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Kellogg's cold cereal products are pictured in a market after Kellogg Company announced it would split. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 2 (Reuters) - Shares of Kellanova (K.N) fell more than 7% on Monday after the packaged food giant, previously known as Kellogg Company, completed the spinoff of its North American cereal business into a new standalone entity called WK Kellogg Company (KLG.N). Under the separation agreement, Kellanova shareholders received one share of WK Kellogg common stock for every four shares of Kellanova stock held as of September 21, a statement said. Kellanova shares fell to as low as $51.83, down 7.2%, after opening at $55.70, while WK Kellogg Company dropped by more than 11% and was last at $13.79. Kellanova will retain its place on the benchmark S&P 500 (.SPX) index, while WK Kellogg shares will join the S&P SmallCap 600 index (.SPCY) on Tuesday, before market open.

Persons: Mike Segar, WK Kellogg, Kellanova, Michael Ashley Schulman, Rice, Piper Sandler, Research's Arun Sundaram, Chibuike Oguh, Lance Tupper, Christina Fincher Organizations: Kellogg Company, REUTERS, WK Kellogg Company, WK Kellogg, New York Stock Exchange, Running, Capital Advisors, MorningStar, Jefferies, Thomson Locations: New York, U.S, Kellanova, California, American, Bengaluru

☆ Reactions: Media mogul Rupert Murdoch steps down as chairman of Fox, News Corp
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +5 min

Sept 21 (Reuters) - Media mogul Rupert Murdoch, 92, has stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), ending a more than seven-decade career in which he created an empire spanning from Australia to the United States. His son, Lachlan Murdoch, will become the chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition cements Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. His son Lachlan Murdoch is seasoned and capable of running the business, but of course there's no replacement for someone like the chairman, Rupert Murdoch, who founded the company and built it over decades." "The media world is unrecognisable from the one he stepped into seventy years ago and the decision to scrap plans to reunite his empire must have smarted."

Persons: Rupert Murdoch, Lachlan Murdoch, Murdoch, BRIAN WIESER, Lachlan, MICHAEL ASHLEY SCHULMAN, Smartmatic, Rupert Murdoch's, JASON BENOWITZ, I'm, DANNI HEWSON, AJ BELL, he's, Mary Berry, he'll, RILEY, THOMAS HAYES, Wise, MATTHEW TUTTLE, ED MOYA, Aditya Soni, Samrhitha, Mayur, Ananya Mariam Rajesh, Arun Koyyur Organizations: Media, Fox Corp, News Corp, Fox, MADISON, WALL'S, Dominion, HOGAN, TUTTLE, MSNBC, Thomson Locations: Australia, United States, Bengaluru

Arm executives and CEO Rene Haas gather outside Nasdaq Market site, as Softbank's Arm, chip design firm, holds an initial public offering (IPO), in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 15 (Reuters) - Shares of SoftBank's Arm Holdings closed a volatile session lower on Friday, a day after a stellar Nasdaq debut that valued the British chip designer at $65 billion. The stock fell 4.5% to end at $60.75, after trading as high as $69 earlier in the session. The Nasdaq (.IXIC) was down 1.6% and the S&P 500 (.SPX) fell 1.2%, while an index of semiconductors (.SOX) sank 3%. Analysts said further trading volatility in Arm may be seen if the company draws more interest from AI-focused retail investors.

Persons: Rene Haas, Brendan McDermid, chipmakers, Arm's, Randy Frederick, Charles Schwab, Rick Meckler, Sophie Lund, Yates, Hargreaves Lansdown, Financials, Michael Ashley Schulman, Needham, Manya Saini, Caroline Valetkevitch, Saqib Iqbal Ahmed, Niket Nishant, Arun Koyyur, Grant McCool Organizations: Nasdaq, REUTERS, Arm Holdings, Major U.S, Cherry Lane Investments, Analysts, Graphics Arm, Running, Capital Advisors, Nvidia, Reuters Graphics, Thomson Locations: New York, U.S, British, Austin , Texas, New Vernon , New Jersey, Bengaluru

Prime Minister Justin Trudeau said on Thursday he had invited the heads of Canada's five largest grocery chains, including Sobeys (EMPa.TO), Metro (MRU.TO) and Loblaw (L.TO), to Ottawa next week to discuss how they planned to control sky-rocketing food prices. Trudeau's move comes when governments across the globe, especially in Europe, have expressed concern over soaring food prices as they seek to address a cost-of-living crisis that has intensified after the pandemic subsided and since the Russia-Ukraine war began. However, after a similar move from the French government in June, analysts were skeptical about Trudeau's warning. They argued it was a "political" tactic and might be ineffective in lowering lingering food inflation. "Both PM Justin Trudeau and François-Philippe Champagne (Canada's industry minister) spoke tough about this topic and it is difficult to envision what teeth they have to hold grocers accountable," said Ben Jang, portfolio manager at Nikola Wealth.

Persons: Justin Trudeau, Trudeau's, François, Philippe Champagne, Ben Jang, Michael Ashley Schulman, Allan Small, Granth Vanaik, Pooja Desai Organizations: Metro, Loblaw, Nikola Wealth, Running, Capital Advisors, iA, Wealth, Carrefour, Lipton, Nestle, PepsiCo, Unilever, Thomson Locations: Ottawa, Europe, Russia, Ukraine, Bengaluru

Moscow's actions have deprived many foreign investors of the ability to trade in Russian securities, including depositary receipts. Investors are worried about future copycat actions by other governments who might look to reduce foreign influence over their leading companies. Depositary receipts, or DRs, are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. But events in Russia have forced many investors to write down the value of depositary receipts of Russian companies to zero, given their inability to trade them. CONSEQUENCESLoss of confidence in DRs could drain needed foreign capital from firms in emerging economies, for instance.

Persons: Dado Ruvic, Peter C, Earle, Christopher Day, Michael Ashley Schulman, Goldman Sachs, III, Detsky Mir, Goldman, Otkrytie, Schulman, Grzegorz Drozdz, Malcolm Dorson, Sinead Cruise, Carolina Mandl, David Gregorio Our Organizations: REUTERS, Global, American Institute for Economic Research, Reuters, Citigroup, Companies, Citi ., Reuters Graphics, DR, Investors, Doliver Advisors, Running, Capital Advisors, Conotoxia, Russian, Thomson Locations: Moscow, Ukraine, Brazil, China, Russia, GDR, GDRs, United States, Britain, London, Carolina, New York

☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

☆ Opioids expose unhealthy bankruptcy addictions
▼ + stars: | 2023-08-11 | by ( Robert Cyran | ) www.reuters.com time to read: +6 min

Between 2006 and 2014, it manufactured roughly 30 billion opioid pills. Its attempt to climb out of bankruptcy has been stalled multiple times, most recently on Thursday by the U.S. Supreme Court. Mallinckrodt agreed to a $260 million settlement last year and quarterly revenue from Acthar has tumbled 70% since 2019. If not, it will be up to elected officials to end such unhealthy bankruptcy addictions. As part of that settlement, Mallinckrodt agreed to pay $1.7 billion over eight years to settle opioid claims.

Persons: Johnson, Mark Trudeau, Sackler, Mallinckrodt, It’s, haven’t, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Mallinckrodt Pharmaceuticals, Johnson, CVS Health, Purdue Pharma, U.S, Supreme, Department of Justice, Specialty Brands, Point, Purdue, Purdue Pharma’s, DOJ, Biden Administration, Thomson Locations: American, Delaware, Acthar

☆ Shopify forecasts solid revenue growth on higher prices, more signups
▼ + stars: | 2023-08-02 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

REUTERS/Chris WattieAug 2 (Reuters) - Canada's Shopify (SHOP.TO), forecast strong revenue growth and delivered better-than-expected results for the second quarter on Wednesday, helped by new signups and price increases across its services. In the third quarter, the company expects revenue growth at "low-twenties" percentage and "mid-twenties" when adjusted for changes related to the divestiture of its logistics business. Following the results, Shopify's U.S.-listed shares, which have surged nearly 80% so far this year, added 7% before settling marginally lower in extended trading. In the second quarter, total revenue grew 31% to $1.69 billion and beat analysts' average estimate of $1.62 billion. "This could be a turnaround quarter for Shopify," said Michael Schulman, chief investment officer at Running Point Capital Advisors.

Persons: Chris Wattie, We're, Harley Finkelstein, Shopify, Michael Schulman, Yuvraj Malik, Akshita, Pooja Desai, Arun Koyyur Organizations: REUTERS, Merchants, Running, Capital Advisors, Thomson Locations: Ottawa , Ontario, Canada, Shopify, U.S, Bengaluru

☆ Instant View: Fitch downgrades U.S. foreign currency ratings to 'AA+' from 'AAA'
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +9 min

The downgrade follows a debt ceiling agreement in June that came after months of political brinkmanship and ultimately lifted the government's $31.4 trillion debt ceiling. Unless they think that fiscal trajectory suggests risk of a default, which I don't think they say, I don't understand the reason for this." “So I don't think the reaction, it should surprise anyone in the markets because we've been through this before. JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS IN PALM BEACH, FLORIDA"I'm surprised, but I'm not surprised." "It's really the just the troubled negotiations that take place every time we have a debt ceiling or budget negotiation.

Persons: Thomas White, Fitch, STEVEN RICCHIUTO, ” WENDY EDELBERG, I'm, JASON WARE, Fiitch, MICHAEL O’ROURKE, “, ” BERNARD BAUMOHL, Poor’s, ” MICHAEL SCHULMAN, ANGELO KOURKAFAS, EDWARD JONES, ”, MICHAEL K, FARR, That’s, ” KEITH LERNER, ” “ It’s, ERIC WINOGRAD, ALLIANCEBERNSTEIN, QUINCY KROSBY, doesn't, JACK ABLIN, it's Organizations: REUTERS, United, AAA, USA, ., OF, HAMILTON PROJECT, BROOKINGS, WASHINGTON D.C, ALBION, Fitch, AA, PRINCETON, NEW, ST LOUIS, MILLER & WASHINGTON LLC, ADVISORY, Global Finance, Markets, Thomson Locations: United States, U.S, MIZUHO, WASHINGTON, CITY , UTAH, STAMFORD , CONNECTICUT, NEW JERSEY, ATLANTA, CHARLOTTE, NORTH CAROLINA, BEACH , FLORIDA

Five hedge funds shared five trading ideas on global property markets, adding that they cannot reveal trading positions for regulatory reasons. CM REITs are companies that own mortgages of multi-family residential homes as well as commercial real estate loans. Cell phone data Litt bought to research a REIT run by Alexandria Real Estate Equities (ARE.N), showed that buildings which that were supposed to be almost fully occupied were only half full. Alexandria Real Estate responded pointing to public filings which said that it was the advancement of science and related intellectual property in Alexandria’s Labspace buildings, and not employee foot traffic that drove its demand for space. But Litt believes that the shift away from office working will also hurt life and sciences real estate, generally.

Persons: Jonathan Mizrachi, CMBSs, David Amaryan, Ben Hunsaker, Hunsaker, Jonathan Litt, Litt, ANSON, Moez Kassam, Vistry, Kassam, Nell Mackenzie, Dhara Ranasinghe, Alison Williams Organizations: Property, Capital, Beach, Beach Point Capital Management, REITs, Alexandria Real, Reuters, Vistry, Thomson Locations: York, Russia, Russia's, Ukraine, Armenia, Beach Point, Alexandria, Alexandria’s, London, Carolina, New York

☆ Drugmaker Mallinckrodt in talks with hedge funds to avoid opioid settlements, Wall Street Journal reports
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

Law Firms Mallinckrodt and Mallinckrodt FollowJuly 26 (Reuters) - Drugmaker Mallinckrodt (MNK.A) is talking to hedge funds about filing for bankruptcy and avoiding payments intended to help people addicted to opioids, the Wall Street Journal reported on Wednesday. Mallinckrodt, which is one of the largest manufacturers for opiods, had filed for bankruptcy protection nearly three years ago. It reached a $1.7 billion nationwide settlement as part of its bankruptcy reorganization plan and emerged from Chapter 11 last year. The company in June said it was considering a second bankruptcy filing and other options after its lenders raised concerns over the $200 million payment related to opioid-related litigation. Reporting by Sriparna Roy in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Mallinckrodt, Sriparna Roy, Devika Organizations: Wall Street, Silver Point, Thomson Locations: Greenwich, Bengaluru

☆ Sale of control in Israel's Phoenix to ADQ-led group falls through
▼ + stars: | 2023-07-23 | by ( Emily Rose | ) www.reuters.com time to read: +1 min

JERUSALEM, July 23 (Reuters) - A deal for two shareholders in Israeli financial firm Phoenix Group (PHOE1.TA) to sell control of the group to a consortium led by Abu Dhabi state holding company ADQ has fallen through, a regulatory filing showed on Sunday. However a non-binding agreement was "mutually terminated", the sellers said in a letter to Phoenix that was posted on the Tel Aviv Stock Exchange. The letter cited regulatory limitations that would prevent members of the UAE consortium from making other "material investments in Israel". A spokesperson for ADQ told Reuters the group had no comment on the matter. Phoenix Group, one of Israel's largest financial companies, has a market capitalisation of around 9.85 billion shekels.

Persons: Abu, ADQ, Abraham, Emily Rose, Jan Harvey Organizations: Phoenix Group, Centerbridge Partners, Gallatin Point Capital, UAE, Tel Aviv Stock Exchange, Reuters, Abraham Accords, Thomson Locations: Abu Dhabi, ., Gallatin Point, Phoenix, UAE, Israel, Gallatin, U.S

☆ Buyout barons feast on excesses of last boom
▼ + stars: | 2023-07-21 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

That opens up plenty of potential loopholes which could allow borrowers to keep their old loans even after a deal. Lenders explicitly allow a company’s so-called “permitted holders” - typically its management or long-time investors - to assume responsibility for the debt. For example, one definition of a change of control is where the majority of board seats change hands. That means the company’s debt can stay put, news service 9fin reported. Interest rates for loans provided by private lenders have risen from 6.2% to 11.6% over a similar time frame.

Persons: Clayton, Rice, Breakingviews, 9fin, Cooper’s, Blackstone, Datacenters, Murray, dealmakers, Peter Thal Larsen, Sharon Lam, Streisand Neto Organizations: YORK, Reuters, Partners, P, Reuters Graphics Reuters, Cornerstone, Focus Financial, Stone, Point, Smart, Securities, Exchange, NRG Energy, QTS Realty Trust, Foresight Energy, American Consolidated Natural Resources, Foresight, P Global Market Intelligence, Thomson, & $ Locations: Dubilier, Delaware

July 11 (Reuters) - Amazon.com (AMZN.O) hopes to tempt U.S. shoppers on Tuesday to open inflation-thinned wallets by offering deeper discounts on a wide range of goods and services during this year's "Prime Day" 48-hour shopping event, including its first-ever travel discounts. A year of inflation has lifted mortgage rates, rents and food prices for consumers ahead of Prime Day, which falls on July 11-12 this year. CFRA Research analyst Arun Sundaram said Amazon's U.S. Prime Day discounts this year are mostly deeper than in previous years. Amazon Prime members can also save up to 40% on items such as Sherpani bags and ZOA Energy drinks, by checking out using "Buy with Prime," directly from Amazon's third-party merchants. Amazon plans yet another Prime sales event this year, according to screenshots of its seller notification platform seen by Reuters.

Persons: Arun Sundaram, Michael Ashley Schulman, Schulman, Brian Gleason, Sundaram, Granth Vanaik, Ananya Mariam Rajesh, Arriana McLymore, David Gregorio Our Organizations: CFRA, Sony, Bank of America, Amazon, Energy, Amazon's, Adobe, Running, Capital Advisors, Exchange, Priceline's, Express, Walmart, Reuters, Thomson Locations: United States, Bengaluru, New York City

[1/2] The Levi Strauss & Co. label is seen on clothes in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Shares of the company fell about 6% in extended trading, as it joined peer American Eagle Outfitters (AEO.N) in predicting a weak outlook for consumer spending. Levi’s net revenues for the second quarter that ended May 28 declined by 9%, its steepest quarterly drop since the first quarter of 2021, according to Refinitiv data. The annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. The apparel maker posted a net loss of $1.6 million for the second quarter, compared with a net income of $49.7 million a year earlier.

Persons: Levi Strauss, Andrew Kelly, Levi's, Chip Bergh, Bergh, Michael Ashley Schulman, Granth, Kate Masters, Shweta Agarwal, Muralikumar Organizations: Woodbury, REUTERS, American Eagle Outfitters, Nordstrom, Revenue, Running, Capital Advisors, Thomson Locations: Central Valley , New York, U.S, North America, Bergh, Levi's U.S, Europe, Americas, Bengaluru, New York

☆ Spruce Point no longer holding short position in Ryan Reynolds-backed Nuvei
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Spruce Point Capital Management is no longer holding a short position in Nuvei (NVEI.TO), the Canadian fintech firm backed by Ryan Reynolds, after the company's stock reached the short-seller's price target range. Spruce Point disclosed the decision in a tweet on Wednesday, sending U.S.-listed shares of Nuvei up nearly 1.4% at $28.75. In its short report in April, Spruce Point had alleged that Nuvei's $1.3 billion acquisition of Paya Holdings "appears troubled," as Paya was losing market share before the takeover. Both Toronto- and Nasdaq-listed shares of Nuvei have lost nearly a third of their value since Spruce Point disclosed its short position in April. Reporting by Niket Nishant in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Ryan Reynolds, Paya, Nuvei's, Niket, Maju Samuel Organizations: Capital Management, U.S, Paya Holdings, Toronto, Nasdaq, Nuvei, Thomson Locations: Nuvei, Montreal, Bengaluru

☆ Read the pitch deck that helped raise $5 million for fintech FilmHedge after it closed $100 million in debt financing to fund new films and TV shows
▼ + stars: | 2023-06-06 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

FilmHedge closed in March on a $5 million funding round and has a $100 million credit facility. FilmHedge, an Atlanta-based fintech launched in February 2020, provides liquidity to productions with budgets ranging from $1 million to $50 million. It follows a $100 million credit facility from Coromandel Capital and Fallbrook Capital in 2022, which helps FilmHedge finance projects. "We have access to $100 million, but we see around $70 million in applicants per month," he said, "so we have to pass on a lot of deals." FilmHedge gave Insider a look at the 18-page pitch deck it used while raising its $5 million Series A round and $100 million credit facility — check it out here.

Persons: FilmHedge, Jon Gosier, fintech, May FilmHedge, Gosier, —, Axios, FilmHedge hadn't Organizations: Hollywood, Netflix, Entertainment, Variety, Lionsgate, Disney, Collab, WOCStar, Savannah College of Art & Design, TriplePoint, Coromandel Capital, Fallbrook, Media Locations: Atlanta, Coromandel, Hollywood

☆ US telecom companies say not in talks with Amazon for wireless services
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +3 min

June 2 (Reuters) - Major U.S. wireless carriers on Friday said they not in talks with Amazon.com Inc (AMZN.O) to offer low-cost wireless services to its Prime members. "AT&T is not in discussions with Amazon to resell wireless services," a company spokesperson said. Verizon spokesperson the company "is not in negotiations with Amazon regarding the resale of (Verizon's) wireless network. Brandon Nispel of KeyBanc Capital Markets said Dish Network, a relatively new entrant in wireless, could be the most likely partner for Amazon. They also rallied in May after a Wall Street Journal report that Dish was in talks to sell its wireless plans through Amazon.

Persons: Christopher Ali, Brandon Nispel, Michael Ashley Schulman, Yuvraj Malik, Aditya Soni, Tanya Jain, Akash Sriram, David Shepardson, Sheila Dang, Nivedita Bhattacharjee Organizations: Major U.S, Amazon.com Inc, Wireless, Bloomberg News, Amazon, Dish Network, Verizon, Mobile, Penn State University, AT, KeyBanc, Journal, U.S, Running, Capital Advisors, Thomson Locations: Major, Bengaluru, Washington, Dallas

In their joint venture agreement, Baker Hughes says it uses C3.ai's solutions and also sells the product to companies in the oil and gas industry. CNBC's "Last Call" aired a report Thursday night on the investor lawsuit against C3.ai and the company's relationship with Baker Hughes. The lawsuit says the publicity about the massive Baker Hughes sales force "artificially inflated C3's stock" when the company first went public. Richard Drew | APIn an April 2023 filing, Baker Hughes announced it divested 1.7 million C3.ai shares, bringing its ownership to 6.9 million shares. Kerrisdale pointed to C3.ai's "highly conspicuous growth" in unbilled receivables, largely from Baker Hughes, and wrote that "accounting red flags abound with the Baker Hughes relationship."

Persons: Tom Siebel, Siebel, Thomas M, Chris J, Ratcliffe, it's, Baker Hughes, Logan Roy, Larry Ellison, Yasmin Khorram, Dan Brennan, We've, Brennan, he's, CNBC's, Reed Kathrein, Theranos, —, Kathrein, Richard Drew, they'd, unbilled, receivables, Siebel's, Ken Goldman, Goldman, Gil Luria, Davidson, Luria, Nick Wells, Scott Zamost, Sam Woodward, Tom Siebel's Organizations: Siebel Systems, Oracle, Bloomberg Tech Summit, Bloomberg, Getty, CNBC, Forbes, Siebel, C3, U.S . Department of Defense, Shell, Northern District of, SEC, Twitter, " Traders, New York Stock Exchange, AP, Point Capital Management, Spotify, C3 Energy, Revenue, Wall Locations: London, Redwood City , CA, Redwood City , California, Northern District, Northern District of California, unbilled receivables, Point

☆ Investor Edenbrook Capital says Absolute Software's take-private deal undervalues company
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

May 18 (Reuters) - Investment advisory firm Edenbrook Capital sent a letter to the board of Canada's Absolute Software Corp (ABST.TO) saying the deal for the company to be taken private by Crosspoint Capital Partners "significantly undervalues" the firm. Edenbrook, which has a stake of 10.4% in Absolute Software, said on Thursday the "transaction is unfair to public shareholders". Last week, Absolute Software agreed to be bought by Crosspoint for $657 mln and said its shareholders will receive $11.50 per share in cash. Absolute Software and Crosspoint did not immediately respond to requests for comment. Shareholders are set to vote on the acquisition at a special meeting expected to be held in late June.

☆ ServiceNow targets enterprise-software startups with $1 bln investment in venture arm
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - Cloud-computing firm ServiceNow Inc (NOW.N) said on Wednesday it would invest $1 billion in its venture arm by 2026 to back enterprise software-focused startups in artificial intelligence and automation, among others. The investment in ServiceNow Ventures comes at a time when funding for early-stage technology companies has dried up due to rising interest rates and high inflation. Since its inception in 2015, the venture arm has invested about $300 million across 45 companies. "Enterprise software is more mission-critical than ever before, as companies look to drive innovation, efficiency and productivity," the California-based company said. Last month, ServiceNow became a strategic partner and anchor investor in Smith Point Capital Fund I, an enterprise software-focused venture investment firm founded by former Salesforce Inc (CRM.N) co-CEO Keith Block.

☆ JPMorgan and Barclays back $4.5 billion insurance tech giant Wefox
▼ + stars: | 2023-05-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

German digital insurer Wefox said Wednesday it raised $110 million of fresh funding from backers including JPMorgan and Barclays . The news marks a vote of confidence for the insurance technology space at a time when it faces tough macroeconomic headwinds. Wefox is a Berlin, Germany-based firm focused on personal insurance products, such as home insurance, motor insurance and personal liability insurance. Wefox said it raised the fresh funds through a combination of debt financing and fresh equity. A further of $55 million equity investment was led by Squarepoint Capital, a global investment management firm with $75.7 billion in assets under management.

☆ Fmr. Salesforce Co-CEO Keith Block says private company CEO's are looking for guidance right now
▼ + stars: | 2023-05-17 | 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 EmailFmr. Salesforce Co-CEO Keith Block says private company CEO's are looking for guidance right nowFmr. Salesforce Co-CEO and Smith Point Capital CEO Keith Block joins 'Closing Bell Overtime' to discuss Smith Point Capital's recent partnership with ServiceNow, the state of the investing space, and more.

☆ Bill Nygren buys this regional bank with strong deposits, says 'inappropriate role' of short selling contributing to fears
▼ + stars: | 2023-05-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Oakmark Funds' Bill Nygren scooped up shares of Truist Financial during the first-quarter banking rout that saw the collapse of Silicon Valley Bank . According to Nygren, investors are laser-focusing on Truist's mortgage portfolio and overlooking its insurance brokerage business. TFC 1D mountain Truist shares pop on Friday The bank recently sold 20% of its insurance brokerage business to private equity group Stone Point Capital . Beyond Truist, Nygren sees several opportunities in the sector. No 'spiraling fundamental problem' Despite some resurfacing bank fears, Nygren expects the sector to fair okay over the long haul.

☆ EBay forecasts upbeat revenue as sneakers, refurbished items drive growth
▼ + stars: | 2023-04-26 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

The upbeat results soothed investor sentiment, which was hit after eBay earlier this year said that demand weakness will persist in the first half of 2023. EBay is expanding listings under refurbished electronics, luxury bags and watches, and the collectibles category. San Jose, California-based eBay now expects June-quarter revenue in the range $2.47 billion to $2.54 billion, higher than analysts' projection of $2.43 billion, according to Refinitiv. Revenue in the most recent March quarter grew 1% to $2.51 billion, also beating analysts' estimate of $2.48 billion. EBay's shares have gained 4.6% so far this year, compared with a 13.3% rise in the tech-heavy Nasdaq index (.IXIC).

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