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Here are Wednesday's biggest calls on Wall Street: JPMorgan reiterates Netflix as overweight JPMorgan raised its price target on the stock to $470 per share from $380 and says it's bullish on paid sharing. "We are raising our price target from $205 to $220 to reflect increased confidence in this upcoming iPhone cycle and reiterate Apple as an OUTPERFORM and Wedbush Best Ideas List name." Piper Sandler reiterates Amazon as overweight Piper raised its price target on Amazon to $150 per share from $130 and said it sees Amazon Web Services revenue bottoming later this year. Bank of America reiterates Nvidia as buy Bank of America said it sees "sustainable AI growth" for shares of Nvidia. " Jefferies reiterates Topgolf Callaway Brands as buy Jefferies said the combination of PGA and Liv Golf is bullish for Topgolf.
Persons: it's bullish, Wells, Wedbush, Morgan Stanley, Piper Sandler, Piper, We've, YTD, Canaccord, Mobileye, Rosenblatt, it's, Jefferies, Topgolf, Liv, bullish Organizations: JPMorgan, Netflix, Apple, AWS, Computer, Micro, Supermicro, Barclays, Bank of America, Nvidia, Broadcom, Topgolf Callaway Brands, UBS Locations: 2H23, GKOS, Midcap, Edgewater
The sporting world was left stunned when the PGA Tour, DP World Tour and rival Saudi-backed LIV circuit ended their bitter two-year dispute and announced an agreement to merge and form one unified commercial entity. The most aggrieved players are likely to be those, like Tiger Woods, Rory McIlroy and Hideki Matsuyama, who turned down eye-watering sums from LIV Golf to remain loyal to the PGA Tour only to see the tours merge. "I do feel bad for the PGA Tour players because they were told one thing and something else happened, and our side, we were told one thing and it's come to fruition," DeChambeau told CNN. "It does stink a little bit from my perspective that the PGA Tour players are not necessarily winning. I think this is one of the saddest days in the history of professional golf," Chamblee said on the Golf Channel.
Persons: Bryson DeChambeau, LIV Golf, LIV, Jay Monahan, Woods, Rory McIlroy, Hideki Matsuyama, DeChambeau, it's, Yasir Al, Yasir, That's, Brandel, Chamblee, Nick Mulvenney, Peter Rutherford Organizations: U.S, PGA, Canadian, CNN, LIV, Public Investment Fund, Saudi, PIF, Thomson Locations: Saudi, Toronto
The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, according to its most recent filing. A state-owned investment fund like the PIF is not unique. Critics of LIV Golf accused the Saudis of backing the new tour as a form of “sportswashing” its reputation. For example it’s not clear exactly how much it invested to start up LIV Golf. CNN has not been able to confirm that report, but what is known is that LIV Golf tournaments have been held on Trump Organization properties.
Persons: petro, LIV Golf, LIV, Yasir Al, Rumayyan, Cristiano Ronaldo, Karim Benzema, , Elon Musk, Jared Kushner, Donald Trump’s, Kushner, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, – CNN’s Coy Wire, Jack Bantock, Steve Almasy Organizations: New, New York CNN, Saudi, Saudi Public Investment Fund, Sovereign Wealth Fund, PGA, Soccer, Saudi Aramco, Newcastle United, Saudi Pro League, CNBC, Electronic Arts, EA, Activision Blizzard, Ticketmaster, Carnival Corp, Twitter, Washington Post, CNN, Trump Organization, US State Department, Congress Locations: New York, Europe, Saudi, English, Al, Saudi Arabia, al Qaeda
Opinion | Golf’s Antitrust Problem Just Got Bigger
  + stars: | 2023-06-07 | by ( Peter Coy | ) www.nytimes.com   time to read: +1 min
Sports leagues love competition, except against one another. The leagues make more money when they don’t have to compete for talent and audience. The PGA Tour will appoint a majority of the board and hold a majority voting interest in the combined entity. But the Saudi sovereign wealth fund, the Public Investment Fund, will start out as the exclusive investor in the entity, and Yasir al-Rumayyan, the wealth fund’s governor, will be the entity’s chairman. In this case the PGA Tour looks more swallowed than swallowing, but Ross told me, “From the branding point of view the PGA Tour was a monopoly and it will still be the dominant organizer with its new huge partner.”
Persons: LIV, Yasir al, it’s, That’s, ” Stephen Ross, Ross, Organizations: Saudi, LIV Golf, The Times, Public Investment Fund, Penn State Law Locations: Saudi Arabia, Europe, Saudi
An announcement by the PGA Tour declared a partnership with the Saudi-backed LIV Golf, as well as the DP World Tour, unifying the trio under a new, yet-to-be-named, commercial entity. An eight-time winner on the PGA Tour and the 2020 US Open champion, DeChambeau’s move was a huge coup for LIV Golf. Yet many of the game’s biggest stars stayed put, with several becoming outspoken critics of LIV Golf. The latter purportedly turned down a $700 - $800 million offer to join the breakaway series, according to LIV Golf CEO Greg Norman. “I do feel bad for the PGA Tour players because they were told one thing and something else happened.
Persons: Bryson DeChambeau, , LIV, DeChambeau, DeChambeau’s, LIV Golf, Rory McIlroy, Tiger Woods, Greg Norman, CNN’s Kaitlan Collins, ” DeChambeau, it’s, Suhaimi Abdullah, Saudi Arabia’s, LIV Golf’s, Mohammed bin Salman, Jamal Khashoggi, Bin Salman, Quizzed, Collins, “ I’m, I’m, ” Bryson, Brett Eagleson, Maddie Meyer, Organizations: CNN, PGA Tour, Saudi Arabia’s Public Investment Fund, PGA, , LIV, Sentosa Golf Club, Saudi, Congress, United, America, Getty Locations: Saudi, Singapore, Saudi Arabia, Washington, al Qaeda
Golf becomes a geopolitical trophyThe shock news that the PGA Tour plans to join forces with LIV Golf, the upstart circuit that it has spent the past year feuding with, rattled the normally staid world of golf. Saudi Arabia, LIV’s backer, now stands to hold enormous sway over golf, as it invests billions to extend its presence throughout pro sports — and beyond. It’s an additional sign of how the kingdom is seeking to assert its role as a growing geopolitical and global business power. Covert jet-setting talks led to the golf deal. Those on the Saudi side included the banker Michael Klein, a longtime adviser to the kingdom.
Persons: LIV Golf, LIV, Jay Monahan, Ed Herlihy, Wachtell, Jimmy Dunne, Piper Sandler, Michael Klein Organizations: PGA Tour, PGA, Allen & Company Locations: Saudi Arabia, what’s, Saudi
A bit of background for the uninitiated:Men’s pro golf in North America has been dominated by the PGA Tour for decades. Last year, the Saudi sovereign wealth fund spent an estimated $2 billion to form a rival league, LIV Golf, to challenge PGA’s dominance. LIV attracted many of the sport’s top players away from the PGA Tour and Europe’s DP World Tour by offering more prize money. A long legal battle followed, and LIV golfers were banned from established tours. It is pronounced like “live.” As in, “Please don’t kill me, I want to live.”Oh, yeah — that brings me to the whole “why you should care” bit, and why many pro golfers and fans are apoplectic over the tie-up.
Persons: CNN Business ’, LIV Golf, LIV, “ LIV ”, Jamal Khashoggi, sportswashing, Phil Mickelson, Greg Norman, soccer’s Cristiano Ronaldo —, Chris Isidore, Bloomberg, it’s, , Peter Coy, , you’ll Organizations: CNN Business, New York CNN, PGA Tour, PGA, Bloomberg, US Justice Department, Tour, US Federal Trade Commission, New York Times Locations: New York, North America, Saudi, Saudi Arabia
LIV had filed an antitrust lawsuit in the United States seeking punitive damages against the PGA Tour for its "tortious interference" with contracts with golfers. PGA Tour had countersued, making similar claims. PGA Tour and LIV have now signed a framework agreement that calls for investment banks M Klein & Co and Allen & Co to carry out a valuation analysis of the assets of LIV and PGA Tour, respectively. A new company will be created that will be majority-owned by the existing PGA Tour, which is a nonprofit. The U.S. Department of Justice had already been looking at the dispute between PGA Tour and LIV as part of a broad antitrust probe into professional golf.
Persons: LIV, PIF, Milana Vinn, Greg Roumeliotis, Matthew Lewis Organizations: PGA Tour, PGA, Klein, Co, Allen, WHO, Saudi Arabia's Public Investment Fund, Regulators, U.S . Department of Justice, Foreign Investment, Thomson Locations: Saudi, United States, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis is how golfers and sponsors are reacting to the PGA Tour and Liv Golf mergerSean Zak, Senior Writer at Golf Magazine, discusses the PGA Tour and Liv Golf merger.
Persons: Sean Zak Organizations: PGA, Liv Golf, Golf Magazine
LIV Golf Joins a Club That Will Have It as a Member
  + stars: | 2023-06-07 | by ( Kurt Streeter | ) www.nytimes.com   time to read: +1 min
They said it was about principles, but it was always about money. Human rights, it turns out, are a bore, and an obstacle. “Sportswashing,” as it is known, is powerful and effective. That’s the message between the lines of the merger between the once venerable PGA Tour and what until Tuesday was its insurgent competition — LIV Golf, born just last year and fueled by billions from Saudi Arabia’s sovereign investment fund, which the oil-rich kingdom uses to gild its global image. It reigns over the morals, values and traditions that the PGA Tour, now swaddled in rank hypocrisy, trumpeted during a seemingly fierce but apparently phony conflict that pitted the biggest names in golf against each other.
Persons: LIV Golf Organizations: PGA Tour Locations: thrall, Saudi Arabia, Saudi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRegulators could argue LIV-PGA partnership is bad for competition, says Attorney Gerald MaatmanGerald Maatman, Duane Morris partner and antitrust attorney, joins 'Last Call' to discuss lawmaker's backlash to the LIV-PGA partnership and the possibility of the partnership getting shut down by federal regulators.
Persons: LIV, Gerald Maatman Gerald Maatman, Duane Morris
"The people that left the PGA Tour irreparably harmed this Tour, started litigation against it," said McIlroy the defending Canadian Open champion. McIlroy was not tempted by the Saudi money and believes those players who stood with the PGA Tour should be compensated for their loyalty. This is the PGA TOUR, the DP World Tour and the PIF. "It's the PGA TOUR, DP World Tour and the Public Investment Fund are basically partnering to create a new company." That new company, McIlroy said, will be run by the PGA Tour with commissioner Jay Monahan acting CEO.
Persons: LIV, Rory McIlroy, McIlroy, Hall, Hall of Famer Phil Mickelson, Dustin Johnson, Brooks Koepka, That's, I've, LIV's, Jay Monahan, Frank Pingue, Steve Keating, Kirsten Donovan, Ed Osmond Organizations: TORONTO, PGA, Hall of Famer, Northern, Canadian, Saudi Arabia Public Investment Fund, Public Investment Fund, PGA Tour, Thomson Locations: Saudi, Toronto
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe PGA-LIV merger will be a wait-and-see game, says Wharton's Americus ReedAmericus Reed, Wharton School of Business professor, and Mark Patricof, Patricof co-founder, join 'Power Lunch' to discuss the PGA Tour-Liv golf merger and more.
Persons: LIV, Americus Reed Americus Reed, Mark Patricof, Patricof Organizations: Americus Reed, Wharton School of Business
watch nowThe proposed merger between the PGA Tour and its Saudi-funded rival LIV Golf stunned everyone from golfers to Wall Street bankers this week – leaving many with questions about what the merger could mean. While the two organizations were feuding, golfers were divided between the PGA Tour and LIV. Aside from the lawsuits, LIV Golf has been surrounded by controversy and criticism since its launch in 2022. LIV Golf sued the tour, also citing anti-competitive practices for banning its players. The PGA Tour countersued.
Persons: LIV Golf, LIV, Jefferies, Jay Monahan, CNBC's, Henry Hauser, Perkins, Monahan, Phil Mickelson, Bryson DeChambeau, Yasir Al, Rumayyan, Hauser, it's, Timothy Derdenger, Derdenger Organizations: PGA Tour, Wall, FTC, PGA, Saudi Arabia Public Investment Fund, Antitrust, Public Investment, Federal Trade Commission, Justice Department, American Airlines, JetBlue Airways, Carnegie Mellon University's Tepper School of Business, U.S . Locations: Saudi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBruin Capital CEO on PGA Tour-LIV Golf merger: Outside capital is a factor like never beforeGeorge Pyne, Bruin Capital founder and CEO, and former SEC chairman Jay Clayton, join 'Squawk Box' to discuss the fallout of the PGA Tour-LIV Golf merger, the winners and losers of the deal, and more.
Persons: George Pyne, Jay Clayton Organizations: Bruin, Bruin Capital, SEC, PGA
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe way this was done, there's going to be hell to pay: WashU's Patrick Rishe on PGA-LIV Golf mergerPatrick Rishe, Director of the sports business program at Washington University in St. Louis and Sportsimpacts founder and president, joins 'Squawk Box' to discuss the PGA Tour-LIV merger, and what it means for the players, fans, and more.
Persons: WashU's Patrick Rishe, Patrick Rishe, Louis, LIV Organizations: LIV, Washington University Locations: St
But while they could one day find themselves members of the PGA Tour again, those who joined LIV Golf may get a frosty welcome from those competing on the U.S.-based circuit. The people that left the PGA Tour irreparably harmed this Tour, started litigation against it," world number three McIlroy said on Wednesday. Another unknown is how the golf calendar will look under the framework of the merger or whether the LIV Golf League team-based competition will even exist after its 2023 season. Typically, a resigned player who wants to rejoin the DP World Tour for the 2023 season would have had to give their notification by May 1 of this year. DP World Tour CEO Keith Pelley said subsequent requests would require proof of an exceptional circumstance to be allowed, something he said would "be difficult and highly unlikely that that would happen."
Persons: LIV, Rory McIlroy, Phil Mickelson, Brooks Koepka, Dustin Johnson, Cam Smith, McIlroy, that's, LIV Golf, Greg Norman's, Tiger Woods, Norman, Jay Monahan, Monahan, Keith Pelley, Frank Pingue, Toby Davis Organizations: PGA, Saudi Arabia Public Investment Fund, Hall of Fame, PGA Tour, LIV Golf, LIV Golf League, Saudi, European, European Ryder, U.S, PGA of America, Ryder Cup Europe, Thomson Locations: Saudi, Toronto, Rome
Podcast: An exclusive June sit-down with Kosovo’s president
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: 1 min
What you need to know, from our daily Reuters World News podcast:Saudi Arabia emerges as the big winner as golf’s bitter divide ends with unexpected PGA-LIV merger. An exclusive interview with Kosovo’s president as tensions bubble with Serbia. Plus, cleaning up the Seine for the Paris Olympics. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising..Further ReadingExclusive: Kosovo president open to new elections in Serb-majority municipalitiesPGA Tour and LIV announce shock merger to end bitter splitFor its 2024 Olympics, Paris wants the Seine river swimmableOur Standards: The Thomson Reuters Trust Principles.
Persons: LIV Organizations: Apple, Google, Reuters, Paris, Thomson, PGA Locations: Saudi Arabia, Serbia, Kosovo, Paris
Follow on Apple, Google or Spotify. What you need to know, from our daily Reuters World News podcast:Saudi Arabia emerges as the big winner as golf’s bitter divide ends with unexpected PGA-LIV merger. An exclusive interview with Kosovo’s president as tensions bubble with Serbia. Plus, cleaning up the Seine for the Paris Olympics. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices.
Persons: LIV Organizations: Apple, Google, Reuters, Paris, Thomson, PGA Locations: Saudi Arabia, Serbia, Kosovo, Paris
When a Saudi-backed upstart golf league began recruiting high-profile players from the top U.S. circuit, the American tour’s commissioner lamented a “foreign monarchy that is spending billions of dollars in an attempt to buy the game of golf.”The commissioner, Jay Monahan, who heads the PGA Tour, sniped at players who left for the new league, LIV Golf, hinting at the stain that the Saudi government’s human rights violations would leave on them. But on Tuesday, Mr. Monahan sat smiling with the head of the Saudi sovereign wealth fund to announce that the PGA Tour and LIV Golf were forming what promises to be a lucrative partnership. “I recognize that people are going to call me a hypocrite,” Mr. Monahan said later. “But circumstances do change.”The deal, if it goes forward, represents an enormous victory for Saudi Arabia and its de facto leader, Crown Prince Mohammed bin Salman, in a bid to become a major player in global sports, giving the kingdom considerable sway over the game of golf. But the significance of the moment transcends sports, as Saudi Arabia under Prince Mohammed seeks greater political influence in the Middle East and beyond.
Persons: Jay Monahan, sniped, LIV Golf, Monahan, LIV, , Mr, Prince Mohammed bin Salman, Prince Mohammed Organizations: PGA Locations: Saudi, Saudi Arabia
It's lured some of the biggest golf stars away from the PGA Tour with huge paychecks, spurring antitrust lawsuits with the American organization. "This is Saudi Arabia buying the PGA tour," sports talk show host Rich Eisen said in his broadcast after hearing the news. USA Today sports columnist Christine Brennan called the move "a total wimp-out by the PGA Tour. Glyn Kirk | AFP | Getty ImagesSocial media was rife with self-described golf fans vowing to never again watch the PGA Tour. Pro golfer Phil Mickelson, another member of the LIV Tour, tweeted "Awesome day today" in response to the news.
Persons: LIV Golf, that's, , LIV, Saudi Crown Prince Mohammed bin Salman, It's, Jay Monahan, Rich Eisen, Pat Welter, it's, Christine Brennan, Tiger Woods, Glyn Kirk, Ron Wyden, Chris Murphy, Jamal Khashoggi, Saudi LIV, Monahan, Saudi Arabian Crown Prince Mohammed bin Salman, Jim Watson, Bryson DeChambeau, DeChambeau, Phil Mickelson, Jeffries, Yasir Al, Cristiano Ronaldo, Saudi Arabia's, Al Organizations: PGA Tour, Saudi, LIV Players, PGA, Saudi Arabia's Public Investment Fund, Saudi Crown, CNBC, Twitter, 150th, St, AFP, Getty, LIV, Washington Post, Amnesty, Saudi Arabian Crown, Saudi Embassy, Washington D.C, Saudi Foreign Ministry, CNN, Royal, Anadolu Agency, Getty Images Investment, Rumayyan, Nassr Football Club, Al Nassr Football Locations: Saudi Arabia, North Carolina, Saudi, Scotland, Oregon, Connecticut, American, Washington ,, Washington, videoconference, Riyadh, PIF, Portuguese
In Reprieve for PGA Tour, Rory McIlroy Backs Saudi Deal
  + stars: | 2023-06-07 | by ( Alan Blinder | ) www.nytimes.com   time to read: +1 min
The PGA Tour, facing a crush of internal dissent for its choice this week to accept the kind of Saudi money it spent the last year denouncing as tainted, appeared Wednesday to have the support of one of its most powerful players: Rory McIlroy, who had been one of the foremost critics of the Saudi-backed LIV Golf circuit, which had convulsed the sport. Peering a decade into the future, McIlroy predicted Wednesday that the agreement to bring the tour and LIV’s business dealings into a single company controlled by the PGA Tour would be “good for the game of professional golf.”“There’s a lot of ambiguity,” McIlroy said Wednesday in Toronto, where a tour event is scheduled to begin Thursday. “There’s a lot of things still to be sort of thrashed out. But at least it means that the litigation goes away, which has been a massive burden for everyone that’s involved with the tour and that’s playing the tour, and we can start to work toward some sort of way of unifying the game at the elite level.”McIlroy, a member of the PGA Tour board, which will ultimately have to approve the agreement that blindsided almost the entire golf industry when it was announced on Tuesday, is only one player. But he is among the world’s most prominent golfers, and his decision to refrain from joining the wave of condemnations toward the PGA Tour is a precious reprieve for Commissioner Jay Monahan and his allies as they scramble to curb a revolt against the deal.
Persons: Rory McIlroy, LIV, McIlroy, ” McIlroy, , that’s, Jay Monahan Organizations: PGA, PGA Tour Locations: Saudi, Toronto
The surprise merger announcement between the PGA Tour and the Saudi Arabia-backed LIV Golf league sent shockwaves through the sports world on Tuesday and could have big implications for two golf stocks, according to Jefferies. As part of the deal, the Saudi Public Investment Fund, or PIF, is prepared to invest billions in the new golf league, CNBC's David Faber reported Tuesday. Jefferies analyst Randal Konik said in a note to clients Tuesday that the combined league and additional cash should boost golf's growth. "We believe that this unexpected agreement holds immense potential to elevate the sport of golf to new heights. Jefferies highlighted both stocks as potential beneficiaries of the deal, but said Topgolf Callaway has more "asymmetric upside potential."
Persons: LIV, shockwaves, Jefferies, CNBC's David Faber, Randal Konik, Konik, Topgolf Callaway, Michael Bloom Organizations: PGA Tour, LIV Golf, Saudi Public Investment Fund, Callaway Brands, Acushnet Holdings Locations: Saudi Arabia, PIF, Titleist
In less than 24 hours, the SEC filed lawsuits against some of the biggest players in crypto. First came Binance, the world's largest crypto exchange, and its outspoken CEO and founder Changpeng Zhao. The SEC drew a line in the sand for the entire crypto ecosystem: It's our way or the highway. Too many things that make crypto special — anonymity, decentralization — are exactly the type of things financial regulators hate. Here are two experts both issuing warnings about the stock market.
Persons: Dan DeFrancesco, we've, Al Pacino, Michael Corleone, Changpeng Zhao, bitcoin, it's, Gary Gensler, Goldman Sachs, Gensler, FTX's Sam Bankman, Fried, Binance, Kim Kardashian, Mike Coppola, Kim K, It's, Hafize Gaye Erkan, she's, Serta Simmons, LIV Golf, Michael Klein, Jeffrey Cane, Nathan Rennolds Organizations: Paramount, SEC, Netflix, Getty, SKKY Partners, First, Goldman, Party, PGA, LIV, LinkedIn Locations: outflows, First Republic, Republic, California, New York, London
PGA Tour, LIV Golf Agree to Merge
  + stars: | 2023-06-06 | by ( Andrew Beaton | Louise Radnofsky | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones Locations: saudi, arabia
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