DIRS.INFO The most relevant business & tech news

☆ 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

☆ Starbucks' turnaround takes an encouraging step forward. Here's what we what to see next
▼ + stars: | 2024-07-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Starbucks Why we own it : Starbucks has one of the most recognizable brands of any restaurant. Like Starbucks, McDonald's has had a challenging 2024 and the company reported uninspiring results — missing on revenues, same-store sales, and earnings per share. Quarterly commentary Comparable store sales in North America — a key restaurant industry metric — fell 2%, slightly beating estimates of a 2.2% drop forecasted by Wall Street analysts, according to FactSet. In Starbucks' international segment, comparable store sales fell 7%, missing estimates of a 5.1% decline. A Starbucks store stands in Manhattan on January 30, 2024 in New York City.

Persons: Elliott, Elliott Management's, Dunkin, McDonald's, We'd, Laxman Narasimhan, We're, Narasimhan, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Starbucks, Revenue, Elliott Management, Bros, McDonalds, Citi, Wall Street, CNBC, Getty Locations: China, North America, U.S, East, Southeast Asia, Europe, Manhattan, New York City

☆ We're making a flurry of moves: trimming 2 stocks and buying 2 others that have lagged
▼ + stars: | 2024-07-29 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Shortly after the opening bell, we will be selling 100 shares of Danaher at roughly $274.13. In addition, we will be selling 20 shares of Salesforce at roughly $264.89. We indicated this sale last Friday after the stock hit $275 – a profit-taking level Jim identified during our July Monthly Meeting. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: We're, Jim Cramer's, Jim, Elliott, Elliott Management's, Jim Cramer Organizations: Disney, Starbucks, Elliott Management, CNBC Locations: Danaher, Salesforce

☆ We're encouraged by Abbott stock trading but discouraged by moves in Honeywell
▼ + stars: | 2024-07-29 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Persons: Jim Cramer, There's, Nvidia —, Russell, Dow, Robert Ford, Abbott, we're, Stanley Black, Decker, Elliott, Jim Cramer's, Jim Organizations: CNBC, Microsoft, Nvidia, Nasdaq, Abbott Laboratories, Honeywell, Bloomberg, Quantinuum, Procter & Gamble, Stanley, Devices, Starbucks, Elliott Management, Jim Cramer's Charitable

☆ 14 earnings, jobs and the Fed are what we're watching in the market this week
▼ + stars: | 2024-07-27 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

As for Club earnings, we got positive results from life sciences company Danaher and industrial firm Dover. Ford was a major disappointment and its nearly 20% stock drop for the week was the worst performer in the portfolio. In the week ahead, it's going to be another big week of earnings with the four mega-cap names and 10 other Club names set to report. Linde : We're looking for more of the same — steady earnings growth; 6% is the Street estimate. End market commentary will also help us better formulate our view of the economy — and in turn the stock market.

Persons: Russell, Jerome Powell's, Ford, Stanley Black, Decker, We're, we'll, Elliott, we've, We'll, Kraft Heinz, Vita Coco, COCO, Lam, SIRI, WEN, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Nasdaq, Dow, Communication, Honeywell, YouTube, Procter & Gamble, Devices, Microsoft, Starbucks, GE Healthcare, DuPont, Meta, Apple, Coterra Energy, Linde, Silo AI, Elliott Management, GE HealthCare, Amazon, Apple Intelligence, U.S, Labor, Fed, Networks, Procter, Gamble, PayPal, Pfizer, BP, JetBlue Airways, Merck, Solar Inc, Caesars Entertainment, Electronic Arts, EA, Nation Entertainment, Boeing, Cruise, Mastercard, Teva Pharmaceutical, Hess Corp, Arm Holdings, Qualcomm, Lam Research, Western, eBay, EBAY, MGM Resorts, MGM, ConocoPhillips, Mobileye, Canada Goose Holdings, Hershey, Toyota, Dominion Energy, Air Products & Chemicals, Southern Company, International, Coterra Energy Intel, Coinbase, Booking Holdings, LIN, Exxon Mobil, Chevron, LyondellBasell Industries, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: Dover, Eaton, Amazon, China, destocking, Corning, New York City

☆ Southwest ditching its unassigned seat policy shows how budget airlines' business models are getting upended
▼ + stars: | 2024-07-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, Southwest ditching its unassigned seat policy is a sign of the end times for budget airlines as we know it. Southwest Airlines is ending its open seating policy , opting for assigned and premium seating options. Between paid seat assignments and premium seating, Southwest could add as much as $3 billion in new revenue, according to one analyst. AdvertisementKevin Carter/Getty ImagesThe real pain of the current travel landscape is being felt by budget airlines. That's why Southwest's decision to end its open seating policy could be a sign of the end of budget airlines as we know it, writes BI's Taylor Rains and Pete Syme.

Persons: —, Chelsea Jia Feng, Elliott Management's, wasn't, Insider's Benjamin Zhang, Kevin Carter, BI's Taylor Rains, Pete Syme, Bob Jordan, Goldman Sachs, Jenny Chang, Rodriguez, Prince Williams, Getty, Griffin, Tyler Le, NKSFB, Chris Brown, Rupert Murdoch, Murdoch, they're, They're, Claudia Sahm, Donald Trump, Benjamin Netanyahu, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Southwest Airlines, Southwest, Southwest isn't, Bank of America, Getty, Bauer, Fox, News Corp, Mar Locations: Southwest, —, Taylor, Los Angeles, Lago, New York, London

☆ Dover wisely shuffles its portfolio — and why we're upgrading a struggling consumer stock
▼ + stars: | 2024-07-22 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

M & A moves: Club holding Dover said Monday it will sell its Environmental Solutions Group business to Terex Corporation for $2 billion in cash. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Russell, We're, Terex, Dover didn't, we're, Elliott, Danaher, Jim Cramer's, Jim Organizations: CNBC, ., Stocks, Nasdaq, Dover, Environmental Solutions Group, Terex Corporation, buybacks, Honeywell, Starbucks, Street, Elliott Management, Semiconductors, Cadence Design Systems, Spotify, United Parcel Services, GE Aerospace, GM, HCA Healthcare, Jim Cramer's Charitable Locations: Dover, Nucor, Cleveland, Freeport, McMoRan

☆ Activist pressure at Starbucks is the jolt the coffee giant needs to shake its slump
▼ + stars: | 2024-07-22 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Elliott Management's stake in Starbucks is exactly the jolt the struggling coffee stock needs to return to its winning ways. The well-known activist hedge fund has taken a significant position in Starbucks and is in discussions with the company on ways to improve its depressed stock price, The Wall Street Journal reported Friday afternoon. "I think Starbucks is a very big buy here because of Elliott," Jim Cramer said Monday on CNBC. SBUX YTD mountain SBUX stock performance year-to-date. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Elliott Management's, Jim, Elliott, Jim Cramer, …, Paul Singer, Laxman Narasimhan, Marc Benioff, Newlands, Laxman, BTIG, TD Cowen, Jim Cramer's, Beata Zawrzel Organizations: Starbucks, Street, CNBC, Constellation Brands, Modelo, Nurphoto, Getty Locations: North America, Sluggishness, China, Seattle, U.S, Krakow, Poland

☆ CNBC Daily Open: Biden drops out
▼ + stars: | 2024-07-22 | by ( Abid Ali | ) www.cnbc.com time to read: +5 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Starbucks stake Activist investor Elliott Management has taken a substantial stake in Starbucks and is engaging with management to boost the company's share price, according to the Wall Street Journal. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. Big Tech faces the challenge of rekindling Wall Street's enthusiasm after a $900 billion tech rout.

Persons: haven't, Stephanie Pope, Max, Elliott Management, Laxman Narasimhan, Howard Schultz, CNBC's Jim Cramer, Elon Musk, Dan Ives, Lina Khan, Khan, Ives, CrowdStrike, Fred Imbert, —, Alex Harring, Jesse Pound, Kevin Williams, Leslie Josephs, Josie Rozzelle, Kevin Breuninger, Dan Mangan, Zev Fima, Spencer Kimball, Rohan Goswami Organizations: CNBC, Dow, Boeing, Farnborough, Wall Street, Starbucks, Trump, Microsoft, Securities, Big Tech, Google, Apple Locations: London, New York, New Delhi, Washington

☆ Death of Hedge Fund Stars: Wall Street, Stock Market Titans Are Gone
▼ + stars: | 2024-07-21 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Take activist hedge funds, which buy up a percentage of a company's stock (or an asset) and then use their weight to push for operational changes. Or there would be a fun, splashy war between the hedge fund and the C-suite. Hedge funds rely on outperforming the market when times are hard and it's easier to find pockets of outperformance and exploit them. Of course, hedge funds are having a hard time coming up with a crew because the clients have changed too. Advertisement"At the end of the 1960s, the bubble burst, and everyone thought, 'That's the end of hedge funds,'" Mallaby said.

Persons: David Tepper, Anthony Scaramucci, Lenny Kravitz, lanyards, Bobby Jain, Goldman Sachs, Denise Shull, Charles Lemonides, ValueWorks, Saba Capital's Boaz Weinstein, BlackRock, Nelson Peltz, Bob Iger, Paul Singer's Elliott, —, Elliott, Meir Statman, Statman, I'm, That's, Paris, Marc Jacobs, they've, they're, Sebastian Mallaby, Julian Robertson, Julian, Mallaby, Lemonides, wonky quants, Keith Gill, David Einhorn, Andrew Left, bro Organizations: Appaloosa Management, Carolina Panthers, Bellagio, Millennium Management, Credit Suisse, Jain, Disney, Paul Singer's Elliott Management, Santa Clara University, Behavioral Finance, New, Tiger Management, Met, rockstar, Ferrari, Greenlight, Harvard, Princeton grad, Research Locations: Vegas , New York City, Singapore, Argentine

☆ Activist Starboard took a stake in Match. Here are steps the investor may take to help lift shares
▼ + stars: | 2024-07-20 | by ( Kenneth Squire | ) www.cnbc.com time to read: +8 min

Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. On July 15, Starboard sent a letter to Match highlighting various opportunities to improve operations, financial results and capital allocation. Match's EBITDA margin of 36% may be high for an average company, but it's low for a company like Match. Starboard thinks that this is a highly valuable asset that may be well-suited to operate as a private company. Starboard is not the first activist to launch a public campaign at Match.

Persons: Russell, Bernard Kim's, Jeff Smith, Thomas McInerney, Smith, Elliott, Ken Squire Organizations: IAC, Altaba, Yahoo, Elliott Management, Anson, 13D

☆ Alphabet earnings and 3 more things we're watching in the stock market next week
▼ + stars: | 2024-07-20 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

But in general, this is the kind of development we've hoped to see ever since Starbucks' massive earnings miss April 30. We'll take the nearly 7% pop in shares Friday and hope it's only the beginning of recovery for the beaten-up stock. Fed's fave inflation measure : The personal spending and income report will be the most closely watched economic report next week. Earnings : As the second-quarter earnings season picks up pace, we'll hear from five Club holdings next week including Google parent Alphabet . Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Russell, Donald Trump, — Trump, Jim Cramer, Trump, Donald Trump's, Taiwan's TSMC, Joe Biden's, Biden, Biden's, he's, Elliott, we've, We'll, it's, we'll, Sartorius, Ford, Jim Farley, We're, Honeywell management's, —, Zions, BOK, Brown, BRO, Lockheed Martin, Philip Morris, Clark, Lamb, Edwards Lifesciences, DOV, Dr Pepper, CARR, Baker Hughes, Booz Allen Hamilton, Jim Cramer's, Jim Organizations: Federal Reserve, Nasdaq, Dow, Republican National Convention, GOP, Bloomberg Businessweek, Trump, Elliott Management, Starbucks, Street Journal, Technology, General Motors, Honeywell, Dover, Products Company, Verizon, Truist, SAP, Semiconductors, Crown Holdings, Cadence Design Systems, Medpace Holdings, AGNC Investment, Logitech International S.A, KKR Real Estate Finance Trust, Berkley Corp, Spotify Technology S.A, United Parcel Service, GE Aerospace, GE, Cola Company, Lockheed, Comcast, Polaris Industries, Philip Morris International, Company, HCA Healthcare, Moody's Corporation, Enphase Energy, Texas Instruments Incorporated, Chubb Corporation, Seagate Technology plc, Maine, Packaging Corporation of America, Weatherford International plc, Canadian National Railway Company, FTAI Aviation Ltd, Mattel, Vertiv Holdings Co, Lamb Weston Holdings, NextEra Energy, Tenet Healthcare, Fisher, GE Vernova, Boston Scientific Corporation, General Dynamics, Lennox International, Software Technologies, CME Group, Fortive Corporation, Co, Roper Technologies, Teck Resources Limited, Blackstone Mortgage Trust, Economico Mexicano S.A, Dominion Freight, Otis Worldwide Corporation, OTIS, Ford Motor Company, Grill, Business Machines, IBM, Viking Therapeutics, Las Vegas Sands Corp, Newmont, Whirlpool, Globe, WM, O'Reilly Automotive, Annaly Capital Management, Honeywell International, American Airlines Group, Hasbro, Southwest Airlines Co, New York Community Bancorp, RTX Corporation, AstraZeneca, Carrier Global Corporation, Integer Holdings Corporation, Valero Energy, Texas, Juniper Networks, Boston Beer Company, Physicians Realty Trust, Allison Transmission Holdings, Corp, Columbia Banking, Digital Realty Trust, Edison International, Myers Squibb, Charter Communications, 3M Company, Booz, Centene Corporation, AON, Barnes, Colgate, Palmolive, Jim Cramer's Charitable, CNBC, U.S Locations: U.S, Taiwan, FactSet, China, Dover, Cleveland, Alexandria, ZION, W.R, Freeport, Kimberly, Cal, Teck, Las, ORLY, New, Banc, Bristol, Milwaukee , Wisconsin

Elliott Management has taken a significant stake in coffee chain Starbucks and is engaging with management to find ways to improve the company's share price, the Wall Street Journal reported Friday, citing people familiar with the matter. The firm did not hold a Starbucks stake as of March 31, its most recent disclosure. In April, the company reported disappointing quarterly results, with U.S. same-store sales falling 3% and traffic dropping 7%. Starbucks reported rates of incomplete mobile app orders in the mid-teens and said occasional customers came in less often. Narasimhan was hand-picked by returnee Starbucks CEO Howard Schultz to lead the company after his prior successor, Kevin Johnson, stepped down.

Persons: Elliott, Johnson, Laxman Narasimhan, Narasimhan, Howard Schultz, Kevin Johnson, Schultz, — CNBC's Amelia Lucas Organizations: Elliott Management, Wall Street, Starbucks, Southwest, Johnson Controls, Texas Instruments, Strategic, Center, U.S Locations: SoftBank

☆ Watch out: These stocks reporting next week are primed for earnings blowups
▼ + stars: | 2024-07-17 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

The first full week of earnings kicked off earlier this week, with results from some of the biggest banks on Monday and Tuesday. Its estimated EPS for the current quarter has fallen more than 16% to 94 cents a share. The stock has been under pressure during this stretch, dropping 11.6% in the past three months as of Tuesday's close. Southwest Airlines made the list after receiving 28 downward EPS revisions, resulting in a consensus estimate that fell 35.1% in the three months. Last month, Charlotte-based steelmaker Nucor cut its second-quarter earnings guidance , a major factor behind analysts' 21 earnings estimate cuts over the past three months.

Persons: postmarket, Elliott, Bob Jordan, Gary Kelly Organizations: United Airlines, Netflix, CNBC, Starbucks, Southwest Airlines, Elliott Management, Dominion Freight, Intel Corp Locations: Dallas, Charlotte, Nucor

☆ Activist investor Starboard says it's acquired 6.5% stake in Match Group
▼ + stars: | 2024-07-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Smith has been speaking with Match management about its plans, according to the letter, which was viewed by CNBC. In the letter, Smith wrote that Tinder enjoyed enviable and viral growth for years but has been stymied of late by sluggish innovation. But if Match is unable to more broadly turn around its business, the company should consider going private, Smith said. A Match spokesperson said in an emailed statement that the company is in communication with Starboard and other investors. Starboard isn't the first activist to put pressure on Match.

Persons: Jeff Smith, Starboard's Jeff Smith, Bernard Kim, Smith, Tinder, Kim, Anson, Elliott, Salesforce, Splunk Organizations: Bloomberg Television, CNBC, Wall Street, Zynga, Elliott Management, Autodesk, Cisco Locations: New York, U.S, Tinder, GoDaddy

☆ CNBC Daily Open: Are markets too optimistic?
▼ + stars: | 2024-07-09 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. While open to collaboration, Elliott plans to give shareholders a say in leadership changes if the board remains unresponsive. Despite selling $379 million worth of bitcoin in recent weeks, Germany's Federal Criminal Police Office still holds roughly 32,488 bitcoins — worth around $1.9 billion at today's prices. Japan stocks hit record highJapan's export-heavy Nikkei 225 as well as the broader Topix hit record highs amid a broader rise in Asia-Pacific markets.

Persons: Beryl, Elliott, Elliott Management, Bob Jordan, Gary Kelly, Corning, We've, Wendell Weeks Organizations: New York Stock Exchange, CNBC, Nasdaq, Apple, Nvidia, Dow Jones, Treasury, Southwest Airlines, Police, Federal Criminal Police, National Australia Bank, CSI Locations: New York City, U.S, Saxony, Japan, Asia, Pacific, Al

☆ CNBC Daily Open: Are markets overly optimistic?
▼ + stars: | 2024-07-09 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2023. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. While open to collaboration, Elliott plans to give shareholders a say in leadership changes if the board remains unresponsive. Despite selling $379 million worth of bitcoin in recent weeks, Germany's Federal Criminal Police Office still holds roughly 32,488 bitcoins — worth around $1.9 billion at today's prices.

Persons: Beryl, Elliott, Elliott Management, Bob Jordan, Gary Kelly, Corning, We've, Wendell Weeks, Max Organizations: New York Stock Exchange, CNBC, Nasdaq, Apple, Nvidia, Dow Jones, Treasury, Southwest Airlines, Police, Federal Criminal Police, Boeing, Wall Locations: New York City, U.S, Saxony, Texas

☆ Southwest adds former US Airways CEO to board as it battles activist
▼ + stars: | 2024-07-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Southwest Airlines announced Monday that it's adding former US Airways CEO Rakesh Gangwal to its board of directors. The latest defensive maneuver aims to blunt Elliott's accusations that Southwest's board is long-tenured and insular. Gangwal was CEO of the now-defunct US Airways in the late 1990s and early 2000s, before founding Indian low-cost carrier IndiGo in 2006. Southwest announced the board expansion less than a week after it adopted a shareholder rights plan, limiting investors' ability to grow their stakes beyond a 12.5% threshold. Elliott is seeking the ouster of Kelly, Southwest's CEO before becoming executive chair, and Bob Jordan, who has served as Southwest's CEO since 2022.

Persons: Rakesh Gangwal, Elliott, Gangwal, Rakesh, Gary Kelly, Kelly, Bob Jordan, Jordan Organizations: Southwest Airlines, US, Elliott Management, US Airways, IndiGo, Southwest Locations: Asia

☆ Southwest Airlines activist Elliott threatens proxy fight for new leadership
▼ + stars: | 2024-07-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Activist investor Elliott Management said Monday it would mount a proxy fight to push for change at Southwest Airlines through a special shareholder vote unless management is willing to negotiate, citing a poison pill and board expansion that the investor views as "entrenchment maneuvers." Elliott in its letter to Southwest's board said it remained open to collaboration, but that the board had taken steps to box Elliott out. A proxy fight would be expensive and challenging for Elliott and Southwest Airlines. Activist investors can mount proxy fights if they are seeking to force change in a company's leadership or operations. Companies usually settle with Elliott, one of the most successful activist investors, rather than risk taking on the activist in a proxy battle.

Persons: Elliott Management, Elliott, Bob Jordan, Gary Kelly, underperformance, John Pike, Bobby Xu, expeditiously, Rakesh Gangwal, Pike, Xu Organizations: Southwest Airlines, Elliott, Southwest, Companies, Salesforce Locations: Southwest

☆ Southwest Airlines shareholders puzzled by Elliott's activism can look to past campaigns for insight
▼ + stars: | 2024-07-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +12 min

Rather than sparking typical cheer on Wall Street, Elliott's campaign, spelled out in a 50-page presentation, led to confusion and concern among investors and customers. Several activism experts pointed to two of Elliott's past targets for insight into the hedge fund's strategy for Southwest: Suncor Energy in 2022 and Marathon Petroleum in 2019. Elliott partner John Pike, who is now leading the Southwest campaign, was involved in the firm's actions at both energy companies. Pike and portfolio manager Bobby Xu are leading Elliott's Southwest campaign. But in 2018, a few months after reaching an agreement with Elliott, Marathon announced it was only getting bigger.

Persons: David Paul Morris, Elliott, Bob Jordan, Gary Kelly, Elliott hasn't, Southwest's, John Pike, Haviv Ilan, Marc Benioff, Jordan, Pike, Bobby Xu, Vinson, Elkins, Mark Little, Elliott's Pike, Suncor's, Little, Rich Kruger, Candace Elliott, Marathon, Weeks, Gary Heminger, Mike Hennigan, Hennigan, hasn't, It's, isn't, Kelly, it's, Xu, — CNBC's Leslie Josephs Organizations: Southwest Airlines, Oakland International Airport, Bloomberg, Getty, Elliott Management, Southwest, Melius Research, Suncor Energy, Marathon Petroleum, Marathon, Etsy . Texas, of America, Suncor's Petro, Canada, Canadian, Petro - Canada, Petro, Exxon Mobil, Reuters, Speedway, Elliott, Company, Heminger, Artisan Partners, Suncor, Southwest Airlines Pilots Association, CNBC Locations: Oakland , California, Dallas, Suncor, New York, West Palm Beach , Florida, Etsy, Canada, Sherwood Park , Alberta, Marathon, Southwest

☆ CNBC Daily Open: Tesla powers S&P 500, Nasdaq to record highs
▼ + stars: | 2024-07-04 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Record highsThe S&P 500 and the tech-heavy Nasdaq Composite closed at record highs in a shortened session ahead of the July 4 Independence Day holiday. The yield on the 10-year Treasury fell as the latest economic data indicated the jobs market was cooling. Despite some officials advocating for potential rate hikes, the Federal Open Market Committee ultimately decided to hold rates steady. [PRO] Tesla bull caseWedbush analyst Dan Ives raised his Tesla price target to $300 from $275, with a bull case of $400 by 2025.

Persons: Nela Richardson, Elliott Management's, Elliott, Bob Jordan, Gary Kelly, JPMorgan's Kolanovic, Marko Kolanovic, Kolanovic, Dubravko, Dan Ives Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Treasury, Federal Reserve, Federal, Market Committee, ADP, Southwest Airlines Locations: U.S

Southwest Airlines said Wednesday that it has adopted a shareholder rights plan, more commonly known as a "poison pill," in response to activist Elliott Management's investment in the airline and push to oust CEO Bob Jordan and Chairman Gary Kelly. The poison pill will only activate if Elliott — or another investor — acquires at least 12.5% of the company. "Southwest Airlines has made a good faith effort to engage constructively with Elliott Investment Management since its initial investment and remains open to any ideas for lasting value creation," Kelly said in a statement. Elliott and Southwest management met in person just two weeks ago, according to people familiar with the matter. Companies often adopt shareholder rights plans in response to an activist threat; rental car company Hertz adopted a poison pill in 2013 in response to "unusual" trading activity that management thought presaged an activist.

Persons: Elliott, Bob Jordan, Gary Kelly, Elliott —, —, Kelly, Hertz, Jordan, Morgan Stanley, Ellis Organizations: Southwest Airlines, Elliott Investment Management, Companies, Boeing, Southwest, Texas, Bank of America, & Locations: Southwest, Dallas, New York, West Palm Beach , Florida, Kirkland

☆ CNBC Daily Open: Micron slides, Amazon's $2 trillion
▼ + stars: | 2024-06-27 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

A trader works on the floor of the New York Stock Exchange (NYSE) during morning trading on March 4, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Micron slidesShares of Micron fell almost 8% in extended trading on Wednesday as its revenue forecast failed to top analysts' expectations. The stock rose 3.9% on Wednesday.

Persons: Sanjay Mehrotra, Annie Palmer, Elliott Management, Shunichi Suzuki, Australia's, Arjun Jayaraman Organizations: New York Stock Exchange, CNBC, Dow Jones, Nasdaq, Nvidia, Micron, Apple, Microsoft, Southwest Airlines, Delta, U.S ., Finance, CSI Locations: New York City, Shein, Asia, Pacific, India

☆ CNBC Daily Open: Amazon enters $2 trillion club
▼ + stars: | 2024-06-27 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The yield on the 10-year Treasury rose as investors parse comments from Fed officials and await key inflation data due Friday. $2,000,000,000,000Amazon's market capitalization surpassed $2 trillion for the first time on Wednesday, joining the ranks of tech giants like Apple and Microsoft. YouTube dominanceAlphabet's YouTube, the pioneer of user-generated content, continues to dominate media consumption, now accounting for nearly 10% of all TV viewership in the U.S.

Persons: Annie Palmer, Elliott Management, Sanjay Mehrotra, Rich Greenfield, Piper Organizations: CNBC, Dow Jones, Nasdaq, Nvidia, Apple, Microsoft, Southwest Airlines, Delta, Micron, YouTube, Nielsen, Netflix, Media, Disney, Warner Bros Locations: Shein, U.S

☆ Southwest Airlines cuts revenue forecast
▼ + stars: | 2024-06-26 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A Southwest Airlines jet is parked Ellison Onizuka Kona International Airport at Kehole awaiting passengers on January 20, 2024 in Kailua-Kona, Hawaii. Southwest Airlines shares fell roughly 4% in premarket trading Wednesday after the carrier cut its second-quarter revenue forecast, citing changing booking patterns. Southwest still expects record quarterly operating revenue in the second quarter. Airlines are raking in record numbers of passengers but higher costs and growth in capacity have weighed on fares and profits. "The reduction in the Company's RASM [revenue per available seat mile] expectations was driven primarily by complexities in adapting its revenue management to current booking patterns in this dynamic environment," Southwest said in a filing.

Persons: Ellison, Bob Jordan, Gary Kelly, Jordan Organizations: Southwest Airlines, Airlines, Southwest, Elliott Management, Politico Locations: Kehole, Kailua, Kona, Hawaii, United, Dallas

Search resuls for: "Elliott Management"

25 mentions found