DIRS.INFO The most relevant business & tech news

☆ WeWork announces 1-for-40 reverse stock split to avoid getting kicked off the New York Stock Exchange
▼ + stars: | 2023-08-18 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

The troubled company, which operates co-working spaces, said it will proceed with a 1-for-40 reverse stock split of its outstanding shares, meaning that 40 shares of WeWork stock will be swapped for a single share. The reverse stock split is a bid to boost WeWork’s ailing stock price and save its shares from getting delisted. WeWork’s reverse stock split will be effective at 4:01 pm Eastern Time on September 1 and begin trading post-split at the market open on September 5. As part of the plan, WeWork said it will try to lower rent costs by renegotiating more favorable lease terms for its office spaces. Members pay to rent desks at WeWork’s office spaces.

Persons: CNN —, WeWork, Adam Neumann, Sandeep Mathrani, David Tolley Organizations: CNN, New York Stock Exchange, NYSE

☆ CNBC Daily Open: Treasury yields are putting pressure on stocks
▼ + stars: | 2023-08-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Michael M. Santiago | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineRising U.S. Treasury yields are straining stocks. All three indexes closed below their 50-day moving average — the first time for the Dow since June. All indexes are still above their 200-day moving average.

Persons: Michael M, That's, —, bullishness, It'd, — CNBC's Scott Schnipper Organizations: New York Stock Exchange, Santiago, CNBC, Treasury, it's, Fed, Investors, Dow Jones, Nasdaq, Dow, Trading, American, of, Investor Locations: New York City, U.S, There's

☆ A publicly traded media venture with ties to MoviePass' former chairman has been suspended from Nasdaq and its stock is in free fall
▼ + stars: | 2023-08-02 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +6 min

Embattled digital-media company Vinco Ventures has been suspended by Nasdaq after a board exodus. It became a meme stock in 2021 after teaming up with the ex-chairman of MoviePass and touting buzzy acquisitions. The future of Vinco Ventures, the publicly traded media venture with ties to ex-MoviePass chairman Ted Farnsworth, is hanging in the balance after a series of buzzy deals collapsed and a board exodus has put the stock on the brink of a Nasdaq delisting. Shares of Vinco have nosedived 99% since their recent peak in September 2021, when meme-stock investors helped propel the stock. Farnsworth led the 2017 acquisition of MoviePass as chairman and CEO of the then-publicly-traded company Helios & Matheson Analytics, or HMNY for short.

Persons: Ted Farnsworth, we've, Shadwrick Vick, Farnsworth, Vick, It'd, Vinco, They're, Mitch Lowe, Lowe, MoviePass, Chris Bond, Mr Organizations: Vinco Ventures, Nasdaq, Zash Global Media, Entertainment, National Enquirer, Street Journal, MoviePass, Helios, Matheson Analytics Locations: Vinco, Clark County , Nevada

India's Prime Minister Narendra Modi speaks during a meeting at The Ministry of Foreign Affairs in Paris France July 14, 2023. JULIEN DE ROSA/Pool via REUTERS/File PhotoNEW DELHI, Aug 2 (Reuters) - Indian Prime Minister Narendra Modi is likely to be a virtual participant at a summit of BRICS nations in South Africa later this month rather than attend in person, sources in New Delhi told Reuters. China and Russia are keen to discuss expansion of BRICS at the summit, while India has reservations about that idea. The SCO summit was held days after Modi returned from a state visit to Washington where President Joe Biden rolled out the red carpet for him. India holds the presidency of the G20 grouping and will host a summit of its leaders in early September.

Persons: Narendra Modi, JULIEN DE ROSA, Modi, Vladimir Putin, Joe Biden, Rupam Jain, Krishn Kaushik, YP Rajesh, Simon Cameron, Moore Organizations: India's, The Ministry of Foreign Affairs, Indian, Reuters, Shanghai Cooperation Organisation, SCO, YP, Thomson Locations: Paris France, South Africa, New Delhi, Johannesburg, Brazil, Russia, India, China, Russian, BRICS, United States, Beijing, Washington, Ukraine, Moscow

☆ AI investment is booming. How much is hype?
▼ + stars: | 2023-07-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

The investment into Mistral AI is just one of many this year by venture capitalists jostling for a seat aboard the AI rocketship. In the first six months of 2023, they plowed $15.2 billion into generative AI companies globally, according to Pitchbook data. The bulk of this sum comes from Microsoft (MSFT)’s $10 billion investment, announced in January, in OpenAI, the developer of popular generative AI chatbot ChatGPT. But even excluding Microsoft’s bumper deal, the value of VC investments in generative AI was up by almost 58% compared with the same period in 2022. “Buying a ‘dot-ai’ domain, and claiming to be an AI company… doesn’t really make you an AI company,” Jacobs told CNN.

Persons: Antoine Moyroud, wasn’t, ”, Arthur Mensch, Nathan Laine, hasn’t, ” Mostaque, jostling, Moyroud, ’, ’ “, “, ” Moyroud, It’s, Jaap Arriens, Goldman Sachs, Stocks, Mike Reynolds, Reynolds, —, “ It’s, ” Reynolds, ” Jordan Jacobs, … doesn’t, ” Jacobs Organizations: London CNN, Lightspeed Venture Partners, CNN, Mistral, Viva Tech, Bloomberg, Getty, Stability, Microsoft, Meta, Nvidia, Nasdaq, Cisco, Radical Ventures Locations: French, Paris, California, OpenAI, —, Toronto

☆ Sri Lanka parliament passes anti-corruption bill without vote
▼ + stars: | 2023-07-19 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, July 19 (Reuters) - Sri Lanka's parliament approved an anti-corruption bill on Wednesday, aimed at improving governance in the crisis-hit country and meeting requirements linked to a $2.9 billion bailout from the International Monetary Fund (IMF). The legislation was passed without a vote in the 225-member parliament. "The bill is passed with amendments," Sri Lanka parliament Speaker Mahinda Yapa Abeywardena told lawmakers after more than two dozen pages of amendments were included into the draft legislation during the morning session. The Anti-Corruption Bill increases the powers and resources allocated to Sri Lanka's Bribery and Corruption Commission, which is mandated with carrying out major investigations. "We welcome the law, but the proof of the pudding will be in the eating," said Sankhitha Gunaratne, Deputy Executive Director, Transparency International Sri Lanka (TISL).

Persons: Mahinda Yapa Abeywardena, Sankhitha Gunaratne, Uditha Jayasinghe, Himani Sarkar, Christian Schmollinger, Emma Rumney Organizations: International Monetary Fund, IMF, United Nations, Sri, Corruption Commission, Sri Lanka, Thomson Locations: COLOMBO, Sri Lanka, Asia

☆ Small stocks are cheap and finally joining the market rally
▼ + stars: | 2023-06-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

Small cap stocks are domestic bellwethers, since smaller companies generate most of their revenue from US customers. Investors say that recent gains in small caps are helping prop up the burgeoning bull market, even as a potential economic downturn draws near. Cheap buysNow, the rally in small caps suggests that Wall Street is optimistic about the economy’s health. Some investors say cheap valuations and and hopes for a muted economic downturn means small caps look more attractive than they have in months. Optimism about the economyThe small caps’ rally is also an auspicious sign for the broader economy, says Quincy Krosby, chief global strategist at LPL Financial.

Persons: they’ve, Rambus, ”, John Ragard, Quincy Krosby, Russell, Francis Gannon, Anna Rathbun Organizations: New, New York CNN, Investors, Valley Bank, Signature Bank, First Republic Bank, Apellis Pharmaceuticals, Shockwave, Management, LPL, Penn Capital Management, Royce Investment Partners, Federal Reserve, CBIZ Investment Advisory Services Locations: New York, That’s

☆ Six Flags plans a summer 'strollerpalooza' to get families back to its parks
▼ + stars: | 2023-06-04 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Six Flags plans a "strollerpalooza" this summer to bring families back, The Wall Street Journal reported. Jeffrey Siebert of Six Flags Fiesta Texas said it had revamped designs and added kid-friendly rides. Speaking to The Wall Street Journal, Six Flags Fiesta Texas's president Jeffrey Siebert said the company was planning a "strollerpalooza" this summer, referring to plans to increase the numbers of families visiting its attractions. He also said he was trying to turn Six Flags customers from "the Kmart, Walmart to maybe the Target customers." Shares in Six Flags have fallen 62% over the past five years, leaving the company worth just over $2.2 billion.

Persons: Jeffrey Siebert of, —, Jeffrey Siebert, Siebert, Selim Bassoul Organizations: Street Journal, Service, Wall Street, Six Flags, Six, Kmart, Walmart Locations: Texas

☆ Aston Martin may have earned up to $80 million in sales due to its safety cars featuring in F1 races, its boss suggests
▼ + stars: | 2023-05-10 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Aston Martin boss Lawrence Stroll suggested the firm made up to $80 million selling F1 safety cars. The CEO took control of Aston Martin in 2020, but it's failed to recover massive share price losses. Aston Martin's boss suggested the carmaker might have gotten an $80 million boost from its car featuring in Formula One races. That would suggest Aston Martin has taken between $60 million and $80 million worth of sales linked to its safety car. Stroll's son Lance is a driver on his Aston Martin team, alongside two-time world champion Fernando Alonso.

☆ Short sellers pocketed nearly $400 million in a single day from the regional bank stock sell-off
▼ + stars: | 2023-05-05 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Short sellers made $378.9 million in just one day betting against embattled regional banks, data show. Such traders have been selling borrowed bank stocks before buying them back at lower levels once their price falls. Traders profited as fresh turmoil embroiled regional banks this week following First Republic's failure and its takeover by JPMorgan. According to ORTEX, short sellers have made $816 million from the three bank stocks since the start of the year. Last month, ORTEX reported that short bets against Canada's Toronto-Dominion had swollen to $6.1 billion, having become the world's most shorted bank in early April.

Though average mortgage rates increased slightly last week, they've generally been trending down over the last month and a half. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesAverage 30-year fixed mortgage rates inched up to 6.39% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.76%, an increase from the prior week, according to Freddie Mac data. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy.

☆ Bitcoin surges 9% toward key level of $30,000 as crypto market rallies amid fresh banking sector fears
▼ + stars: | 2023-04-26 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

The rally comes as First Republic Bank stokes fresh fears over weakness in the banking sector. Investors are also adding risk as they anticipate a Fed pivot, a crypto exec told Insider. First Republic Bank stock nosedived almost 50% on Tuesday and lost another 20% Wednesday, hitting a record low, after reporting higher-than-expected customer deposit withdrawals. Bitcoin rallied through the turmoil in March as Silicon Valley Bank failed, and industry observers said a similar situation is playing out for the world's largest crypto amid the latest bout of uncertainty. Another crypto exec echoed similar sentiments, adding that the slew of bank failures like Silicon Valley Bank last month made investors question the stability of traditional financial services.

☆ US stocks drop as First Republic revives bank worries and investors await big tech earnings
▼ + stars: | 2023-04-25 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Traders digested banking sector woes and braced for big tech earnings. First Republic stock fell to a record low after reports of a rescue plan that involves $100 billion in asset sales. First Republic Bank shares plunged 49% to an all-time low. The bank is exploring a broader rescue plan that would involve $100 billion in assets sales, Bloomberg reported. The volatile price action comes amid prolonged worries over the financial sector's stability after the downfall of both Silicon Valley Bank and Signature Bank last month.

☆ US consumer confidence hits nine-month low; housing market bottoming out
▼ + stars: | 2023-04-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Consumers have shown resilience despite high inflation and a rise in interest rates, keeping the economy afloat, thanks to a strong labor market. The Conference Board said its consumer confidence index fell to 101.3, the lowest reading since July 2022, from 104.0 in March. The survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, rose to 37.3 from 36.5 in March, consistent with a tight labor market. "Take consumer purchase plans with a grain of salt," said Tim Quinlan, a senior economist at Wells Fargo in Charlotte, North Carolina. That skepticism also extended to home purchase plans.

☆ This strategy could save thousands off the cost of college: 'It's a very smart way to start your higher education,' says expert
▼ + stars: | 2023-04-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

Gabriel Quezada, 17, is a senior at Early College High School in Costa Mesa, California. His father, Humberto Quezada, said he first heard about the Early College High School in Costa Mesa, California, when Gabriel was in third grade. Although there are up to 900 early college programs nationwide, according to Zeiser, not that many people know about them. 'A very smart way to start your higher education'"The culture is different from your average high school," said David Martinez, principal of the Early College High School. David Martinez principal of Early College High School, Costa Mesa, California

☆ Chelsea sack Potter with club 11th in Premier League
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

April 2 (Reuters) - Chelsea have sacked manager Graham Potter, the London club said on Sunday after a string of poor results left the team 11th in the Premier League. "Graham has agreed to collaborate with the club to facilitate a smooth transition," Chelsea said in a statement. "In his time with the club, Graham has taken us to the quarter final of the Champions League, where we will face Real Madrid. "We have 10 Premier League games remaining and a Champions League quarter final ahead. Potter is the 12th manager to be sacked in the Premier League this season and the announcement came hours after relegation-threatened Leicester City parted ways with Brendan Rodgers by mutual agreement.

SummarySummary Companies Credit Suisse rebounds on lifeline from Swiss central bankHousing starts, jobless claims data due 8:30 am ETAdobe rises on upbeat profit forecastMeta, Snap climb as U.S. threatens TikTok banFutures mixed: Dow down 0.29%, S&P down 0.19%, Nasdaq up 0.16%March 16 (Reuters) - U.S. stock index futures were mixed on Thursday as the Swiss central bank's lifeline for embattled Credit Suisse did little to boost investor sentiment as they awaited economic data for clues on the outlook for U.S. interest rates. U.S.-listed shares of Credit Suisse rose 8.8% in premarket trading after the bank secured a credit line of up to $54 billion from the Swiss National Bank to shore up liquidity and investor confidence, which had nosedived after the lender's shares slumped on Wednesday. Troubles at Credit Suisse, coming on the heels of the collapse of SVB Financial (SIVB.O) and peer Signature Bank (SBNY.O) have sparked fresh worries about stress in the banking sector, dwarfing relief on expectations of less aggressive moves by the Federal Reserve. "Central banks are in a bit of a bind because they need to make sure that inflation is brought back under control. Shares of Adobe Inc (ADBE.O) supported Nasdaq futures, rising 5.8% in premarket trade after the Photoshop maker raised its 2023 profit target.

☆ This is the best buying opportunity in retail banks in years, Baird says
▼ + stars: | 2023-03-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The rout in regional banks has resulted in one of the best buying opportunities in "many years," according to Baird. KRE 5D mountain KRE's five-day performance Regional bank stocks nosedived after the failure of Silicon Valley Bank, even after U.S. regulators backstopped all depositors in the banks. George noted that while liquidity movement is generally hard to predict, the average retail or corporate customer of most regional banks is not at all similar to those at SVB. Among his coverage universe, he has overweight ratings on 11 regional bank stocks. But even after Moody's comments, bank stocks were still recovering some lost ground on Tuesday, including Fifth Third Bancorp shares, which rose nearly 3%.

☆ South Korean romance reality shows boom, but marriage no longer the end game
▼ + stars: | 2023-03-05 | by ( Jihoon Lee | ) www.reuters.com time to read: +5 min

[1/5] Choi Seo-eun, a participant in Single's Inferno 2 takes a selfie with her fans during a fan meeting event in Seoul, South Korea, February 11, 2023. While official statistics on their numbers are not kept, unmarried couples living together no longer raise eyebrows in South Korea. And while romance reality shows may be all the rage, a substantial number of Koreans also appear prepared to eschew relationships altogether. Even on dating shows like Netflix's (NFLX.O) hit "Single's Inferno" which transports young people to a deserted island, most of the shows' content revolves around long conversations between participants. The conversations in and around dating and relationship shows are good for South Korea, says Lim Myung-ho, a professor of psychology at Dankook University.

☆ Victoria's Secret is resurrecting its famous fashion show in 2023 after a 4-year hiatus and a total brand revamp
▼ + stars: | 2023-03-03 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Victoria's Secret is bringing back its famous runway show this year after a four-year hiatus. The lingerie retailer canceled the show in 2019 after criticism, scandal, and lagging sales. Victoria's Secret has previously said the show would eventually return, but never set a date. Victoria's Secret began airing an annual fashion show beginning in 1995. Consumer tastes had begun to change, shifting away from the push-up bras and sexpot style defined by Victoria's Secret and toward more comfortable bralettes and sports bras.

☆ Bed Bath & Beyond dives 50% in February – it's second-worst monthly performance ever – as the meme stock teeters on the edge of bankruptcy
▼ + stars: | 2023-03-01 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Bed Bath & Beyond stock plunged 50% in February as the home furnishings company struggles to stave off bankruptcy. Like, GameStop and AMC, Bed Bath & Beyond has been popularized as a meme stock. A convertible preferred stock is a type of equity security issued by companies, giving the investor the right to convert its preferred stock into common stock at a discount to the market price. Meanwhile, Bed Bath & Beyond is also drawing $100 million from a credit line to repay outstanding debt. "The clock has been ticking for Bed Bath & Beyond to raise some cash but securing the money will only reset the clock.

☆ Ugly As Sin and Toastier Than Hades: Meet the Puffer Shoe
▼ + stars: | 2023-02-23 | by ( Grace Cook | ) www.wsj.com time to read: +1 min

LAST DECEMBER, Marcus Wilson cracked. They resemble “the slippers my nana once wore,” Mr. Wilson said. “But they’re so warm I don’t care.”Behold the puffer—a clumpy, shlumpy, wildly unsexy breed of “ugly shoe” that makes Crocs look like Manolos. Basically parkas for your toes, these men’s and women’s styles are generally crafted from layers of padded insulation and water-resistant nylon. Prada makes a hefty boot version; Ugg offers a clog-like take; and Nike sells a fluffed-up mule.

FaZe Clan has laid off 20% of its staff as it found itself with less capital than expected. Esports organization FaZe Clan has laid off roughly 20% of its employees in a restructuring that began in December, a company spokesperson confirmed. In the memo to staffers, FaZe CEO Lee Trink wrote that the company expects to report a year-over-year revenue increase of more than 25% for 2022. As I described, I'm extremely proud that we expect to report the revenue growth for 2022 will show an increase of over 25% from 2021. As we embark on 2023 with a more streamlined, nimbler organization, our key focus is on the core aspects of what makes FaZe FaZe, and what has allowed the brand and the business to grow at an incredible pace over the past five years.

Globally, IPOs across all sectors nosedived last year after a blockbuster 2021, as aggressive interest rate hikes by central banks to curb inflation put an end to the era of cheap money. In the biotech sector, there were only 47 IPOs last year that raised a total of about $4 billion, compared with 152 offerings in 2021 that had raised over $25 billion. While the XBI is still trading 50% below its February 2021 closing high, analysts believe the downturn in biotech has bottomed out. All we need is one or two biotech IPOs to get good interest and the floodgates will open." Reuters GraphicsThe second half of 2023 is more likely to see a significant step-up in biotech IPOs instead of the first half, as markets await further clarity on potential rate cuts, analysts said.

☆ India's Adani shares nosedive as investors fret about Hindenburg fallout
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +3 min

Hindenburg in its report said key listed Adani companies had "substantial debt" and that shares in seven Adani listed firms have an 85% downside due to what it called sky-high valuations. The Adani Group said the allegation of stock manipulation had "no basis" and stemmed from ignorance of Indian law. Its response stated that over the past decade, group companies have "consistently de-levered". In total, the seven listed Adani Group companies now have a market capitalisation of $99 billion, versus $218 billion before the Hindenberg report. The prices of U.S. dollar bonds issued by Adani Group entities edged higher on Friday after diving on Thursday.

Search resuls for: "nosedived"

25 mentions found