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Why health care could be a winner heading into year-end
  + stars: | 2024-10-09 | by ( Fred Imbert | ) www.cnbc.com   time to read: +2 min
Health care may be the answer, if history is any indication. The Health Care Select Sector SPDR Fund (XLV) has posted a November gain in eight of the last 10 years. Health care trades at a forward price-to-earnings ratio of 22.2, while the S & P 500 has a multiple of 24. The optimism around health care comes as the sector lags the broader market. Some health care names poised to do well, according to Krinsky, are Masimo and Viking Therapeutics .
Persons: What's, Jonathan Krinsky, Krinsky Organizations: iShares Biotechnology, Viking Therapeutics, Viking, Politan, Citi, UPS, Amazon Logistics, Walmart Locations: China
Activist investor Politan Capital won the two board seats it was seeking at medical technology company Masimo , defeating founder and CEO Joe Kiani and another director, Chris Chavez, at the shareholder vote. Politan nominees Darlene Solomon and Bill Jellison will join Politan investment chief Quentin Koffey and former Johnson & Johnson executive Michelle Brennan, who obtained board seats in a prior proxy fight last year. The extended proxy fight was marked by a fierce legal battle. The victory for Politan will likely result in the departure of CEO Kiani as well as operating chief Bilal Muhsin. WATCH: Masimo CEO on the proxy fight
Persons: Joe Kiani, Chris Chavez, Politan, Darlene Solomon, Bill Jellison, Quentin Koffey, Johnson, Michelle Brennan, Politan's, Chavez, Masimo, Koffey, Kiani, Bilal Muhsin, Muhsin Organizations: Politan Capital, Healthcare, Consumer, Apple, Apple Watch
Joe Kiani, Founder, Chairman & CEO, Masimo; on Startup University Stage on day three of Collision 2024 at the Enercare Centre in Toronto, Canada. Masimo under Kiani's leadership "has continued to display a dangerous lack of accountability to shareholders that will require additional board change to rectify," ISS wrote. By contrast, ISS wrote, Politan "has presented a logical plan" and nominees which "appear to be appropriate." ISS wrote that such threats were unacceptable. "Under no circumstances should shareholders ever abide ultimatums or threats from a CEO, at MASI or anywhere else," the proxy advisor wrote, referring to Masimo's stock ticker.
Persons: Joe Kiani, Masimo, Bill Jellison, Darlene Solomon, Glass Lewis, Kiani, Biden, Kiani's Organizations: Enercare, Services, CNBC, Politan Capital, ISS, Politan Locations: Toronto, Canada, MASI
Proxy advisory firm Glass Lewis on Thursday recommended that shareholders of Masimo , the medical technology firm best known for its Apple Watch patent litigation, elect dissident Politan's two nominees, Bill Jellison and Darlene Solomon. Masimo's board includes Kiani, former Disney CEO Bob Chapek and Politan managing member Quentin Koffey, who overwhelmingly won the election last year. Glass Lewis tacitly endorsed that criticism in its report, writing that the company displayed "de minimus responsibility" and "poor governance." Alongside its larger peer Institutional Shareholder Services, though, Glass Lewis reports are considered highly important to passive investors. Glass Lewis responded to RTW with an offer to meet on July 8, shortly after Politan's allegations were publicized in an SEC filing.
Persons: Joe Kiani, Glass Lewis, Politan's, Bill Jellison, Darlene Solomon, Kiani, Bob Chapek, Quentin Koffey, Kiani —, Politan, Jellison, RTW, Christopher Chavez, RTW's Organizations: Enercare, Masimo, Apple Watch, CNBC, Disney, Services, ISS, Kiani, SEC Locations: Toronto, Canada, Solomon, Politan
Led by Quentin Koffey, Politan has nominated two further directors to the company's board, and says that without their election, management will continue to operate without oversight. "This is shareholders' last chance at meaningful change," Politan wrote in a letter to Masimo shareholders on Wednesday, laying out its case to investors ahead of the meeting. But governance improvements have fallen short of what shareholders deserve, Koffey wrote in the letter, noting that Masimo's board "does not review, approve or see a budget." Masimo took aggressive steps to fend off Politan, introducing bylaws to force the firm to reveal its shareholder list. "For more than two years, Politan has navigated unprecedented impediments thrown up by Masimo's board," the activist said.
Persons: MASI, Joe Kiani, Manjunath Kiran, Quentin Koffey, Politan, Masimo, Koffey, Michelle Brennan, Darlene Solomon, Bill Jellison, Stryker, it's, Kiani, Wilkins, Denon, Mario Tama, haven't, Russell, management's Organizations: Getty, Politan Capital Management, CNBC, Apple Watch, Sound United, Bowers, Sound, Shareholders Locations: Bangalore, Jan, Delaware, Caribbean, Irvine , California
Health-tech firm Masimo , facing the imminent threat of litigation and a second proxy contest, offered a settlement to Politan Capital's Quentin Koffey on Thursday that would fill a vacant board seat with one of the activist's proposed directors. The company is trying to spin off its consumer technology division in concert with an unspecified joint-venture partner, CEO Joe Kiani said earlier this year. The settlement offer would not have been possible without the imminent resignation of current director Rolf Classon, whose departure was attributed to "personal health reasons." Koffey waged a successful proxy fight at Masimo last year earning himself and another nominee representation on Masimo's six-person board. Politan launched a second proxy fight to oust Kiani earlier this year, saying that the "absence of oversight has been damaging for shareholders."
Persons: Politan Capital's Quentin Koffey, Masimo's, Craig Reynolds, William Jellison, Joe Kiani, Koffey, Masimo, Rolf Classon, Politan, Kiani Organizations: Masimo Locations: Kiani
Politan Capital's Quentin Koffey sent a letter to Masimo CEO Joe Kiani on Wednesday, demanding information about the health-tech company's proposed spinoff of its consumer business. The purchase was a catalyst for Politan's first proxy fight at the company. Last month, Masimo said it would spin off its consumer business, spurring a rally in the stock. Koffey said in his letter that Masimo management has asked "that directors sign a non-disclosure agreement" to get access to information around the deal. The activist is also seeking information on any financial and leadership opportunities Kiani has been promised at the spinout.
Persons: Politan, Quentin Koffey, Joe Kiani, Masimo, Koffey, Kiani, Micah Young, Masimo weren't Organizations: Masimo, Sound United, Fidelity, Kiani
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
Health-tech company Masimo , best known for its successful patent litigation over the Apple Watch, is facing a proxy fight for the second time in two years — from the same activist investor who now sits on the company's six-person board. The acquisition, which frustrated some investors and was seen as unrelated to Masimo's core health-tech focus, prompted Politan's first proxy fight at the company. If successful, the activist investor would control four of the company's six board seats. In the previous proxy fight, Kiani showed no desire to settle a fight with the activist fund. Politan said in its release that it hoped to avoid another proxy fight.
Persons: Quentin Koffey's, Masimo, Politan's, Politan, Darlene Solomon, Bill Jellison, Solomon, Jellison, Michelle Brennan, Koffey, Joe Kiani, Kiani, Darlene, Bill, Quentin Koffey Organizations: Apple Watch, Sound Locations: Agilent
Masimo — Shares soared nearly 12% following the medical technology company's announcement late Friday it is considering a spinoff of its consumer business. In addition, Wells Fargo upgraded the stock Monday, citing the potential separation of the businesses. Baidu — Shares of the technology company climbed 1.4% following news that Baidu is reportedly engaged in talks with Apple for a potential collaboration on artificial intelligence services in China. Disney — Shares rose 1.2% after Barclays upgraded the media company to overweight from equal weight, saying Disney has further upside even after its outperformance this year. Foot Locker — The shoe retailer rose 2.9% after Evercore ISI upgraded the stock to outperform from in line.
Persons: Dave Calhoun, Larry Kellner, Masimo, Quentin Koffey, Wells, Baidu, Nelson Peltz, Locker, Tesla, Raymond James, Jesse Pound, Tanaya Macheel, Michelle Fox, Brian Evans, Sarah Min Organizations: Boeing —, Street Journal, Politan Capital Management, Department of Energy, Chipmakers, Intel, Financial Times, Nvidia, Baidu —, Apple, Disney, Barclays, Blackwells, ISI, Mizuho Securities, Scotts Miracle, Gro Locations: Wells Fargo, Cleveland, Ohio, Pennsylvania, China, U.S, Europe
A lawsuit filed by Masimo halted the sale of the newest Apple Watches in the US. Oura's CEO said the company, which holds many patents, will closely examine Samsung's Galaxy Ring. AdvertisementOura Health CEO Tim Hale doesn't seem worried about Samsung's plan to compete with Oura in the wearable "smart ring" market. AdvertisementSamsung's new Galaxy Ring will be a health and wellness device for tracking metrics like sleep. He conceded that some technological similarities between Oura's product and the Galaxy Ring might be unavoidable.
Persons: Tom Hale, Masimo, , Tim Hale doesn't, Hale, Oura, David, Organizations: Apple, Service, Oura, Samsung, International Trade Commission, Apple Watch
The ruling issued Wednesday by the U.S. Court of Appeals in Washington comes three weeks after it blocked the ban. Apple is still trying to persuade the federal appeals court to overturn the ITC's ruling, but Wednesday's decision means the company is no longer insulated from the U.S. sales ban. The Cupertino, California, company also could negotiate a settlement with Masimo that would clear the way for it to continue selling the Apple Watch models with the blood-oxygen sensor. Having to pull its two top Apple Watches from the U.S. would put a small dent in the company's annual sales of $383 billion. Although the company doesn't disclose the volume of Apple Watch sales, analyst estimate the product accounts for about $18 billion in annual revenue.
Persons: specter, Masimo, Apple Organizations: U.S ., Apple, U.S . International Trade Commission, Apple Watch, U.S . Customs, U.S Locations: U.S, Washington, Cupertino , California, American
Apple smartwatches ads are displayed as customers take a look at smartwatch accessories at the Apple store in New York, U.S., December 26, 2023. Apple will again be barred from selling watches with blood oxygen sensors beginning Thursday, a federal appeals court said Wednesday. The decision is a blow to Apple, which was previously forced to remove the latest Apple Watches from its U.S. stores for several days in December. Apple may be forced to remove a blood oxygen sensor feature on its latest devices in order to keep the smartwatches on the U.S. market. If Apple must continue to keep its latest smartwatches from U.S. stores, it could complicate repairs at Apple stores, which often swap broken devices with replacements.
Persons: Masimo Organizations: Apple, U.S, Appeals, Federal Circuit, International Trade Commission, Apple Watch Locations: New York, U.S
Apple will remove the blood oxygen feature from its latest Apple Watches, a move that will allow the company to continue importing and selling the devices in the U.S. as it battles with Masimo in court. Modified versions of the Apple Watch Series 9 and Ultra 2 will go on sale Thursday, Apple said in a statement. "These steps include introducing a version of Apple Watch Series 9 and Apple Watch Ultra 2 in the United States without the Blood Oxygen feature. There is no impact to Apple Watch units previously purchased that include the Blood Oxygen feature." WATCH: Apple again banned from selling watches in U.S. with blood oxygen sensor
Persons: Masimo, Apple Organizations: Apple Inc, Apple, Steve Jobs, International Trade Commission, ITC, Apple Watch, CNBC Locations: Cupertino , California, U.S, United States
Apple must stop selling its Series 9 and Ultra 2 watches with blood oxygen monitoring functionality. A US court denied Apple's request for a longer pause on an import ban of the watches. It will now, again, have to stop selling the two watch models that feature the contentious blood oxygen function until the appeal is resolved. Apple has appealed the ITC's ruling, arguing that the import ban will cause "irreparable harm" to its business. AdvertisementThe company won't be able to sell its smartwatches with the blood oxygen feature at least until its appeal of the import ban is resolved, a period that Apple expects will last at least a year.
Persons: , Biden Organizations: Apple, Service, International Trade Commission, Appeals, Federal Circuit, ITC, Customs, Border Protection
The document didn't disclose how Apple plans to remove the blood-oxygen sensor, although analysts have speculated the change could come through a software update. Masimo won a favorable ruling from the U.S. International Trade Commission in late October that prompted Apple to temporarily halt sales of the Apple Watch models with the blood-oxygen sensor just before Christmas. But Apple then filed an appeal of the ITC ruling that resulted in a order clearing the way for the two Apple Watch models to return to stores shortly after Christmas while the appeal is under review. If it does, the Series 9 and Ultra 2 can remain on sale with the blood-oxygen sensors intact. Apple declined to comment on the court filing disclosing its plans to remove the blood-oxygen sensor if the stay isn't extended.
Persons: Masimo, Apple Organizations: Apple, U.S . Customs, U.S . International Trade Commission, ITC, U.S, Apple Watch Locations: Southern California, Washington, Cupertino , California
Apple had said that a proposed redesign would allow it to circumvent findings that the watches infringe Masimo's blood-oxygen reading pulse oximetry patents. According to Masimo's filing on Monday with the Federal Circuit, Apple told the U.S. Customs and Border Protection agency that its redesigned watches "definitively do not contain pulse oximetry functionality." Irvine, California-based Masimo has accused Apple of hiring away its employees and stealing its pulse oximetry technology to use in Apple Watches after discussing a potential collaboration. Apple has included a pulse oximeter feature in smartwatches since its Series 6 Apple Watch in 2020. Masimo asked the ITC in 2021 to bar Apple's imports and sales of Apple Watches that allegedly infringed its patents.
Persons: Apple, Masimo, Apple countersued Organizations: Apple, Apple Watch, U.S . International Trade Commission, U.S ., Appeals, Federal Circuit, U.S . Customs, Border Protection, . Customs, ITC, Masimo, Amazon, Costco, Walmart, Federal Locations: U.S, Irvine , California, smartwatches, California, United States
Cramer's Lightning Round: Crocs is 'too dicey'
  + stars: | 2023-12-05 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Weyerhaeuser's year-to-date stock performance. Stock Chart Icon Stock chart icon RadNet's year-to-date stock performance. Stock Chart Icon Stock chart icon Stellantis' year-to-date stock performance. Stock Chart Icon Stock chart icon Crocs' year-to-date stock performance. Stock Chart Icon Stock chart icon Masimo's year-to-date stock performance.
Persons: Wes Edens, NextEra, Berger, Stellantis, Crocs, I'm Organizations: Weyerhaeuser, Theft, New Fortress Energy, NextEra, American Electric Power, Apple Locations: Palo Alto
A new Apple Watch Ultra 2 is displayed during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. Masimo's 2021 complaint said the 2020 Apple Watch Series 6, the first model with blood-oxygen monitoring capabilities, infringed its patents. Apple has since shifted some of its Apple Watch production to Vietnam. Irvine, California-based Masimo has accused Apple of stealing its technology and incorporating it into several Apple Watch models. Apple is also facing an Apple Watch import ban in a separate patent dispute with medical technology company AliveCor.
Persons: Loren Elliott, Joe Biden's, Masimo, Joe Kiani, Apple's wearables, AirPods earbuds, Blake Brittain, David Bario, Grant McCool, Bill Berkrot Organizations: Apple Watch, REUTERS, U.S . International Trade Commission, Apple, U.S ., Appeals, Federal Circuit, ITC, Thomson Locations: Cupertino , California, U.S, China, Vietnam, Irvine , California, California, Delaware, Washington
The Vanguard Group, one of Masimo's largest shareholders, has backed both Politan nominees, two sources said. The company, which is currently valued at $8.5 billion, is expected to make preliminary voting results public later on Monday. A representative for Politan declined to comment, and a representative for Masimo was not immediately available for comment. The hedge fund, founded by Koffey, received backing from proxy advisory firms Institutional Shareholders Services and Glass Lewis two weeks ago when both urged shareholders to elect the Politan nominees. In the end, Masimo reversed course and dropped the requirements after Politan sued in Delaware court.
Persons: Quentin Koffey, Michelle Brennan, Masimo, Koffey, Glass Lewis, Politan, Svea Herbst, Bayliss, Leslie Adler Organizations: YORK, Masimo, Politan Capital Management, Vanguard Group, Vanguard, Sound United, Shareholders Services, ISS, Svea, Thomson Locations: Delaware
The biggest buy came from RenaissanceRE CEO Kevin O'Donnell, who bought $2.5 million worth of the insurer's stock, according to securities filings and VerityData. Kiani's roughly $1 million purchase comes after he scooped up $6 million of the stock in November and December of 2022. 1) RenaissanceRE — O'Donnell bought $2.5 million worth of shares on May 26 as part of a secondary offering. 4) Masimo — Kiani spent just over $1 million on Masimo stock on May 25, building on a $6 million purchase from late last year. 5) Driven Brands — CEO Jonathan Fitzpatrick bought nearly $1 million worth of the automotive services company's stock on Tuesday.
Persons: Kevin O'Donnell, Validus, O'Donnell, Joe Kiani, Masimo, RenaissanceRE — O'Donnell, Bernard Lanigan, Kevin Dallas, — Kiani, Jonathan Fitzpatrick Organizations: AIG, Politan, Tech, Politan Capital Locations: RenaissanceRe, VerityData
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