demand for finished electronics and gluts of parts needed to make PCs and servers.

☆ Don't act on new activist push for board seats at Salesforce before earnings, Benioff reaction
▼ + stars: | 2023-03-01 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

Hedge fund Elliott Management's decision to nominate candidates for Salesforce 's (CRM) board represents an escalation of the activist agitation at the Club holding. The Club generally believes activists' wishes for cost-cutting at Salesforce are positive, as long as Benioff remains at the helm. It's unclear whether Elliott is nominating two or three candidates for Salesforce's board, according to CNBC's David Faber, who broke the story Wednesday morning . Benioff is chairman of Salesforce's board. However, we don't want the activist pressure at Salesforce to cause Benioff to depart the company.

The nominating window closes March 14, and it is unclear if it is two or three nominees, Faber said on " Squawk on the Street ." The slate will likely include Jesse Cohn who runs the activist practice at Elliott, according to people familiar with the situation, but Faber said his position hasn't been confirmed. Activist investor Elliott Management has nominated a slate of directors for Salesforce 's board, sources told CNBC's David Faber on Wednesday. Elliott Management unveiled its multibillion-dollar investment in Salesforce in January, and the company said ValueAct Capital CEO Mason Morfit will join its board this month. Dan Loeb's hedge fund, Third Point, has also built a position in the company, CNBC confirmed in February.

☆ Bath & Body Works Backs Board in Potential Proxy Battle
▼ + stars: | 2023-02-27 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Bath & Body Works Inc. backed the makeup of its refreshed board and rejected naming one of Dan Loeb’s protégés as a director ahead of a potential proxy fight with the hedge-fund manager’s Third Point LLC. The retailer on Monday said in a letter to shareholders that the looming proxy battle is based on misguided motivations and would be detrimental to shareholders. It added that it has taken “all reasonable steps to avoid a costly and distracting proxy contest” from Mr. Loeb, who said last week that his firm plans to nominate a candidate to the company’s board.

☆ Bath & Body Works calls investor Third Point's proxy contest "misguided"
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Bath & Body Works Inc (BBWI.N) said on Monday investor Third Point's potential proxy contest is misguided and is a result of the specialty retailer not willing to appoint the hedge fund's former co-chief investment officer to its board. Bath & Body Works said in the last twelve months the board has appointed four highly qualified directors, of which Lucy Brady, a senior executive at Conagra Brands (CAG.N), was proposed by Third Point. In a letter to its shareholders, the company said the potential proxy contest was due to the board's unwillingness to appoint Loeb's former partner Munib Islam to the board. Islam, who played a key role in Third Point's activist campaigns, left the firm in 2020 and is now a senior executive at LTS One, an investment partnership. While it has taken "reasonable" steps to avoid a proxy fight, Bath & Body Works said it is "disappointing and unfortunate" that it will have to spend more time on this despite efforts to engage productively with the hedge fund.

☆ Third Point’s Dan Loeb pens a pointed letter to Bath & Body Works – What could happen next
▼ + stars: | 2023-02-25 | by ( Kenneth Squire | ) www.cnbc.com time to read: +8 min

As an example, in April 2019, ABB chairman Peter Voser stepped in as interim CEO of ABB. She would receive this $18 million regardless of how long she served as interim CEO. Ultimately, she served as interim CEO for a full seven months for the $18 million. The Nash-led BBWI board is now doing whatever it can to protect itself from having a shareholder representative on the board. If this goes the distance, we believe Third Point will show the BBWI board how powerful a good argument is.

☆ Cramer sees a 'good chance' Salesforce's Benioff will soon announce succession plans
▼ + stars: | 2023-02-25 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

Jim Cramer suggested Saturday that plans for a leadership change at Club holding Salesforce (CRM) — helmed by co-founder Marc Benioff for more than two decades — may be disclosed in the near future. CRM YTD mountain Salesforce (CRM) YTD performance In early January, Salesforce announced a cost-cutting plan that included layoffs and office space reductions — moves that Jim has said were pushed for by Starboard . While Benioff has said he's "never leaving" Salesforce , the company has twice elevated an executive to the role of co-CEO. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Marc Benioff, founder, chairman and CEO of enterprise cloud computing company Salesforce.

☆ How representation of Black artists in galleries, museums is changing
▼ + stars: | 2023-02-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

"There's a lot more support for Black artists that kind of came out of George Floyd's murder and institutions realizing that they need to do more," Peterson said. Saul Loeb | Afp | Getty ImagesThe market for work by Black American artists grew by nearly 400% between 2008 and 2021, according to a recent report from art market website ArtNet. Acquisitions of work by Black American artists peaked in 2015, two years after the start of the Black Lives Matter movement. "My impression is there are vastly increased number of solo shows and group shows dedicated to Black artists in London, in Paris, in New York, across the United States," Elliott said. Works from established artists like Kerry James Marshall that depict Black figures are influencing the work of new artists and creating a lineage, Elliott noted.

☆ Third Point's Loeb plans proxy contest at Bath & Body Works
▼ + stars: | 2023-02-23 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Bath & Body Works said in a statement late on Wednesday, "The Board strongly disagrees with the views expressed in Third Point's letter." However, it said it would review and consider Third Point's proposed board nominations. Third Point followed through and announced its board challenge hours after Bath & Body Works on Tuesday said that it was adding a second new board member, possibly to assuage the hedge fund's criticisms. Bath & Body Works is valued at roughly $10 billion. This marks Third Point's first proxy fight since 2018 when it challenged Campbell Soup Co.

☆ A mystery buyer wanted an 800-square-foot trailer in the Hamptons so badly that they offered a staggering $3.75 million for it
▼ + stars: | 2023-02-23 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

A property in the Hamptons' famed Montauk Shores trailer park is poised to sell for $3.75 million. The current most expensive trailer in Montauk Shores sold for $1.85 million in 2022. Montauk Shores counts hedge-fund manager Dan Loeb and Vitamin Water cofounder Darius Bikoff as residents. If the $3.75 million deal goes through, it would beat the park's sales record by nearly $2 million — surpassing the record set by a $1.85 million sale in 2022. Gold currently reps another property in Montauk Shores, a neighboring trailer pictured here that's on the market for $2 million.

☆ 5 times scientists thought they'd maybe discovered signs of extraterrestrial life but sadly didn't
▼ + stars: | 2023-02-23 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +7 min

Extraterrestrial life could exist, but mysterious objects in the sky aren't evidence of aliens. Scientists have thought they were close to discovering alien life a few times — none of it via UFOs. As the US discovered a flurry of UFOs — officially called "unidentified anomalous phenomena," or UAPs — in early February, Google searches for "extraterrestrial life" and "are aliens real" spiked. There have been incidents in the past where some researchers thought they'd come close to discovering signs of alien life — or even extraterrestrial intelligence — but none were UFOs. They dubbed the first interstellar object 'Oumuamua, which is a Hawaiian term meaning "a messenger from afar arriving first."

☆ Third Point to Launch Proxy Fight at Bath & Body Works
▼ + stars: | 2023-02-22 | by ( Laura Cooper | ) www.wsj.com time to read: 1 min

Bath & Body Works benefited from increased consumer spending during the pandemic, but lately its growth has slowed. Dan Loeb ’s Third Point LLC plans to launch a proxy fight against Bath & Body Works Inc. to address what the activist investor says is excessive executive pay and lagging financial performance at the soap and fragrance maker. Third Point, which first disclosed a stake of more than 6% in Bath & Body Works in December, plans to nominate candidates to the company’s board including at least one shareholder representative, according to people familiar with the matter. The activist hasn’t yet determined which directors it will aim to replace, at the annual meeting expected this spring.

☆ Third Point announces proxy contest at Bath & Body Works in letter to board
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Feb 22 (Reuters) - Third Point told Bath & Body Works on Wednesday that it plans to launch a proxy contest and that the company's recent board refresh does not adequately address the hedge fund's concerns about governance, capital allocation and pay. "As fiduciaries, we have no choice but to put forth qualified director candidates and give our fellow shareholders the opportunity to elect directors who can hold the stewards of their capital responsible for the decisions they make," Third Point founder Daniel Loeb wrote in a letter to the company's board. Reporting by Svea Herbst-BaylissOur Standards: The Thomson Reuters Trust Principles.

☆ Third Point's Dan Loeb initiates proxy fight against Bath & Body Works
▼ + stars: | 2023-02-22 | 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 EmailThird Point's Dan Loeb initiates proxy fight against Bath & Body WorksKen Squire, 13D Monitor Founder and President, joins 'Closing Bell' to discuss Dan Loeb, Third Point CEO, initiating a proxy fight against Bath & Body Works, the reasons behind the fight and the atmosphere for activist investors.

☆ The George Santos AI Chatbots
▼ + stars: | 2023-02-21 | 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.

☆ Bath & Body Works adds second new director amid pressure from Third Point
▼ + stars: | 2023-02-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Last week Bath & Body Works added Lucy Brady, a senior executive at Conagra Brands (CAG.N) and consumer products veteran to the board, expanding the group to 11 from 10 members. Voskuil and Brady's appointments come weeks after Third Point, which owns a 6% stake in the company, hinted it might push for board seats. In December Third Point announced its stake in a regulatoryfiling and criticized the company's high costs, includinggenerous executive pay. Bath & Body Works, best known for selling soaps, candles andlotions, is valued at $10 billion. Third Point spent an average of $38.16 per share on thestock which is now trading at $40.76.

☆ Putin Doesn’t Have a Plan to Win
▼ + stars: | 2023-02-17 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ Here's how Wall Street pros traded 13 Club stocks last quarter, including Salesforce and Disney
▼ + stars: | 2023-02-17 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

Big-name investors and hedge funds made moves in Club holdings Disney (DIS), Nvidia (NVDA) and TJX Companies (TJX) in the fourth quarter. Starboard's position stood at 3.03 million shares — valued at $401.22 million — at the end of the fourth quarter, according to the firm's 13F. Inclusive's 1.63 million shares were worth $216.77 million and ValueAct's 560,221 shares carried a market value of $74.28 million. CRM YTD mountain Salesforce (CRM) YTD performance In addition to Salesforce, a number of other Club holdings appeared in hedge funds' quarterly disclosures. Some of the activists swarming at Salesforce have positions in other Club holdings and made changes to them during the fourth quarter.

☆ Disney clash with activist Peltz will have sequel
▼ + stars: | 2023-02-16 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +7 min

NEW YORK, Feb 16 (Reuters Breakingviews) - Activist investor Nelson Peltz often plays a long game. Disney Chief Executive Bob Iger unveiled $5.5 billion of cost cuts last week when the $200 billion theme-parks-to-streaming company released fourth-quarter earnings. "The proxy fight is over,” a spokesperson for his outfit Trian Fund Management told Reuters. Could Peltz still end up on the Disney board? "The proxy fight is over.

Biden's private lawyer disclosed on Saturday that DOJ officials turned up classified documents related both to Biden's vice presidency and even his time in the US Senate. Garland's swift announcement came after earlier news that a second batch of classified documents was found on Biden's property. Here, a timeline lays out Biden's involvement with the classified documents — and how it sometimes overlapped with the turmoil around Trump's classified documents probe. January 14: White House says more classified documents were found in Biden's homeAdditional pages of classified documents were found in Biden's Wilmington home in a storage room next to the garage, The New York Times reported. January 21: DOJ finds 6 more pages of classified documents in Biden's homeFederal investigators searched Biden's Wilmington home on Friday and found half a dozen classified documents, according to Biden's personal attorney, Bob Bauer.

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