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☆ Salesforce engineers are about to be hit with new performance metrics, while some salespeople are being pressured to quit
▼ + stars: | 2023-02-14 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +8 min

Some Salesforce employees have been offered a "Prompt Exit Package" instead of a layoff, with less severance. Employees say the company is ratcheting up performance expectations as activist investors invade. "The company is pushing hard for productivity tracking and metrics on all facets," one employee told Insider. Salesforce cut a few hundred salespeople in November, a person familiar with the matter told Insider, and the company told Insider the cuts were made for "accountability," implying that performance was a consideration. In some cases, the company has presented employees with PEP offers in the same week it has executed mass layoffs, employees told Insider.

☆ Premarket stocks: Share buybacks could beat last year's record $1.2 trillion
▼ + stars: | 2023-02-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Companies have announced about $175 billion worth of planned stock buybacks so far this year. This year will likely be the first with at least $1 trillion in completed S&P 500 company buybacks, said Howard Silverblatt at S&P Dow Jones Indices. ▸ GM (GM) just inked an exclusive deal for the hottest product in automaking: Semiconductors. The strong dollar is hurting multinationalsThe rip-roaring dollar cut deeply into the earnings of multinational companies selling their wares overseas last quarter. “We got hit with that.”McDonald’s (MCD) and 3M (MMM) also said in earnings reports that they were worried that the strong dollar would affect future sales.

☆ Does anyone want to stay in investment banking these days?
▼ + stars: | 2023-02-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Banker salaries will get you in first class, but the potential total comp at PE firms and hedge funds will get you flying private. PE firms have been known to grind through people, but nothing quite compares to life at an investment bank. An investment bank's analyst program remains the go-to route to get your foot in the door on the Street. Click here to read more about salaries being offered by top PE firms to 2024 associates. All kidding aside, this deep dive by ProPublica is a fascinating look into how investment firms are helping the ultrarich save on taxes.

☆ Peltz ends Disney proxy fight as Iger launches restructuring
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake/File PhotoFeb 9 (Reuters) - Activist investor Nelson Peltz called off his bid for a seat on the board of Walt Disney Co (DIS.N) on Thursday after Chief Executive Bob Iger revealed a plan to restructure and cut costs. Peltz's Trian Fund, after Third Point's Daniel Loeb, pushed the company to make changes after the pandemic crushed its parks business and forced it to increase expenditure to weed out competition in the streaming industry. Here is what happened since Iger retired in 2020:Reporting by Akash Sriram and Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Third Point Has a Stake in Salesforce
▼ + stars: | 2023-02-09 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com time to read: 1 min

Dan Loeb ‘s Third Point LLC has a stake in Salesforce Inc., according to people familiar with the matter, the fifth known activist shareholder with a position in the software company’s shares. Third Point is known for taking stakes and pushing for change at blue-chip companies including Campbell Soup Co., Shell PLC and Walt Disney Co., with which it reached a settlement agreement last year.

Marc Benioff, cofounder and CEO of Salesforce, attends a session at the Congress centre during the World Economic Forum in Davos, Switzerland, on January 17, 2023. Dan Loeb's hedge fund Third Point has built a position in Salesforce , expanding the group of activists circling the business software maker, CNBC has confirmed. The news comes two weeks after Salesforce said ValueAct Capital CEO Mason Morfit will join its board in March. Since, which joined the Dow Jones Industrial Average in 2020, has faced high-profile departures and slowing revenue growth of late and dealt with criticism for buying companies such as Slack and Tableau at high multiples. On Jan. 4, Salesforce shares rose more than 3% after the company announced a plan to cut 10% of employees.

☆ Jim Cramer's Investing Club meeting Thursday: Disney, Wynn, Salesforce
▼ + stars: | 2023-02-09 | by ( Krystal Hur | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Disney has more room to run Don't chase Wynn Resorts stock up Salesforce activist interest shows its value 1. Don't chase Wynn Resorts stock up Wynn Resorts (WYNN) stock rose 5% early Thursday after the casino operator reported solid fourth-quarter results and cheery guidance after the closing bell Wednesday. Salesforce activist interest shows its value It looks like Dan Loeb's Third Point has taken a position in Salesforce (CRM), making it the fifth known activist investor in the company. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Stocks making the biggest moves midday: Sonos, Salesforce, Disney, Credit Suisse and more
▼ + stars: | 2023-02-09 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Sonos — Shares surged 17% after Sonos reported a big beat in its fiscal first-quarter results. The audio products developer posted per-share earnings of 57 cents, compared to consensus estimates of 40 cents per share, according to Refinitiv. Affirm Holdings — The buy now, pay later finance company slumped 20% a day after its fiscal second-quarter earnings and revenue missed analysts' estimates, according to Refinitiv. Revenue and earnings were both below analysts' estimates, according to Refinitiv. Credit Suisse Group — Shares plunged 14% after the Swiss bank reported a fourth-quarter and annual net loss that missed estimates, according to Eikon.

Disney issued a statement applauding Peltz's decision to end a board challenge which it called a "distraction. 'FIRST PHASE' IN DISNEY'S TRANSFORMATIONFor Peltz's Trian Fund Management the board challenge appears to have paid off with an estimated 20% gain on his investment. Analysts said Peltz made a reasonable request for one board seat and to join the 12-member board himself. Peltz appeared on CNBC on Thursday to announce his proxy fight with Disney was over. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

☆ Third Point's Dan Loeb makes a number of changes to his portfolio, including adding an insurer
▼ + stars: | 2023-02-09 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Third Point's Dan Loeb made a slew of moves to his portfolio last quarter, including building a new stake in a big insurer. Loeb said the company has undergone a massive overhaul since the financial crisis and is well positioned for profitable growth. Loeb said AIG has transformed into a property and casualty insurance pure play after the IPO of its retirement arm Corebridge Financial in September. "This is an important catalyst for the business," Loeb said. AIG 1Y mountain AIG Meanwhile, Loeb said he added to his Bath & Body Works position significantly last quarter.

☆ Yet another activist targets Salesforce — further validation there's money to be made in the stock
▼ + stars: | 2023-02-09 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

A fifth activist investor has taken a stake in Club holding Salesforce (CRM), making loud and clear that well-respected hedge funds see a money-making opportunity in the enterprise software giant. With activist investing becoming more common since the Great Financial Crisis, Jiang said it's not unheard of for a single company to be targeted by multiple firms. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Inside the Disney drama as CEO Bob Iger announces massive layoffs and a reorg that dismantles the structure under predecessor Bob Chapek
▼ + stars: | 2023-02-08 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Bob Iger returned to Disney as CEO in November, ending Bob Chapek's rocky tenure. In one of the most dramatic reversals in corporate history, the Walt Disney Co. board reinstated Bob Iger as CEO in November, ousting his predecessor Bob Chapek. Disney had just reported a $1.5 billion loss in its streaming business on a November 8 earnings call. Wall Street faulted him for waiting until after the 3Q earnings call to announce that layoffs were planned, for example. Disney, which in December launched its own ad-supported Disney+ offering, has enjoyed strong streaming growth, but Wall Street cares more about profitability now.

☆ 1870 pin meaning: What the buttons and crayon lapel pins Congress wore to the State of the Union stand for
▼ + stars: | 2023-02-08 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

President Joe Biden gave his second State of the Union address on Tuesday. Two pins — one that reads '1870' in white text atop a round black pin and various colored crayon-shaped pins with the Crayola logo — have garnered attention. 1870 PinRep. Ilhan Omar, D-Minn., conducts a television interview before President Joe Biden's State of the Union address in the U.S. Capitol on Tuesday, February 7, 2023. "153 years after the murder of Henry Truman, the Black community is still waiting for justice," Rep. Watson Coleman said. Crayola Crayon PinA lawmaker wears a pin of a white Crayola crayon during the State of the Union address in the House Chamber of the US Capitol in Washington, DC, on February 7, 2023.

☆ State of the portfolio: What Biden's address means for 10 Club stocks from Caterpillar to Ford
▼ + stars: | 2023-02-08 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

President Joe Biden 's State of the Union address put the spotlight on multiple tailwinds that will benefit 10 Club holdings including Caterpillar (CAT) and Ford (F). Linde Linde, a longtime Club holding, supplies industrial gases needed at semiconductor manufacturing facilities, known as fabrication plants. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Why the law Biden is using to cancel student debt is 'highly strained,' according to a group formed by Obama lawyers aimed at protecting American democracy
▼ + stars: | 2023-02-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Protect Democracy, a group formed by Obama lawyers, filed an amicus brief to the Supreme Court on student debt. It said that Biden's usage of the HEROES Act of 2003 to cancel student debt is "highly strained." While there might be another route to cancel student debt, the group said this relief is an overuse of emergency powers. "It is important to recognize that both student debt and the pandemic have disproportionately harmed lower income and minority communities," the brief said. One regarded Biden's student debt relief, and the other was on Arizona v. Mayorkas.

☆ Third Point owns Salesforce stake, talks Bath & Body Works changes
▼ + stars: | 2023-02-08 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Third Point declined to comment on its stake, which was first reported by the Wall Street Journal. These firms have said publicly and privately that they would like to see changes at Salesforce. Third Point on Wednesday updated its own investors about other investments, including one in Bath & Body Works (BBWI.N) , where the firm hinted last year that it might mount a boardroom challenge. In the letter, Third Point's founder billionaire investor Daniel Loeb wrote that he sees a chance to work "constructively" with Bath & Body Works to "address its apparent governance issues and help it realize its significant potential." Last years biggest losers included Walt Disney Co and Amazon.com while Bath & Body Works counted among its biggest winners.

☆ Disney CEO Bob Iger has 'very little room for maneuver' as he tackles layoffs, budget cuts, a company reorg, and questions over the future of Hulu and ESPN
▼ + stars: | 2023-02-07 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +11 min

Disney chief Bob Iger will speak Wednesday on his first quarterly earnings call since returning as CEO. Wall Street wants to see how Disney plans to boost profitability this year and whether it will trade ESPN or Hulu. Aside from a quick visit to Disney World in January, Bob Iger has been lying very low. Media investor Ross Gerber told Insider that Iger would get back to focusing on content rather than on the distribution mechanism. Iger tweeted a photo of himself at Disney World, dressed in a relaxed green cardigan and gray slacks as he posed with cast members on January 19.

☆ Disney has bigger problems than Ron DeSantis
▼ + stars: | 2023-02-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

But there are problems with spinning off ESPN, even if it would raise cash and allow Disney to trim debt. Labor painsUnionized rank-and-file workers at Disney World last week voted 96% against a contract offer from Disney that would have given them raises of at least $1 a year over the next five years. The company called the rejected wage proposal a “very strong offer.”But the last thing that Iger or Disney needs is to upset the strong demand for travel to Disney World or other park locations. Political battles in FloridaThe political culture wars are yet another headache for Iger, as Disney faces the possible loss of the powers it has to operate as a government-like entity for the land on which Disney World operates. “We are monitoring the progression of the draft legislation, which is complex given the long history of the Reedy Creek Improvement District,” said Jeff Vahle, president, Walt Disney World Resort.

☆ New Hope for Russiagate Truths
▼ + stars: | 2023-02-01 | 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.

☆ My mom died of an overdose. I'm talking about it openly to help other women going through the same.
▼ + stars: | 2023-01-29 | by ( Hayley Folk | ) www.businessinsider.com time to read: +7 min

Four years ago, at the age of 45, my mom died of a drug overdose. I share my and her story to help others going through the same things we went through. When she died, I had seen her only once in 11 years, and surprisingly, it was exactly a week to the day before she died. For women who overdose and survive, there is a societal stigma. If you're on the other side — you've lost a woman in your life to an overdose — there are resources for you.

☆ See the wild 1977 Nike memo that calls personal ambition a 'danger' and urges workers to 'fight the law'
▼ + stars: | 2023-01-27 | 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. The list, which captures the irreverence and competitiveness of early Nike employees, once again is making the rounds on social media. Several former Nike employees replied to Reames and said they still have copies of the original document. 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.

Former President Donald Trump’s Facebook and Instagram accounts are being reinstated, the social media giant Meta announced Wednesday — a little more than two years after he was suspended from the platforms over incendiary posts about the Jan. 6 riot at the Capitol. Meta owns Facebook and Instagram. House Speaker Kevin McCarthy, R-Calif., then the minority leader, vowed to “rein in big tech power over our speech” after Facebook announced the length of Trump’s suspension in 2021. Trump’s presidential campaign officially petitioned Facebook to allow Trump back on to the platform this month. “If Facebook wants to have this fight, fine, but the House is leverage, and keeping Trump off Facebook just looks political,” the adviser said.

☆ Toshiba buyout heralds a big step back for Japan
▼ + stars: | 2023-01-20 | by ( Una Galani | ) www.reuters.com time to read: +7 min

MUMBAI, Jan 20 (Reuters Breakingviews) - The end of a long battle to wring some value from Toshiba (6502.T) is finally within reach. Such an outcome won’t encourage private equity firms, and big policy shifts underway may stifle the industry just as it hits a new high. Instead, after an accounting scandal in 2015, Toshiba came to epitomise Japan Inc’s pervasive value destruction. Japan typically outperforms private equity deals in other developed markets, partly because existing incentive structures for company bosses are so poor. The country’s private equity industry is only just finding its feet.

☆ US-China Tech War: How Money for Semiconductor Factories Costs Americans
▼ + stars: | 2023-01-19 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +15 min

If the first Cold War was defined by the development of nuclear weapons, this Tech Cold War is defined by the computer chip. The massive Intel plant in Ohio is a key part of the race with China for the future of tech. Even before the Intel plant, the Columbus area was well acquainted with these sorts of trade-offs. But, the Ohio State study found, Columbus' residential tax-abatement programs did little to meaningfully address the housing problem, while draining the city's funds. Federal, state, and local subsidies add up to billions of dollars that Intel is saving on its new Ohio semiconductor factory.

Ben Ferencz, the last surviving prosecutor from the Nuremberg trials, answered the phone in bright spirits. The trials marked the first time in history that mass murderers were prosecuted for war crimes, and Ferencz was only 27 at the time. He went on to play a crucial role in securing compensation for Holocaust survivors and in the creation of the International Criminal Court at The Hague. Now he was sitting at his desk in Delray Beach, Florida, a 102-year-old man answering a reporter’s questions with wit and remarkable recall. “Goodbye, Mr. Ohlendorf.”What did he think about the war in Ukraine and the uptick in antisemitic incidents around the globe?

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