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☆ Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt
▼ + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

In a letter to staff, McCarthy said the company needed to implement layoffs because it wouldn't be able to generate sustainable free cash flow with its current cost structure. "Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt," McCarthy said in the memo. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is. The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to "deliver modest positive free cash flow" in its current quarter.

Persons: Barry McCarthy, McCarthy, Karen Boone, Chris Bruzzo, Jay Hoag, It's, John Foley, hasn't, Goldman Sachs, Boone, Barry, Bruzzo, —, hadn't, Creditsafe, it's, Foley Organizations: Interactive, Allen & Company Sun Valley Conference, Spotify, Netflix, JPMorgan, LSEG, outperformance, CNBC Locations: Sun Valley , Idaho, lockstep

☆ Apple is on board with AI, 'not just hype there's substance around it': Deepwater's Gene Munster
▼ + stars: | 2024-05-02 | 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 EmailApple is on board with AI, 'not just hype there's substance around it': Deepwater's Gene MunsterGene Munster, Deepwater Asset Management, joins 'Fast Money' to talk Apple quarterly results and what to expect from the company moving forward.

Persons: Gene Munster Gene Munster Organizations: Deepwater Asset Management

A video showing the aftermath of the strike that killed Shahed captured her sprawled on the ground next to her friends, her pink pants impossible to miss. Every time she came in, she said, ‘Mom.’ I would say, ‘My soul, my soul,’” Awda Talla told CNN. An analysis of the site of the attack, documented by a freelance journalist working for CNN in Gaza, paints a very different picture of Israeli military responsibility. Israeli military’s shifting responseCNN has pressed the Israeli military for details about the strike, which took place on April 16 at about 3:40 p.m., according to video evidence. The Israeli military declined to provide any additional evidence to back up its claims.

Persons: Mona Awda Talla, Shahed, Awda Talla, ’, Chris Cobb, Smith, It’s, ” Cobb, “, Shahed’s, Chris Lincoln, Jones, Cobb, –, Maghazi, ” Mahmoud Beha Abdel Lattif, I’m, ”, —, ” Sama, Ahmed Abu Jayyab Organizations: CNN, ”, British Army, CNN CNN, Artillery, Armament Research Services, Israel Defense Forces, IDF Locations: Gaza’s Al, Gaza, Israel, Israeli, Shahed, British, Al, Aqsa

☆ Top New York official asks Best Buy about its commitment to LGBTQ groups after conservative pressure
▼ + stars: | 2024-05-02 | by ( Matt Lavietes | Brooke Sopelsa | ) www.cnbc.com time to read: +8 min

The New York state comptroller sent a letter to Best Buy last week questioning whether the company changed its commitment to inclusivity and supporting LGBTQ groups. The comptroller's office manages the state's $207 billion public pension fund, which has invested in Best Buy. He also denied that the NCPPR pressured Best Buy to stop supporting LGBTQ groups in general. "This contentious and vast disagreement between radical gender theory activists and the general public has nothing to do with Best Buy selling electronics." Peck did not ask Best Buy to stop its donations to the HRC, saying in the email, "We understand that it's unrealistic for Best Buy to leave HRC in the near future because of their political clout."

Persons: Thomas DiNapoli, Corie, Barry, J, Patrick Doyle, DiNapoli, Scott Shepard, Shepard, Trevor, Carly Charlson, Charlson, Eric Bloem, Bloem, Ethan Peck, Peck, Marina Rizzo, hadn't, Rizzo Organizations: NBC News, Securities, Exchange Commission, National Center for Public Policy Research, Best, NBC, NCPPR's Free Enterprise, SAGE, GLAAD, Human Rights, SEC, NCPPR's Free Enterprise Institute, HRC, PRIDE Locations: York, States

☆ Harry Potter: Original cover art for ‘The Philosopher’s Stone’ to go on sale
▼ + stars: | 2024-05-02 | by ( Amarachi Orie | ) edition.cnn.com time to read: +3 min

CNN —J.K. Rowling’s 1997 novel “Harry Potter and the Philosopher’s Stone” was the beginning of what would become a worldwide phenomenon. Now, the original illustration for the first edition of the book is going on sale. Taylor’s cover was used for several translated versions of the book, the auction house said. The first edition of 1997 book "Harry Potter and the Philosopher's Stone" -- which Taylor illustrated. The manuscript is one of six handwritten by the British author that was originally intended as gifts for people closely involved with the publication of “Harry Potter,” according to the release.

Persons: CNN —, Harry Potter, ”, Thomas Taylor, Harry Potter –, Sotheby's, “, “ Harry Potter, Taylor, Shutterstock Taylor Organizations: CNN, Hogwarts Express, Hogwarts School of Witchcraft, Heritage Auctions Locations: Sotheby’s, London, Dallas , Texas, New York, American, British

☆ Maryland is about to get $350 million from insurance in bridge collapse
▼ + stars: | 2024-05-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure. The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy. The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away. The accident temporarily closed much of the operations of the Port of Baltimore, trapping ships in the port. The planned payment by Chubb was first reported Thursday by the Wall Street Journal.

Persons: Francis Scott Key, Chubb, Henry Daar, Dali Organizations: New, New York CNN, Francis Scott Key Bridge, WTW, Grace Ocean Private Limited, Synergy Marine PTE LTD, CNN, National Transportation, Wall Street Locations: New York, Maryland, North America, Baltimore, Port of Baltimore

☆ Live Updates: Police Enter U.C.L.A. Encampment After Warnings
▼ + stars: | 2024-05-02 | by ( Jonathan Wolfe | Mike Ives | ) www.nytimes.com time to read: +4 min

A deal struck by Northwestern University officials and pro-Palestinian demonstrators brought an end to a protest encampment on campus but drew harsh criticism from Jewish leaders and students on Wednesday. The agreement, announced this week, included a promise by the university to be more transparent about its financial holdings. In turn, demonstrators removed the tent camp they built last week at Deering Meadow, a stretch of lawn on campus. The university did not commit to divesting from companies linked to Israel’s military campaign in Gaza, a chief demand animating campus protests across the nation. But protest organizers at Northwestern said they saw transparency as a first step toward that goal.

Persons: ”, Elizabeth Shakman Hurd, “, Hillel, Michael Schill, Schill, ” Paz Baum, Baum, Mr Organizations: Northwestern University, Northwestern, Educators for Justice, American Jewish Committee, Cook County Circuit Court, Jewish Voice, Peace, Brown University, Columbia University, University of California Locations: Deering, Gaza, Palestine, Northwestern, Cook County, New York, Los Angeles

☆ ISS says unions and pension funds should back Norfolk Southern activist investor
▼ + stars: | 2024-05-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Norfolk Southern Chief Executive Alan Shaw testifies during a Senate Commerce, Science and Transportation Committee hearing titled "Improving Rail Safety in Response to the East Palestine Derailment" in Washington, U.S., March 22, 2023. Norfolk Southern -invested unions and pension funds should back activist Ancora's full seven-director slate at the railroad's shareholder meeting later this month, two different Institutional Shareholder Services proxy advisory services said. Neuberger Berman said earlier that it would support Ancora's case for change at Norfolk Southern, while Canadian asset manager EdgePoint also reaffirmed on Thursday that it would be voting its shares with the activist. (EdgePoint was initially partnered with Ancora's campaign at Norfolk Southern but dissolved that arrangement months earlier.) Top institutional shareholders include Vanguard, BlackRock, State Street and Dodge & Cox, as well as California's pension funds, CalPERS and CalSTRS, and Colorado's public pension fund.

Persons: Alan Shaw, Ancora's, Taft, Jim Barber, Glass Lewis, Barber, investor's, Ancora, Neuberger Berman, EdgePoint Organizations: Norfolk Southern, Commerce, Science, Institutional, Hartley Advisory Services, Social Advisory Services, CNBC, UPS, ISS, Norfolk Southern's, Norfolk, Vanguard, Dodge, Cox Locations: East Palestine, Washington , U.S, Norfolk, East Palestine , Ohio, BlackRock

☆ Making the power grid 'smart' could save us all money and prevent blackouts. Chattanooga made the $280 million investment.
▼ + stars: | 2024-05-02 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +13 min

Chattanooga's utility built a $280 million smart grid, creating $2.7 billion in economic value. The local utility, called EPB of Chattanooga, spent $280 million to refurbish its power system with smart technologies to make a "smart grid." The traditional power grid carries electricity from a power plant to homes and commercial buildings. Smart grids can bring huge economic benefitsEven Congress knows the nation needs a smart grid. Though a smart grid requires a big up-front investment, it can save a lot of money down the line.

Persons: —, That's, Tiago Majuelos, Monika Skolimowska, Kevin Schneider, Schneider, Joshua Rhodes, David Wade, EPB, Wade, Taylor, David Swanson, We're Organizations: Infrastructure, Service, Chattanooga Smart, US Department of Energy, Wall Street, Getty, Pacific Northwest National Laboratory, American Society of Civil Engineers, University of Texas, Department of Energy, C Electric Company, BI, Reuters, Nationwide Locations: Chattanooga , Tennessee, Chattanooga, Tennessee, EPB, California, Austin, Hamilton County, Palm Springs , California, Columbia, Southern California

Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter. Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and Wall Street Journal. A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value. Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale.

Persons: Skydance, hasn't, David Ellison's Skydance, Shari Redstone, It's, Redstone's, Bob Bakish Organizations: Paramount, Sony, Apollo, Skydance, RedBird Capital, KKR, Sony Pictures, Apollo Global Management, Paramount Global, The New York Times, Wall Street Journal, Hollywood, Matrix Asset Advisors, Aspen Sky Trust, Redstone Locations: Apollo

☆ Women have specific exercise and nutritional needs. Dr. Stacy Sims explains
▼ + stars: | 2024-05-02 | by ( Melanie Radzicki Mcmanus | ) edition.cnn.com time to read: +9 min

“If we work with our physiology knowing that women are women and men are men, knowing that women are not small men, then imagine the (health) outcomes,” she said at a 2019 TED talk. Women of all ages should focus on strength training to help reduce risk of dementia, said exercise physiologist and nutrition scientist Dr. Stacy Sims (not shown). Dr. Stacy Sims said women should prioritize eating more protein to support building muscle, especially as bodies age. But if we have that lean mass from strength training, it really helps calm down that rate of change. Drinking something cold right after exercise helps bring that blood back centrally, reduces metabolites and starts the reparation process.

Persons: Joe Biden, —, Stacy Sims, ”, MoMo, Sims, Darwin, that’s, Alzheimer’s, haven’t, It’s, “, Melanie Radzicki McManus Organizations: CNN’s, CNN, TED, National Institutes of Health, Women’s, US National Institutes of Health Locations: Mount Maunganui , New Zealand

☆ Peloton's CEO steps down as the company cuts 15% of staff
▼ + stars: | 2024-05-02 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Peloton CEO Barry McCarthy is stepping down, the fitness company announced on Thursday. After reaching new highs during the pandemic, the company has recalled products, laid off workers, and seen sales and its stock tank. McCarthy replaced John Foley as Peloton CEO and president in February 2022. But since then, the company has recalled products, laid off thousands of workers, and seen sales and its stock tank. It posted a net loss for the quarter of $167.3 million, down from $275.9 million for the same quarter in 2023.

Persons: Barry McCarthy, —, McCarthy, John Foley, Karen Boone, Chris Bruzzo Organizations: Service Locations: Ohio

☆ Here are Thursday's biggest analyst calls: Ferrari, Netflix, Tesla, Nvidia, TJX, Carvana & more
▼ + stars: | 2024-05-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

UBS upgrades Burlington to neutral from sell UBS said the outlook for Burlington is improving. Jefferies reiterates Netflix as buy After a change in analyst coverage, the firm says it's standing by its buy rating. UBS upgrades TJX Companies to buy from neutral UBS says the off-price retailer is a "growth stock with surprising upside." UBS downgrades CVS to neutral from buy UBS said it sees too much uncertainty for shares of CVS. JPMorgan upgrades Carvana to overweight from neutral JPMorgan upgraded Carvana following earnings on Wednesday.

Persons: Morgan Stanley, Ferrari, Mizuho, C27E, BURL, Jefferies, Rosenblatt, TD Cowen downgrades Wolfspeed, Cowen, Raymond James, Parsons, Ziff Davis, KBW, Piper Sandler, Cantor Fitzgerald, Tesla, Cantor, it's bullish Organizations: Nvidia, Mizuho, UBS, Netflix, Networks, Enterprise, Jefferies, CTV, TJX Companies, Department Stores, CVS, JPMorgan, Susquehanna, MGM, Bank of America, Community Bank, Piper, NYCB, ~$ Locations: Burlington, Las Vegas

☆ 4 ways equity management can help build a foundation for growth
▼ + stars: | 2024-05-02 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

To drive a culture of ownership, companies must build an effective strategy around equity management. Optimize capitalization table managementOne of the core elements of an effective equity management strategy is a transparent and defensible capitalization table. And with a partner to help design or evolve your equity plan management strategy, your organization will be well-prepared for its next stage of growth. Morgan Stanley Smith Barney LLC ("Morgan Stanley") and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Morgan Stanley at Work services are provided by Morgan Stanley Smith Barney LLC, member SIPC, and its affiliates, all wholly owned subsidiaries of Morgan Stanley.

Persons: Teri McFadden, you've, Morgan Stanley, Mike Jung, Morgan Stanley Smith Barney, SIPC Organizations: Norwest Venture Partners, Circle, Insider Studios, Financial Advisors, Wealth Advisors

☆ Sebastian Steudtner: Why big wave surfer feels most at ‘peace’ at the mercy of Mother Nature
▼ + stars: | 2024-05-02 | by ( Ben Church | ) edition.cnn.com time to read: +7 min

Set against these watery-monoliths of Mother Nature, Steudtner looks totally vulnerable, but it’s a brief moment in time when the surfer feels most at peace. “It’s complete chaos and you would think, as an outsider, it’s terrifying,” the big wave surfer tells CNN Sport. Simon Hofmann/Getty ImagesBig wave surfing is certainly not for everyone. “It’s the largest physical energy in the ocean which is about to explode on the shore, and I realize how small, little, insignificant and nothing we are as humans compared to nature,” Steudtner says. I can ride the wave the way I want to ride the wave.

Persons: Sebastian Steudtner, Nature, “, Steudtner, Octavio Passos, he’s, ” Steudtner, ”, Simon Hofmann, I’m, Eric –, lumpy ”, Stefan Matzke, windsurfer Organizations: CNN, CNN Sport, “, German Navy Locations: Portugal, Nazaré, Europe, Hawaii, Germany

☆ 34 people were killed in a scuba dive boat fire in California. The captain is now facing ten years in prison
▼ + stars: | 2024-05-02 | by ( Lauren Mascarenhas | ) edition.cnn.com time to read: +2 min

CNN —A former dive boat captain could be sentenced to up to 10 years in prison Thursday on a negligence conviction known as “seaman’s manslaughter” after 34 people were killed in a fire that broke out on his boat in 2019. Jerry Nehl Boylan was found guilty in 2023 of one federal felony count of misconduct or neglect of ship officer last year. Thirty-three passengers and one crew member below deck died of smoke inhalation, police said. Thirty-four people were killed in the boat fire. In 2019, an attorney for the boat’s owner, Truth Aquatics, said that a crew member had checked the area where the fire was believed to have been concentrated before it ignited.

Persons: CNN —, ”, Jerry Nehl Boylan, Boylan, Brian van der, Robert Sumwalt, Prosecutors, Martin Estrada, ’ Organizations: CNN, Labor, California’s, Islands, Los Angeles Times, National Transportation Safety, Truth, NTSB Locations: Santa Cruz

☆ Apple's falling iPhone sales don't bother Wall Street so long as margins, buybacks are increasing
▼ + stars: | 2024-05-02 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

Instead of glaring too much at iPhone revenue, Wall Street chose to focus on the positive. Apple said iPhone sales suffered from a difficult comparison to last year, when sales were elevated after previous shortages. Annual iPhone revenue peaked in Apple's fiscal 2022. While Apple provided some guidance for total revenue, it avoided offering any sort of forecast for iPhone sales. "For the last couple of years we were doing $90 billion and now we're doing $110 billion," Maestri said on the call.

Persons: Tim Cook, Gene Munster, Munster, CNBC's, Apple, Luca Maestri, that's, Dow, Maestri, let's Organizations: Apple, Fifth, Wall, Wall Street, Android, Microsoft, Dow Jones Locations: New York City, There's

☆ We allow our kids screen time at home, and they go to a tech-free school. It's a good balance.
▼ + stars: | 2024-05-02 | by ( Melissa Petro | ) www.businessinsider.com time to read: +4 min

But at our son's tech-free school, there isn't so much as a smart board — and that's just the way we like it. We let our kids use screens at home, but they don't overindulgeLike most Waldorf schools, Otto Specht suggests limited media exposure at home. But in our house, our kids have free rein when it comes to screen time. AdvertisementSome people argue that it's necessary to introduce kids to technology because it makes them "workplace-ready." In the meantime, let's let kids be kids.

Persons: —, Daniel Tiger's, Oscar, that's, Otto Specht, Melissa Petro's, Melissa Petro, Minecraft, He's, let's Organizations: Service, Business, Waldorf Schools, Otto Specht School, Waldorf, Disney

☆ How we test, review, and recommend products
▼ + stars: | 2024-05-02 | by ( Insider Reviews Team | Les Shu | ) www.businessinsider.com time to read: +6 min

Janelle LeesonBelow is a sampling of some of the core products and services the Reviews team tests. Reporters enlist their cats, dogs, and other pets to help test products, while pet health articles are medically reviewed by veterinarians and supported by expert interviews. Insider Reviews' health articles are medically reviewed by doctors and other health professionals, and supported by expert interviews. Molly Allen/InsiderThe Reviews team tests products the way people would use them in everyday life. In addition to our in-house and freelance testers, we also have an internal council of volunteers and freelancers who help us test products and offer additional perspectives.

Persons: Janelle Leeson, Antonio Villas, Sally Kaplan, Molly Allen, James Brains, Erin Brains, Amir Ismael Organizations: Business Insider's Service Journalism, Tech, Samsung, Boas, Health

☆ F.T.C. Clears Exxon Mobil’s Acquisition of Pioneer Natural Resources
▼ + stars: | 2024-05-02 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission on Thursday approved Exxon Mobil’s acquisition of Pioneer Natural Resources as long as Exxon excludes Pioneer’s chief executive from its board. Exxon’s purchase of Pioneer is one of several large mergers and acquisitions in the oil and gas industry in recent years. accused Pioneer’s chief executive, Scott Sheffield, of colluding with officers of the Organization of Petroleum Exporting Countries and its allies to control global oil production and prices. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the commission’s Bureau of Competition, said in a statement. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.”

Persons: Pioneer’s, Scott Sheffield, Mr, Kyle Mach, ” Organizations: Federal Trade Commission, Exxon, Natural Resources, Pioneer’s, Organization of Petroleum, Competition Locations: Texas, New Mexico, commission’s

☆ Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square
▼ + stars: | 2024-05-01 | by ( Gretchen Morgenson | ) www.cnbc.com time to read: +13 min

Cash App, introduced in 2013, allows users to send and receive money instantaneously among themselves and to buy stocks and Bitcoin. As of December, Cash App had 56 million active transacting accounts and $248 billion in inflows during the previous four quarters, the company said. (Merchants are considered customers at Square, while users are considered customers at Cash App.) Cash App is not a bank, but it uses external banking partners to conduct various services. On March 29, Sutton Bank settled a consent order with the Federal Deposit Insurance Corp. that echoed the whistleblowers' allegations.

Persons: Jack Dorsey, Block, Venezuela —, Edward Siedle, Prosecutors, Cash, OFAC, Lawrence Summers, Sharon Rothstein, Summers, Rothstein, Lord Paul Deighton, Goldman Sachs, Deighton, Dorsey, Banks, Sutton, James Booker Organizations: Twitter, Southern, of, NBC, NBC News, Securities and Exchange Commission, Block, Foreign Assets Control, U.S . Treasury, Cash, OFAC, Goldman, Financial Market, Bank of Lithuania, Payments Lithuania UAB, PayPal, Consumer Finance Protection Bureau, Sutton Bank, Federal Deposit Insurance Corp, FDIC Locations: of New York, Cuba, Iran, Russia, Venezuela, Ohio, Sutton

☆ Spain's BBVA takes aim again at $10 billion Sabadell
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +2 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Talk of a tie-up between Spain's second and fourth-largest banks comes almost four years after previous negotiations collapsed. The potential merger follows a period of consolidation in the sector as Spanish banks seek to cut costs and boost scale. For BBVA, a tie-up would boost its domestic business and increase lending to small and medium-sized companies, where Sabadell is strong. Spain's Economy Minister Carlos Cuerpo told Spanish news agency EFE that it was essential to preserve a competitive landscape in the financial sector.

Persons: BBVA's, Onur Genc, Carlos Torres, Joaquin Robles, JP Morgan, Carlos Cuerpo, EFE Organizations: BBVA, Sabadell, XTB, Unicaja, UBS, JPMorgan Locations: Spanish, Madrid, Spain, Santander's

☆ Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer deal
▼ + stars: | 2024-05-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The Federal Trade Commission will wave through Exxon Mobil 's roughly $60 billion acquisition of Pioneer Natural Resources after reaching an agreement with the energy giant, a source familiar with the matter told CNBC. The FTC will not block the deal now that the regulator and Exxon have reached a consent agreement, the source said. The agreement will bar Pioneer's former CEO Scott Sheffield from joining the Exxon board. Exxon first announced the deal for Pioneer in October, in an all-stock transaction valued at $59.5 billion. Shares of Exxon and Pioneer were both little changed in extended trading Wednesday.

Persons: Scott Sheffield, Darren Woods, — CNBC's Pippa Stevens, Mary Catherine Wellons Organizations: Federal Trade Commission, Exxon Mobil, Natural Resources, CNBC, FTC, Exxon, Sheffield, Bloomberg News, Pioneer

☆ Amazon CEO Andy Jassy broke federal labor law with anti-union remarks
▼ + stars: | 2024-05-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon CEO Andy Jassy violated federal labor law in comments he made to media outlets about unionization efforts at the company, a National Labor Relations Board judge ruled Wednesday. NLRB Administrative Law Judge Brian Gee cited interviews Jassy gave in 2022 to CNBC's "Squawk Box," Bloomberg Television and at The New York Times' DealBook conference. At the DealBook conference, Jassy said that without a union the workplace isn't "bureaucratic, it's not slow." The NLRB filed the complaint against Amazon and Jassy in October 2022. But the Amazon chief's other remarks that employees would be less empowered and "better off" without a union violated labor law, "because they went beyond merely commenting on the employee-employer relationship."

Persons: Andy Jassy, Brian Gee, Jassy, Gee, Mary Kate Paradis, Paradis Organizations: National Labor Relations, NLRB, Bloomberg Television, The New York Times, CNBC, Bloomberg, Amazon Locations: Amazon's

☆ Masimo's billionaire CEO put shares on margin to get cash while keeping ownership ahead of proxy fight
▼ + stars: | 2024-05-01 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Kiani has just under 4 million Masimo shares, or around 7.5% of the company, according to FactSet data. Masimo shares are up 15% this year, lifting the company's market cap past $7 billion. Politan controls 8.9% of Masimo shares. Kiani, 59, pledged 2.97 million Masimo shares as of April, valued at $397 million, as collateral against "personal loans." "Rather than sell his pledged shares, Mr. Kiani increased his pledge to maintain his stock ownership."

Persons: Joe Kiani, Joe Biden, Quentin Koffey's, Kiani, Masimo, Politan Organizations: Apple, Capital Management, CNBC

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