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☆ 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.

☆ Disney braces for boardroom battle
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

Jan 12 (Reuters) - Activist investor Nelson Peltz on Thursday bid for a seat on the board of Walt Disney Co (DIS.N), stirring the pot for what appears to be a boardroom battle brewing at the Magic Kingdom. This comes after company veteran Bob Iger returned to the helm at the Marvel-parent to help a push for profitability at its streaming business, Disney+. Peltz's Trian Fund, after Third Point's Daniel Loeb, have 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 Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

The tussle with Disney could be Peltz's biggest proxy battle since an acrimonious fight to bag a seat on the board of Tide detergent-maker P&G (PG.N). During his more than three-year tenure on P&G's board, the firm's stock price rose nearly 80%. Peltz's Trian Fund Management on Thursday filed documents with the U.S. securities regulator for his election as a director after Disney denied him a board seat. "Iger is a well-liked CEO, not only within Disney and its employees but also in Hollywood and the stock market. Investors will vote later this year on whether Peltz should sit on the company's board, unless it's settled before.

☆ Activist investor Peltz kicks off battle for Disney board seat
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] Nelson Peltz founding partner of Trian Fund Management LP. The prominent activist investor's Trian Fund Management on Thursday filed documents with the U.S. securities regulator for his election as a director at Disney after the company denied him a board seat. "Peltz -- with a change-maker history at targets including P&G, Heinz, and Wendy's -- could provide a measure of that." Trian Fund Management owns roughly $900 million worth of Disney stock, which equates to about 0.5% stake, under the disclosure threshold of 5%. Sources familiar with Disney have said he has only leveled criticisms without offering possible solutions.

[1/3] The logo of the Times Square Disney store is seen in Times Square, New York City, U.S. December 5, 2019. Peltz, a billionaire activist who operates via his Trian Partners hedge fund, called for Disney to cut costs and turn a profit at its Disney+ streaming business, which has been losing money despite expanding at a fast clip. Its shares sank last year as losses deepened in its streaming business, and the price is now less than half the stock's 2021 high. Disney, Trian said, had overpaid for the assets of 21st Century Fox and bid aggressively for pay-TV giant Sky PLC. Disney said Trian would file with the Securities and Exchange Commission on Thursday to elect Peltz for a board seat in opposition to the company's nominees.

☆ Inside the Disney drama as CEO Bob Iger returns, replacing protege Bob Chapek
▼ + stars: | 2022-12-26 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 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. Read more about what Disney, Hollywood, and Iger expect from Iger:

☆ Disney should spin off ESPN and ABC, analyst says
▼ + stars: | 2022-12-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

But one Wall Street analyst has an idea for how Disney could get back on track. Wells Fargo’s Steven Cahall thinks Disney should spin off cable sports giant ESPN and traditional TV network ABC… two slow-growth (and some would argue, dying) businesses. Cahall wrote in his report that “we think Bob Iger is returning to {Disney] ready to make big changes. ESPN, in theory, may have an easier time negotiating with sports leagues as part of a pure play media network. “We think ESPN and ABC are integrally linked as the broadcast [network] improves negotiations in sports rights, and we’re seeing more of those sports on both networks,” he wrote.

☆ Third Point's Loeb ups stake in Bath & Body Works, points out issues with company
▼ + stars: | 2022-12-09 | 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 Loeb ups stake in Bath & Body Works, points out issues with companyCNBC’s ‘Halftime Report’ investment committee, Jason Snipe, Rob Sechan, Steve Weiss and Shannon Saccocia, discuss Third Point's Daniel Loeb stake in Bath & Body Works and discuss his issues with the CEO.

☆ Stocks making the biggest moves premarket: Lululemon, Costco, Broadcom and others
▼ + stars: | 2022-12-09 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Broadcom (AVGO) – Broadcom shares rallied 3.6% in premarket action after the chip maker reported better-than-expected quarterly results and an upbeat outlook. Netflix (NFLX) – Netflix gained 3% in the premarket following two positive analyst reports. DocuSign (DOCU) – DocuSign posted an 11.3% premarket jump following upbeat quarterly results for the electronic signature technology company. The move cuts Walgreens' stake to about 17% from 20% and will give Walgreens funds to pay down debt and fund strategic priorities. RH (RH) – The company formerly known as Restoration Hardware beat top and bottom line estimates in its latest quarterly report.

☆ Stocks making the biggest moves premarket: Ciena, GameStop, Rent The Runway and others
▼ + stars: | 2022-12-08 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Ciena earned an adjusted 61 cents per share for its latest quarter, compared with a consensus estimate of 8 cents. GameStop (GME) – GameStop reported a wider-than-expected quarterly loss and sales that fell short of predictions. Rent The Runway (RENT) – Rent The Runway surged 16.9% in the premarket after its quarterly revenue came in well above Wall Street forecasts and the fashion rental company issued an upbeat sales forecast. Kinder Morgan shares gained 2.1% in premarket trading. Separately, Express announced a wider-than-expected quarterly loss and lower-than-expected revenue in what its management said was a tougher quarter than it had anticipated.

☆ Stocks making the biggest moves midday: GameStop, Dexcom, Cano Health and more
▼ + stars: | 2022-12-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Traders work on the trading floor at the New York Stock Exchange (NYSE) below GameStop signage in New York, August 8, 2022. Check out the companies making headlines in midday trading Thursday. GameStop — Shares of the video game retailer and meme stock jumped more than 8% even after the company reported a wider-than-expected loss for the third quarter. The enterprise artificial intelligence software company reported a loss of 11 cents per share on revenue of $62.4 million. Analysts polled by Refinitiv were forecasting a loss of 16 cents per share on revenue of $60.9 million.

☆ As Wall Street strikes a bearish tone, these global stocks with margin growth could be safe bets
▼ + stars: | 2022-11-30 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

After what has been a tumultuous year for stocks, many investors are hoping that markets are at a turning point. Defensive stocks ArcelorMittal , the world's largest steelmaker, made CNBC's screen. The stock is rated buy by nearly 60% of analysts covering it, who give it potential upside of 26.3%. The company is expected to grow its margin by 17.9% next year and analysts give it potential upside of 23.4%. Analysts give the stock potential upside of 34.8%.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic led to park closures and visitor restrictions. Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. [1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. Disney did not respond to a request for comment on Trian and Trian did not respond to a request for comment. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic hit, leading to park closures and restrictions on visitors globally. Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. [1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. IGER'S RETURNSIger exited Disney on a high note as the company led the battle against Netflix in the streaming wars. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

☆ This week's best performers include several retail stocks and one exchange operator
▼ + stars: | 2022-11-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

It hasn't been the best week for the broader market. Several retail stocks bucked the overall market trend, however, on the back of strong quarterly reports. Other retail stocks were also on pace to cap off a positive week. To be sure, not all retailers triumphed during this busy earnings week for the sector. While several retail stocks took top spots in this week's screen, the list offered some variety.

☆ TJX hits an all-time high as reason we own off-price retailer played out in the quarter
▼ + stars: | 2022-11-16 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Club holding TJX Companies (TJX) reported stronger-than-expected fiscal third-quarter 2023 earnings and U.S. sales before the opening bell Wednesday, boosting shares of the off-price retailer by nearly 4% to an all-time high. While U.S. customer traffic was down in the quarter, management noted that it improved sequentially and improved throughout the quarter. Speaking to the inventory glut at full-price retailers, TJX management said on their post-earnings call, "The marketplace is absolutely loaded with quality branded merchandise across good, better and best brands." That guide also represents a tightening around the $3.09 midpoint versus the $3.05 to $3.13 per share range provided with the prior quarter's release. This excludes new stores, stores closed permanently or closed for an extended period of time as well as e-commerce results.

☆ Hedge funds were busy trading Club holdings last quarter, regulatory filings show
▼ + stars: | 2022-11-15 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

What's more, Third Point added to its bet on Disney (DIS), owning 1.4 million shares as of Sept. 30, up 40% compared with its position on June 30. That valued the position at roughly $700,000 as of Sept. 30, which is quite small for a multi-billion dollar investment firm like Trian. In August, the firm had reported owning 14.34 million shares as of June 30. They are current as of the reporting date, which for this latest round of disclosures was Sept. 30. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Dan Loeb’s Third Point builds stakes in retailers Bath & Body Works, TJX
▼ + stars: | 2022-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Daniel Loeb's Third Point disclosed new positions in retailers Bath & Body Works and TJX Companies in the third quarter, a new regulatory filing showed. The hedge fund built a $265 million bet in Bath & Body Works, making the retailer its sixth biggest holding at the end of the third quarter, the filing showed. Off-price retailer TJX has fared better,, with shares slipping only about 3% on the year. Loeb's largest positions: Consumer giant Colgate-Palmolive was Loeb's biggest position at the end of the third quarter, with a stake worth more than $800 million, the filing showed. Loeb took a $241 million stake on Twitter last quarter, betting that Elon Musk's takeover deal would go through.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX." FTX also got hit by the Bahamas Securities Commission, where the company is based, freezing assets of FTX Digital Markets "and related parties". In a tweet, FTX said it had reached a deal with Tron to establish a special facility that would allow clients to swap some crypto assets from FTX to external wallets. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported.

☆ EXCLUSIVE Bankman-Fried seeks $9.4 bln package for FTX rescue-sources
▼ + stars: | 2022-11-10 | by ( Anirban Sen | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, Nov 10 (Reuters) - Sam Bankman-Fried is seeking to put together a rescue package of up to $9.4 billion for his troubled cryptocurrency exchange FTX, a person with direct knowledge of the matter said on Thursday. Bankman-Fried is discussing raising about $1 billion from crypto-token Tron founder Justin Sun, $1 billion from cryptocurrency exchange OKX, $1 billion from cryptocurrency firm Tether and $2 billion from a consortium of investment funds, the source said. One of the investors in talks with FTX is Daniel Loeb's hedge fund Third Point, according to the source. Bankman-Fried has had little progress so far in putting the rescue package together, according to the source. FTX, Sun, OKX and Third Point did not immediately respond to requests for comment.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported. FTX had lent more than half of its customer funds to Alameda, the newspaper said. The U.S. securities regulator is investigating FTX.com's handling of customer funds and crypto-lending activities, according to a source with knowledge of the inquiry. Canada's Ontario Teachers Pension Plan, Tiger Global and Japan's Softbank are also FTX investors.

☆ U.S. hedge fund Third Point opens Tel Aviv office to scout investments
▼ + stars: | 2022-10-24 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Loeb's $14 billion New York-headquartered hedge fund Third Point LLC is opening an office in Tel Aviv on Monday, creating an outpost in a city known for its booming technology sector. For Third Point, one of the hedge fund industry's most successful firms, the Tel Aviv office will become its first international location. Sapir Harosh, who worked in military intelligence and joined TPV from Israeli firm Pitango earlier this year, will head the Tel Aviv office. In April, New York-based General Atlantic, opened its Tel Aviv office. Third Point finished raising its first dedicated venture fund in 2021 and is currently taking in cash for its second venture fund, a person familiar with the fundraising said.

☆ Third Point takes stake in Colgate-Palmolive; sees value in pet food spinoff
▼ + stars: | 2022-10-18 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Colgate toothpaste is pictured on sale at a grocery store in Pasadena, California January 30, 2014. REUTERS/Mario Anzuoni (UNITED STATES - Tags: BUSINESS)(Reuters) -Daniel Loeb’s Third Point has built a significant position in toothpaste maker Colgate-Palmolive Co and sees value in a potential spinoff of its Hill’s Pet Nutrition business, the activist investor said in a letter seen by Reuters. The investor letter did not disclose the size of Third Point’s stake, but cited several reasons for investing in the consumer goods company, including its pricing power in inflationary conditions and the strength in its pet food business. “There is meaningful hidden value in the company’s Hill’s Pet Nutrition business, which we believe would command a premium multiple if separated from Colgate’s consumer assets,” the letter said. Sales in Colgate’s pet nutrition business have outpaced overall company revenue over the last few years as consumers pay more attention to the needs of their cats and dogs.

Oct 18 (Reuters) - Daniel Loeb's Third Point has built a significant position in toothpaste maker Colgate-Palmolive Co (CL.N) and sees value in a potential spinoff of its Hill's Pet Nutrition business and other brands, the activist investor said in a letter seen by Reuters. The investor letter did not disclose the size of Third Point's stake, but cited several reasons for investing in the consumer goods company, including its pricing power in inflationary conditions and the strength in its pet food business. Loeb called the pet segment one of the most "exciting" pockets in the consumer space and said the business could be worth roughly $20 billion if it were a standalone company. Register now for FREE unlimited access to Reuters.com Register"There is meaningful hidden value in the company's Hill's Pet Nutrition business, which we believe would command a premium multiple if separated from Colgate's consumer assets," the letter said. Sales in Colgate's pet nutrition business have outpaced overall company revenue over the last few years as consumers pay more attention to the needs of their cats and dogs.

☆ Disney CEO Bob Chapek says ESPN will never take bets
▼ + stars: | 2022-09-15 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Disney Chief Executive Bob Chapek said Thursday that the company's sports network ESPN is looking for a partner to help it step into sports gambling. Now we're going to need a partner to do that, because we're never going to be a book, that's never in the cards for the Walt Disney Company," Chapek told CNBC's David Faber said in an exclusive interview. Initially, Loeb pushed for Disney to spin out the sports property, saying it would be easier for it to take part in certain initiatives, such as sports gambling. Sports betting was at the core of Loeb's earlier push to spin off ESPN. Loeb's reversal came shortly after Chapek told reporters during Disney's D23 Expo that he had big plans for ESPN's future, without disclosing details.

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