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☆ Activist investor Elliott Management has $5 billion Honeywell stake, seeks breakup
▼ + stars: | 2024-11-12 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Activist investor Elliott Management has a $5 billion-plus stake in Honeywell , and it is pushing the industrial conglomerate to break itself up into two companies. Elliott managing partner Jesse Cohn and partner Marc Steinberg wrote in a Tuesday letter that "the conglomerate structure that once suited Honeywell no longer does." Elliott believes that dividing Honeywell into two companies could unlock upside of as much as 75% over the next two years. In the past, Cohn and Steinberg wrote, Honeywell's carefully assembled businesses had previously driven "consistent" margin improvements. A Honeywell spokesperson said that the company and its board "acknowledge and appreciate the perspectives of all our shareholders."

Persons: Elliott, Jesse Cohn, Marc Steinberg, Vimal Kapur, Cohn, Steinberg, Honeywell's Organizations: Honeywell, Elliott Management, Aerospace Locations: Morristown , New Jersey

☆ Johnson Controls CEO to retire after 'constructive' conversations with activist Elliott; shares surge
▼ + stars: | 2024-07-31 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Johnson Controls CEO George Oliver will retire from the top job at the industrial conglomerate, the company announced Wednesday morning, after "constructive dialogue" with Elliott Management, which amassed a stake in the company earlier this year. "I believe that now is the right time to begin the process of identifying the next leader of the new Johnson Controls," Oliver said in a release. Johnson Controls' shares surged more than 9% on the news in premarket trading Wednesday. The company also announced, with Elliott's blessing, that it would appoint former Xylem CEO Patrick Decker to its board effective immediately. Elliott's stake in the HVAC giant was worth more than $1 billion earlier this year, according to a person familiar with the matter.

Persons: George Oliver, Johnson, Oliver, Patrick Decker, George, Elliott, Marc Steinberg, Steinberg, Elliott's Organizations: Johnson, Elliott Management, Johnson Controls, Bosch

☆ A wiser Greg Coffey, Elliott's Etsy love, and a return to fundamentals: A rundown of the hedge fund industry's annual best pitch conference
▼ + stars: | 2024-04-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

The smart money gathered in Manhattan Wednesday didn't spend their time pitching artificial intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference in New York, the biggest names in hedge funds — such as David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Solvay, Einhorn said, has "a relatively high and stable margin, a high return on capital, and a good return of capital." Even hedge funds that are constantly stirring the pot, such as Paul Singer's Elliott Management and Bridgewater, were even-keeled. "You've got a durable business with real differentiation, you've got a strong management team executing," he said.

Persons: year's Sohn, David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's, Greg Coffey, Oz, Moore —, Coffey, Emso, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Sohn, Elliott, Marc Steinberg, You've, you've Organizations: Greenlight, Business, Solvay, Paul Singer's Elliott Management, Bridgewater, Elliott Locations: Manhattan, New York, Belgium, GLG, Australian, London, Bridgewater, China

☆ A wiser Greg Coffey, Elliott's Etsy love, and a return to fundamentals: A rundown of the hedge-fund industry's annual best-pitch conference
▼ + stars: | 2024-04-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe smart money gathered in Manhattan on Wednesday didn't spend their time pitching artificial-intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference, some of the biggest names in hedge funds — such as Greenlight's David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Even hedge funds that are constantly stirring the pot, such as Bridgewater and Paul Singer's Elliott Management, were even-keeled. The activist investor, who's become a recurring nightmare for anxious CEOs across the country, is not looking to burn anything down or start an M&A spree.

Persons: —, year's Sohn, Greenlight's David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's Tesla, Greg Coffey, Oz, Moore —, Coffey, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Elliott, Marc Steinberg, who's, You've, you've Organizations: Service, Business, Solvay, Paul Singer's Elliott Management, Bridgewater Locations: Manhattan, Belgium, Belgian, GLG, London, New York, Bridgewater, China

☆ Match adds two directors in deal with activist investor Elliott Management
▼ + stars: | 2024-03-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Tinder and Hinge operator Match Group added two new directors and signed an agreement with Elliott Management, months after the activist investor was reported to have taken a stake in the company, Match announced Monday. The appointments come after a "constructive" dialogue with Elliott that resulted in an information-sharing agreement, Match said in a release. Such agreements allow activist investors to have insight into the company's finances and operations, above and beyond what everyday investors have. Elliott is one of the most prolific activist investors in the space. The Wall Street Journal reported in January that the activist had an economic interest of around $1 billion.

Persons: Laura Jones, Zillow, Spencer Rascoff, Elliott, Marc Steinberg Organizations: Elliott Management, Instacart, Match, Street

☆ Get Jim Cramer’s rapid-fire takeaways on 5 stocks in the news Thursday
▼ + stars: | 2024-02-01 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Merck — Jim Cramer described Merck's results as a "monster quarter," pointing out cancer drug Keytruda, which saw sales up double digits on a percentage basis. The CNBC Investing Club portfolio owns a few health- and drug-related stocks, including the outperforming Eli Lilly . It had been a "miss, miss, miss," but now that Covid is over people are doing things they put off. Steinberg "helped turnaround Pinterest," Jim said, adding that he sees Etsy at around $73 per share as a buy. Jim said, "It's a show me story and they have not shown me yet."

Persons: Merck, Jim Cramer, Eli Lilly, Jim, he's, Marc Steinberg, Elliot, Steinberg Organizations: CNBC, Club, Royal Caribbean, Elliot Management

Activist investor Elliott Management has a "sizable" investment in e-commerce firm Etsy , which announced on Thursday that Elliott partner Marc Steinberg would join the company's board. The activist investor has built a roughly 13% position in the stock, a person familiar with the matter told CNBC. The position would make it Etsy's largest investor. Still, the e-commerce company's stock is down about 10% year-to-date. It competes with e-commerce companies including Amazon, which has its own handcrafted products platform.

Persons: Elliott, Marc Steinberg, CNBC's David Faber, Josh, Steinberg, Etsy, Josh Silverman, Silverman Organizations: Nasdaq, Elliott Management, CNBC, Vanguard, BlackRock, Match Group, Philips, Amazon Locations: New York City, Salesforce, Brazil

☆ Mark Cuban Is Set to Sell Majority Stake in Dallas Mavericks to Adelson Family
▼ + stars: | 2023-11-29 | by ( Robert O Connell | ) www.wsj.com time to read: 1 min

One week before the NBA touches down in Las Vegas for the final of its inaugural In-Season Tournament, Sin City has forged another link to the hardwood. The family of the late casino mogul Sheldon Adelson has agreed to buy a majority stake in the Dallas Mavericks from entrepreneur Mark Cuban , a source familiar with the deal said Tuesday. Las Vegas Sands disclosed plans by Miriam Adelson, Sheldon Adelson’s widow, to sell an estimated $2 billion in stock in the company, which a regulatory filing said would be “used to fund the purchase of a majority interest in a professional sports franchise…subject to customary league approvals.” NBA reporter Marc Stein first reported that the franchise in question would be the Mavericks.

Persons: Sheldon Adelson, Mark Cuban, Miriam Adelson, Sheldon Adelson’s, Marc Stein Organizations: NBA, Dallas Mavericks, Vegas Sands, Mavericks Locations: Las Vegas, Sin

Dallas Mavericks owner Mark Cuban is working on a deal to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company, a person with knowledge of the talks said Tuesday night. Miriam Adelson is the controlling shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore. Sheldon Adelson, the billionaire founder and owner of Las Vegas Sands, died in 2021 at 87. The family also owns Nevada’s largest newspaper, the Las Vegas Review-Journal. ___Associated Press writer Ken Ritter in Las Vegas contributed to this report.

Persons: Mark Cuban, Marc Stein, Miriam Adelson, Sheldon Adelson, Cuban, Dallas, Dirk Nowitzki, Adelson, Ken Ritter, ___ Organizations: Dallas Mavericks, NBA, Vegas Sands, Associated Press, Cuban, Sands, Mavericks, Las Vegas Sands Corp, Las Vegas, Securities and Exchange Commission, Miriam Adelson Trust, SEC, league’s, Governors, Republican, doesn't, Indiana University Locations: Texas, Las, Macau, Singapore, Las Vegas Sands, Cuban, Dallas, Las Vegas

Jan 24 (Reuters) - Hedge fund Elliott Management Corp has built a "significant" stake in Japanese automotive battery component supplier Dai Nippon Printing Co Ltd (DNP) (7912.T), sources familiar with the matter told Reuters on Tuesday. A DNP spokesperson said the company had confirmed Elliott's investment late last year, but declined to comment on details. The Financial Times, which first reported the news, said Elliott now holds a stake just under 5% worth $300 million. Elliott declined to comment. It recently won a board seat at Pinterest Inc (PINS.N) when the company added Elliott portfolio manager Marc Steinberg as a director.

☆ Activist investor Elliott Management takes stake in Salesforce -sources
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 22 (Reuters) - Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc (CRM.N), according to people familiar with the matter. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott told Reuters. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director.

☆ Activist investor Elliott Management reportedly takes stake in Salesforce
▼ + stars: | 2023-01-23 | by ( ) www.cnbc.com time to read: +2 min

Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc, according to people familiar with the matter. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott told Reuters. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director.

☆ Stocks making the biggest moves premarket: Campbell Soup, Pinterest, Toll Brothers and others
▼ + stars: | 2022-12-07 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell:Campbell Soup (CPB) – Campbell Soup beat estimates by 14 cents with adjusted quarterly earnings of $1.02 per share. Pinterest (PINS) – Pinterest rose 1.2% in premarket trading after an official from activist investor Elliott Management was added to the image-sharing website operator's board of directors. Carvana tumbled 18.2% in premarket trading. Dave & Buster's (PLAY) – Dave & Buster's shares slid 3.9% in premarket action even though its quarterly profit matched analyst estimates. Airbnb (ABNB) – Airbnb fell 3.8% in premarket trading after Morgan Stanley downgraded the stock to underweight from equal-weight.

☆ Pinterest reaches deal with activist Elliott; Steinberg to join board
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Dec 6 (Reuters) - Pinterest on Tuesday said it reached a deal with Elliott Management, the activist investment firm that has offered up ideas on how to improve operations at the image sharing and social media service company. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a-kind agreement" and said the company "appreciates the perspective" Steinberg, Jesse Cohn, a managing partner at Elliott, and others at the firm bring. Pinterest's stock climbed 2.5% in after hours trading on the news that Elliott, one of the company's biggest investors, was joining the board. Elliott, one of the world's busiest activist investing firms, has extensive experience in the tech and social media sector as Cohn held board seats at Twitter and eBay (EBAY.O) and worked closely with Steinberg on those investments.

☆ Pinterest Adds Elliott Executive to Its Board
▼ + stars: | 2022-12-06 | by ( Sarah E. Needleman | ) www.wsj.com time to read: 1 min

Shares of Pinterest are down around 38% so far this year. Pinterest Inc. is adding an executive from Elliott Management Corp. to its board of directors, part of a commitment the social-media company reached with the activist investor to help it grow. Marc Steinberg , a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest’s board, effective Dec. 16, bringing its total to 11 members, the company said Tuesday. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026.

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