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☆ Stocks making the biggest premarket moves: PacWest, Berkshire Hathaway, American Airlines, AMC and more
▼ + stars: | 2023-05-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Pacific Western Bank signage is displayed outside of bank branch in Beverly Hills, California on May 4, 2023. Check out the companies making the biggest moves in premarket trading:PacWest — The regional bank popped 39% in premarket trading, adding to its nearly 82% gain on Friday. American Airlines — Shares gained about 3% in premarket trading Monday after JPMorgan upgraded the stock to overweight from neutral. Viatris — Shares added 2.4% after the health-care stock topped earnings expectations and reaffirmed full-year guidance, despite a shortfall in revenue. Fortinet — The cybersecurity company added 3.3% after being upgraded to buy from neutral by Bank of America.

☆ Bitcoin could more than double and hit a new record high next year as the token sees a big shakeup, blockchain exec says
▼ + stars: | 2023-05-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Bitcoin could hit a new record high next year, said Bob Ras, cofounder of blockchain firm Sologenic. He cited bitcoin halving, which will reduce mining rewards and supply of the token. The banking crisis and expectations that the Fed will start easing may also lift bitcoin, he added. "When bitcoin's halving kicks in a year from now, we'll likely be well on our way past the previous all-time high," Ras told Insider. Meanwhile, bitcoin appears to be front-running the belief that looser policy from the Federal Reserve is on the way, Ras explained.

☆ Energy stocks were due for Friday's rally. Here's how we're approaching our oil-and-gas names now
▼ + stars: | 2023-05-05 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

Oil stocks showed signs of life Friday, boosted by a sharp rise in crude prices. CTRA YTD mountain Coterra Energy YTD performance A bright spot in Friday's trading was Club holding Coterra Energy (CTRA), which rose as much as 9% before giving back some of those gains. "This is the beginning, I think, of a real trend in oil," Jim Cramer said Friday. Our calculus on energy stocks has changed as a result of this vicious move. HAL YTD mountain Halliburton YTD performance We took advantage of that notion early Friday with the Pioneer purchase.

☆ 10 Things in Tech: Uber wants to predict your habits, Apple and Google team up, and Lebron James eyes Complex Networks
▼ + stars: | 2023-05-04 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

And minting it could be a solution to avert a major economic catastrophe (here's an explanation of the looming disaster, by the way). This average-looking coin could prevent job losses, steep cuts to retirement savings, and other major financial blows. Shopify employees and experts brace for shakeup. Multiple sources told Insider that his company, SpringHill Co., has internally discussed offering around $100 million to buy Complex from Buzzfeed. Google tells employees to limit publishing AI research.

☆ Google tells staff it plans to limit publishing AI research to 'compete and keep knowledge in house' as its rivalry with Microsoft's OpenAI heats up
▼ + stars: | 2023-05-04 | by ( Thomas Maxwell | Hugh Langley | ) www.businessinsider.com time to read: +7 min

Google told staff it will be more selective about the research it publishes. Recently, information like code and data has become accessible on a "much more on a need-to-know" basis, according to a Google AI staffer. LaMDA, a chatbot technology that forms the basis of Bard, was originally built as a 20 percent project within Google Brain. (The company has historically allowed employees to spend 20% of their working days exploring side projects that might turn into full-fledged Google products.) Google's AI division has faced other setbacks.

☆ UK listing shakeup requires double dose of hope
▼ + stars: | 2023-05-03 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

The Financial Conduct Authority isn’t the only watchdog to water down its listing rules, but it has more reasons than most to up its game. The UK prides itself on being a financial hub, but accounted for just 5% of global IPOs between 2015 and 2020. That’s why the FCA is proposing to replace a fiddly two-tier system of standard and “premium” listing rules with a single class. CONTEXT NEWSThe UK Financial Conduct Authority on May 2 published a series of proposals designed to encourage companies to list in the UK. The new framework would remove many investor protections currently required under the premium listing category.

☆ Shopify insiders and analysts are bracing for a strategy shift in the company's logistics business
▼ + stars: | 2023-05-03 | by ( Madeline Stone | Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

Insiders and analysts expect a major shakeup to Shopify's logistics strategy. "The fulfillment investment is sort of the biggest anchor that's keeping the business from being more profitable." That may be a welcome change for investors, who have been voicing increasing concern with the level of investment Shopify had planned. And Shopify Logistics CEO Aaron Brown told Insider in February that 6 River Systems' warehouse automation would be "the machine in the background making everything work." Weiss then asked if Shopify Logistics is intended to turn a profit.

☆ Uber’s revenue climbs 29% as it continues to defy tech slump
▼ + stars: | 2023-05-02 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN —Uber on Tuesday reported revenue of $8.8 billion for the quarter ending in March, a 29% increase from the same period last year and beating Wall Street’s estimates. The company’s continued strength comes despite lingering recession fears and stands in stark contrast to the slowing growth at other tech companies. It also sets Uber apart from its chief rival Lyft, which is undergoing significant layoffs and a shakeup in its C-Suite. Even with higher interest rates and tighter access to capital, Khosrowshahi said “we are well positioned to improve our competitive position across our key markets.”Shares for Uber surged more than 8% in pre-market trading Tuesday morning. Uber has largely avoided having to undergo the significant layoffs that have dominated headlines in Silicon Valley in recent months.

☆ Jack Ma takes up visiting professorship in Japan
▼ + stars: | 2023-05-02 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Jack Ma has a new job: visiting professor in Japan. The Chinese billionaire has joined Tokyo College, under the University of Tokyo, according to a Monday statement on its website. In his role, Ma will work with researchers, serve as an adviser to the college and participate in seminars. In March, he visited a school funded by the Chinese tech giant in his hometown of Hangzhou, where he was seen meeting with students and teachers. Ma relinquished control of Ant Group in January as part of a shakeup of its shareholding structure.

☆ Bud Light wanted to market to all. Now, it's alienating everyone
▼ + stars: | 2023-05-01 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +10 min

New York CNN —For years, Bud Light leaned on jokey ad campaigns and its designation as a light beer to push sales. Now, Bud Light finds itself seeking younger drinkers, and stumbling through America’s polarized landscape in the process. There have been calls for a Bud Light boycott. And the stock of Bud Light owner Anheuser-Busch (BUD) has fallen only about 3% in the last month, suggesting Wall Street isn’t too worried. Bud Light, he thinks, could be missing out on that type of support.

☆ First Republic Bank shares tank 50% after report says the struggling lender is likely to be taken over by the government
▼ + stars: | 2023-04-28 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

First Republic Bank shares plunged 50% Friday after CNBC reported the lender looks headed toward a government takeover. The lender that lost $100 billion in deposits in Q1 will likely be put into FDIC receivership, the report said. Such action would mark the third bank seizure by the FDIC since March when it took over the collapsed lenders Silicon Valley Bank and Signature Bank. First Republic shares have plunged 97% this year through midday Friday in the wake of the banking industry shakeup spurred by the collapse and seizures of Silicon Valley Bank and Signature Bank last month. First Republic shares on Wednesday logged a record-low close of $5.69.

☆ Cellnex may flip from buyer to seller with new CEO
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 28 (Reuters Breakingviews) - Cellnex's (CLNX.MC) decision to pick former Telecom Italia (TLIT.MI) CEO Marco Patuano as its new boss increases the odds of seeing the 27 billion euro mobile phone tower operator returning to the M&A negotiating table – as a seller. The appointment ends months of boardroom infighting that culminated with the departure of former Chairman Bertrand Kan on April 4. He is a former CEO of the Benettons' holding company Edizione and previously led Telecom Italia between 2013 and 2016. His track record of carving out the former monopoly's mobile tower business INWIT may be significant. But while tackling the company's turnaround, Patuano may also be lured into takeover negotiations with heavyweight investors as industry consolidation is underway.

☆ Comcast beats estimates despite slowing broadband growth, higher Peacock losses
▼ + stars: | 2023-04-27 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +5 min

Comcast topped analyst expectations with its first quarter earnings report Thursday, despite the cable and media giant's residential broadband business's slowing growth and mounting Peacock losses. Still, it was a sign that Comcast, like its peers, continue to face slowing growth in the broadband business. Cable TV customers continued their exodus from the traditional bundle, with Comcast losing 614,000 subscribers during the quarter. Comcast said Peacock subscribers grew more than 60% year-over-year to 22 million, and revenue was up 45% to $685 million. Peacock had $704 million in losses, up from losses of $456 million in the same period last year.

☆ He bought a budget airline for 30 cents in 2001 and turned it into one of Asia's top budget airlines. Now, he's ready to walk away.
▼ + stars: | 2023-04-26 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

In September 2001, Fernandes bought the AirAsia brand from a Malaysian government-owned conglomerate for the equivalent of 30 cents at the time. And he's ready to walk away: "Good leadership is to know when to go," he told Bloomberg in an interview published Tuesday. And though he's already talking about plans to replace him, Fernandes doesn't know "exactly when I press the button." Newly privatized carrier Air India appointed an executive of Scoot, the low-cost arm of Singapore Airlines, as CEO in June. There were also airline executive reshuffling at American Airlines and Southwest Airlines in December.

☆ Here’s our April rapid-fire update on the stocks in Cramer’s Charitable Trust
▼ + stars: | 2023-04-26 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

When AMD reports earnings next week, we'll be looking for signs that its integration of Xilinx has proven a success. Amazon (AMZN): Investors will be looking closely at profit margins and the growth rate at cloud unit Amazon Web Services when the company reports earnings after the closing bell Thursday. After a disappointing fourth-quarter print, we're hoping to see evidence that CEO Jim Farley has righted the ship. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Australia aims to start making guided missiles within two years
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 26 (Reuters) - Australia said on Wednesday it would start domestic manufacture of guided missiles by 2025, two years sooner than expected, in a wide-ranging shakeup of defence arrangements to focus on long-range strike capability. read moreThe timetable for domestic manufacture of guided weapons, originally set for 2027, will be hastened to within two years by allocating A$2.5 billion to the project, Defence Minister Richard Marles said in media interviews. The government was already in talks with missile manufacturers Raytheon (RTX.N) and Lockheed (LMT.N) about establishing production in Australia, Marles added. Discussions were also being held with Kongsberg (KOG.OL), the Norwegian manufacturer of the naval strike missile Australia had already agreed to purchase, he said. Pat Conroy, the minister for defence industry, said the review recommended acquiring Kongsberg's joint strike missile which would "allow us to look at manufacturing the Strike Missile family of missiles in Australia".

☆ Reckitt CEO switch may boost odds of a takeover
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 26 (Reuters Breakingviews) - Reckitt Benckiser’s (RKT.L) decision to appoint an insider as CEO may help to entice prospective buyers, like U.S. giant Procter & Gamble (PG.N). Reckitt has been a perennial takeover target, as previous bosses struggled to deliver consistently strong revenue growth. It is still paying down a hefty debt pile following an ill-advised $17 billion takeover of baby food maker Mead Johnson in 2017. Net revenue grew by nearly 8% year-on-year in the first quarter – after excluding acquisitions, disposals and currency fluctuations. Reckitt’s shares trade at 17 times forecast 2023 earnings, compared with P&G’s multiple of nearly 25 times.

☆ Citigroup's Asia Q1 wealth revenue jumps 20% amid new clients, investment gains
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, April 24 (Reuters) - Citigroup's (C.N) Asia wealth revenue surged 20% in the first quarter of 2023, backed by investment gains, insurance revenue and a jump in new private banking clients, according to a company spokesperson. Still, globally, the bank's wealth management business was weaker, recording $1.8 billion in first quarter revenue, down 9% from the same period last year. The U.S lender cited headwinds in securing revenue from investment products and higher interest rates paid on deposits as being the main factors for the global decline. Meanwhile, the firm's institutional business, including banking, services and markets, recorded $2.4 billion in first quarter revenue in Asia, up 6% from a year ago. The firm's Asia head told Reuters last August it planned to hire around 3,000 new staff for its Asia institutional business in the next few years, sharpening its focus in a fast-growing region.

☆ Australia to prioritise long-range strike capability in defence shakeup
▼ + stars: | 2023-04-24 | by ( Kirsty Needham | ) www.reuters.com time to read: +5 min

[1/6] Australian Prime Minister Anthony Albanese, Australian Deputy Prime Minister Richard Marles, Australian Defence Industry Minister Pat Conroy and Chief of the Australian Defence Force (ADF) Angus Campbell speak to the media at a news conference after the release of the Defence Strategic Review at Parliament House in Canberra, Australia April 24, 2023. AAP/Lukas Coch/via REUTERSCANBERRA, April 24 (Reuters) - Australia's government will prioritise long-range precision strike, domestic production of guided weapons, and diplomacy - key points of a review released Monday recommending the country's biggest defence shakeup since World War Two. Australia must also strengthen defence cooperation with Japan, India, Pacific and South East Asian nations, the review said. The review found Australia's defence force was "not fit for purpose", he said. The navy needs more smaller vessels with long-range strike weapons, with details decided after an independent analysis this year, the report said.

☆ Australia unveils biggest overhaul in defense spending in decades
▼ + stars: | 2023-04-23 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +2 min

Brisbane, Australia CNN —Australia has unveiled a radical shakeup of its defense spending billed as the most significant review of its military preparedness since World War II, shifting its emphasis onto long-range strike capabilities and building munitions at home. Launching the Defense Strategic Review in Canberra, Prime Minister Anthony Albanese said his government’s strategy was designed to make Australia more self reliant, more prepared and more secure. Defense Minister Richard Marles said the defense posture that had served Australia well for decades was “no longer fit for purpose” and the review recasts the mission of the Australian Defence Force (ADF). It also recommends speeding up the acquisition of long-range strike missiles and manufacturing munitions within Australia. The country also wants to improve its defense cooperation with regional neighbors, particularly in the Pacific.

☆ Walmart’s US chief marketing officer stepping down as retailer warns of tough year
▼ + stars: | 2023-04-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Walmart’s chief merchandising officer for its US operations is stepping down from the job as the retailer faces a tougher year ahead, an internal memo shared to US associates Friday said. In a memo viewed by CNN Business, Walmart U.S. CEO John Furner said Redfield wants to spend more time with his family. Redfield held his position at the retailer for a little more than a year, beginning in January 2022. Its strong holiday sales were fueled by groceries. “There are merchants, and then there’s our Chief Merchandising Officer Charles Redfield,” CEO John Furner said in a memo viewed by CNN Business.

☆ This cloud data stock can jump nearly 20% thanks to a new company playbook, Stifel says
▼ + stars: | 2023-04-10 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

An improved company playbook can help NetApp outperform going forward, according to Stifel. Stifel upgraded the stock to buy from hold with a $75 price target, which represents 19% upside from Thursday's close of $63 per share. NetApp , a cloud storage provider that also provides physical hardware to other companies, is in the middle of a shakeup that could lead to more earnings per share and larger margins, analyst Matthew Sheerin wrote Sunday. Shares of NetApp closed at $63 on Thursday and have added nearly 5% in 2023. Stifel added that the shakeup to NetApp's sales team encompasses employees being assigned to specific products and sectors to better communicate with customers on their specific needs.

☆ CNN insiders say CEO Chris Licht is standing behind star anchor Don Lemon after reported allegations of misogyny
▼ + stars: | 2023-04-07 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +6 min

CNN is responding to a Variety article accusing Don Lemon of misogyny and other problematic behavior. "CNN This Morning," which Lemon hosts with Poppy Harlow and Kaitlan Collins, was launched in November, part of a bet by CNN parent Warner Bros. "CNN This Morning" averaged 359,000 viewers in the first quarter, or when the HLN simulcast is included, 438,000 viewers. Collins, meanwhile is getting a new primetime slot on CNN, the network confirmed to the New York Post. Lemon had suggested on "CNN This Morning" that Nikki Haley was not a viable presidential candidate because she "isn't in her prime."

☆ L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 billion
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: +1 min

Aesop products sit on display for sale at their store on Abbott Kinney Blvd. French cosmetics group L'Oreal struck a deal with Brazil's Natura & Co to buy Aesop, its Australian luxury brand, at an enterprise value of $2.53 billion, both firms said on Monday. The deal expands L'Oreal's presence in the luxury cosmetics market, while marking a financial relief for the Brazilian firm, burdened by shrinking margins and heavy debt. "Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in a statement. For Natura, the deal adds to a broader organizational shakeup that saw former chief executive and executive chairman Roberto Marques step down in June last year, handing over the reins to Fabio Barbosa.

☆ L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 bln
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of French cosmetics group L'Oreal in the western Paris suburb of Levallois-Perret, France, February 7, 2020. REUTERS/Gonzalo FuentesSAO PAULO, April 3 (Reuters) - French cosmetics group L'Oreal (OREP.PA) struck a deal with Brazil's Natura & Co (NTCO3.SA) to buy Aesop, its Australian luxury brand, at an enterprise value of $2.53 billion, both firms said on Monday. The deal, L'Oreal's largest ever brand acquisition according to Dealogic data, expands the firm's presence in the luxury cosmetics market, while also providing the Brazilian company with some financial relief amid shrinking margins and heavy debt. The acquisition is also the third largest on record of an Australian company in the consumer products sector, the data showed. "Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in a statement.

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