DIRS.INFO The most relevant business & tech news

☆ An analyst upgraded Morgan Stanley to a buy. Why we're not ready to follow suit
▼ + stars: | 2024-10-05 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Dealmaking activity has picked up, but it's not been enough to fully unlock Morgan Stanley shares. Morgan Stanley ended Friday within a dollar of its all-time closing high of $108.73 reached back in February 2022. Friday's positive developments are welcome news – but not enough to add clarity on our path forward for Morgan Stanley. For the time being, the Club is taking a wait-and-see approach with Morgan Stanley stock. If there is a surge in IPO and M & A activity that HSBC forecasted, Morgan Stanley is well-positioned to benefit.

Persons: Morgan Stanley, Jim Cramer, Morgan Stanley's, Jim, Goldman Sachs, it's, Wells, We're, Morgan, Banks, Dan Simkowitz, Jim Cramer's, Bing Guan Organizations: HSBC, KBW, CNBC, Bloomberg, Getty

☆ OpenAI's investors include Silicon Valley's most prolific bubble chasers. Is that a bad sign for the company's future?
▼ + stars: | 2024-10-03 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

AdvertisementOpenAI has officially closed a historic funding round. AdvertisementTiger Global is also one of the firms that backed OpenAI in this latest funding round. AdvertisementNotably absent from the list of OpenAI investors was Apple, which is said to have dropped out of the deal at the 11th hour. Apple's inclusion in OpenAI's funding round may have gone a long way toward quieting doubts about OpenAI's palace intrigue and general chaotic vibe. A few weeks ago, this funding round was being talked about as the arrival of the adults in the room.

Persons: OpenAI, —, Adam Neuman, Masayoshi Son, Neuman, SoftBank, Morningstar, You'd, Goldman Sachs, Tim Cook, Cook, Elon Musk Organizations: Nvidia, United, United Arab Emirates, Service, SoftBank's, Business, Ark Venture, BI, Apple Locations: United Arab, Silicon, Silicon Valley

☆ Lazard CEO Peter Orszag on the economy, impact of port strike and Middle East conflict, state of M&A
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLazard CEO Peter Orszag on the economy, impact of port strike and Middle East conflict, state of M&APeter Orszag, Lazard CEO and former OMB Director under President Obama, joins 'Squawk Box' to discuss the state of the economy, impact of the port strike and the Middle East conflict, the Fed's inflation fight, state of dealmaking, what he's learned in his first year as Lazard CEO, and more.

Persons: Peter Orszag, Obama, he's Organizations: Lazard Locations: dealmaking

☆ What a resurgence in Wall Street dealmaking means for Morgan Stanley and Wells Fargo
▼ + stars: | 2024-10-02 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Great news for Club stocks Wells Fargo and Morgan Stanley : The rebound in investment banking isn't over yet. We'll find out to what extent when Wells Fargo reports earnings on Oct. 11 and Morgan Stanley delivers quarterly results on Oct. 16. MS YTD mountain Morgan Stanley (MS) year-to-date performance For Morgan Stanley, a resurgence in its investment banking division is crucial to our investment thesis and why we stuck with it. WFC YTD mountain Wells Fargo (WFC) year-to-date Morgan Stanley's IB business is much larger than Wells Fargo's. Wells Fargo, which has a strong wealth management franchise, is branching out to take a slice of the IB pie.

Persons: Morgan Stanley, We'll, Wells, Jerome Powell, Powell, Rebecca Brokmeier, Brokmeier, Morgan, Jim Cramer, Goldman Sachs, underperformance, Dan Simkowitz, Jim, We've, Charlie Scharf, Jim Cramer's, William McChesney Martin Jr, Anna Moneymaker Organizations: Club, Wells, Federal Reserve, Wall, P Global Market Intelligence, KPMG, Global, Fed, National Association for Business, CNBC, Morgan Stanley's IB, IB, Bloomberg News, Federal, Getty Locations: U.S, Nashville , Tennessee, Wells, Wells Fargo, Washington , DC

☆ Stocks making the biggest moves premarket: Micron Technology, Starbucks, CarMax and more
▼ + stars: | 2024-09-26 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +3 min

Starbucks — The coffee chain rose more than 2% after Bernstein upgraded the stock to outperform from market perform. New York Community Bancorp — Shares of the regional lender gained more than 4% after Barclays upgraded shares to overweight as it repositions itself following a rocky patch. Micron Technology , chip stocks — Micron shares surged nearly 17% after offering a stronger-than-expected revenue forecast for the fiscal first quarter. Nvidia rose 2%, while U.S.-traded shares of ASML Holding added nearly 5%. Southwest Airlines — The travel stock rose about 5% after Southwest hiked its third-quarter revenue forecast.

Persons: Bernstein, Brian Niccol, Graham Doyle, Bilibili, Goldman Sachs, Jefferies, Elliott, Sonos, Morgan Stanley, Erik Woodring, —, Alex Harring, Samantha Subin, Jesse Pound, Sarah Min Organizations: New York Community Bancorp, Barclays, Micron Technology, Micron, Nvidia, ASML, Bank of America, NRG Energy, GE Healthcare Technologies, UBS, Jefferies, Southwest Airlines, Southwest, Elliott Management Locations: U.S, China, Bilibili —, dealmaking

☆ Salesforce may finally have found its AI footing. What it means beyond the initial hype
▼ + stars: | 2024-09-25 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

Bowing to investor pressure, Salesforce has adopted a more disciplined approach to dealmaking, increasing the importance of internal product development. "Agentforce is the product announcement [Salesforce] investors have sought for years," Needham analysts wrote in a recent note to clients. Salesforce stock remains down about 13% from its 2024 peak close and record high of $316.88 a share on March 1. CRM 1Y mountain Salesforce's stock over the past 12 months. Analysts said Salesforce is cheap compared to peers on multiple valuation metrics with ample room to increase free cash flow ahead.

Persons: Salesforce, Jim Cramer, Agentforce, Mulesoft, Needham, Einstein, —, Jim, Bofa, Baird, Piper Sandler, Piper, Jim Cramer's, Marc Benioff, Salesforce's Dreamforce, Justin Sullivan Organizations: Wall Street, Nasdaq, Barclays, Saks, Investors, Bank of America, CNBC, Getty Locations: Dreamforce, San Francisco, San Francisco , California

☆ Here's what Morgan Stanley, Wells Fargo stand to gain from lower interest rates
▼ + stars: | 2024-09-18 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

The Club has stayed with Morgan Stanley on expectations that its investment banking outfit will flourish again. At Wells Fargo , the Club's other financial name, lower rates should help its burgeoning investment banking business. Wells Fargo shares year-to-date have performed better than Morgan Stanley, gaining 11%. WFC YTD mountain Wells Fargo (WFC) year-to-date performance The Corporate and Investment Banking division makes up 23% of overall revenue. To be sure, Wells Fargo management said during July's second-quarter earnings call that the bank will continue to de-risk its office portfolio.

Persons: Banks, Erica Groshen, Morgan Stanley, Morgan, Jim Cramer, Jim, Goldman Sachs, Charlie Scharf, Wells, July's, Jim Cramer's, Jerome Powell, William McChesney Martin, Chip Somodevilla Organizations: Federal Reserve, New York Fed, CNBC, Cornell University, Fed, Investment, Morgan Stanley's Institutional Securities, Morgan Stanley's, Wells, Investment Banking, CIB, Federal Reserve Bank, Getty Locations: Wells Fargo, Wells, Washington ,

☆ A push toward sustainable jet fuel is leaving investors with unanswered questions
▼ + stars: | 2024-09-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesThe aviation industry still sees so-called "sustainable aviation fuel" (SAF) as the only viable way to meet its decarbonization targets, even as opposition and the potential for higher costs for passengers pose obstacles to the fast-growing sector. SAF is a broad term describing fuel that is burned by an aircraft engine, but instead of using kerosene is derived from more sustainable sources. The planemaker said it is collaborating with producer HIF Global on the development of methane-based fuels, and investing in alcohol-to-jet fuel producer LanzaJet. But IATA's own forecast for SAF production to triple in 2024 to 1.9 billion liters would cover just 0.53% of aviation fuel demand for the year. "The truth is, it's going to be more expensive, you can't really sugarcoat that," said HIF Global's Clara Bowman.

Persons: Neste, HIF, Buzz, Lauren Riley, Riley, Rick Nagel, You've, Clara Bowman, Bowman, United's Lauren Riley, HIF Global's Clara Bowman Organizations: SAF, Bloomberg, Getty, United Airlines, Chicago O'Hare International, Labour, Airbus, Farnborough Air, CNBC, International Air Transport Association, Acorn Capital Management, Porsche, HIF, Union's Renewable Energy Directive, Biden, Boeing, Google, Embraer Locations: Singapore, Chile, Texas, U.S, America

☆ A General Catalyst-backed startup is mass-buying virtual care tech from big players like Walmart. Here's why Fabric is still betting on telehealth.
▼ + stars: | 2024-09-17 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +6 min

Read previewHealthtech startup Fabric launched out of stealth in March 2023 to help patients get care faster and automate administrative work for providers. In June, Fabric bought Walmart's virtual care business, MeMD, after the retailer announced it would shutter its 51 health clinics. MeMD was Fabric's third acquisition — the startup previously bought asynchronous virtual care platform Zipnosis from Bright Health, as well as generative AI startup Gyant. The startup has acquired TeamHealth VirtualCare, the virtual care business inside giant physician practice group TeamHealth, Business Insider has learned exclusively. While virtual care saw a tsunami of VC interest during the pandemic, investors and healthcare companies alike are now pulling back.

Persons: —, it's, MeMD, TeamHealth VirtualCare, UnitedHealth Group's Optum, Aniq Rahman, Rahman, we've, Hemant Taneja, Commure, We've, Moat Organizations: Service, Fabric, Bright Health, Business, Google Ventures, Salesforce Ventures, General Catalyst, Bright, Walmart, Vast Ventures, Oracle Locations: Florence

☆ Saudi Arabia just stepped up plans to court the world's AI leaders to its desert kingdom
▼ + stars: | 2024-09-16 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

In recent months, Saudi Arabia has hosted a flurry of high-profile events, leaders, and dealmaking from the AI world. This year's showcase featured speakers from top AI companies in the West, such as Nvidia, Qualcomm, Google, Microsoft, and OpenAI rival Cohere. Saudi Aramco is working with AI startup Groq to build a new data center in Saudi Arabia. For Saudi Arabia, AI doesn't just present the chance to bet big on tech's latest hype train. Saudi Arabia generated a similar amount of hype around its AI ambitions in March when it held its LEAP conference.

Persons: —, Mohammed bin Salman, Cohere, Saudi Aramco —, Hamad, Mohammed Groq, Groq, Jonathan Ross, doesn't, Adam Selipsky, Arvind Krishna, Abdullah Alswaha, PIF, A16z, Marc Andreessen, Ben Horowitz Organizations: Service, Saudi Arabia's, Business, Global AI, Nvidia, Qualcomm, Google, Microsoft, BlackRock, Cisco, Public Investment Fund, Amazon Web, IBM, Saudi, New York Times, Silicon Locations: Saudi Arabia, Saudi Aramco, Bay

☆ Andreessen Horowitz just dealt a blow to tech's move-to-Miami movement
▼ + stars: | 2024-09-04 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAndreessen Horowitz has reportedly given up on its Miami office after just two years in the space. "The firm is now virtual, but can materialize physically on command," Horowitz said at the time. Andreessen Horowitz did not immediately respond to Business Insider's request for comment. VC investment in Miami also saw a huge decrease in 2023, dropping 70% to $2 billion, according to the Journal.

Persons: —, Andreessen Horowitz, cofounders, Ben Horowitz, Horowitz, Marc Andreessen, Keith Rabois, Rabois, Florida . Austin, Elon Musk, he'd Organizations: Service, Miami Beach, Bloomberg, Business, Miami, Street Journal, SpaceX Locations: Miami, Miami Beach, Miami Beach , New York City, Santa Monica, Francisco, California, San Francisco, Fort Lauderdale, Florida ., Austin, Texas

☆ VCs are fighting, investors are annoyed, and the presidential election has become a constant distraction that Silicon Valley just wants to be over
▼ + stars: | 2024-08-24 | by ( Ben Bergman | Melia Russell | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. She didn't sign, not because she doesn't support Harris (she does) but because she sees no upside in broadcasting her political intentions. The former president has also received endorsements from famous VCs Marc Andreessen, Ben Horowitz, Doug Leone, and David Sacks. Now, executives are waiting until after the election concludes to make any decision, according to a source familiar with the matter. Publicly supporting candidates has no upside for LPs, especially considering many LPs have their own agendas, added a VC.

Persons: —, Kamala, Kamala Harris, Harris, We're, Joe Biden, David Hornik, Israel —, There's, Leslie Feinzaig, VCs, Elon Musk, Trump, Marc Andreessen, Ben Horowitz, Doug Leone, David Sacks, Reid Hoffman, Reed Hastings, Ron Conway, Graham, Walker, MAGA, they're, Divya Kakkad, Sacks, Jesse Middleton, Middleton, Cameron Lester, Lester, tradespeople, ServiceTitan, I've Organizations: Service, Business, San Francisco, Lobby Capital, August, Republicans, Israel, Netflix, Graham, Craft Ventures, Jefferies, Publicly Locations: San, Silicon Valley, Los Angeles, Bay, New York

☆ Move over dealmakers: Portfolio-company operators are the rising stars of private equity
▼ + stars: | 2024-08-14 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +11 min

Read previewDealmakers have always been the stars of private equity. AdvertisementKevin Desai, partner and private equity sector leader at PwC PWCBut in the current climate, portfolio-operations professionals are gaining esteem. AdvertisementPrivate equity 3.0Rising interest rates nearly two and a half years ago ushered in a new economic reality that hit private equity firms right in the pocket. Since private equity relies on debt to boost returns, the first option is off the table. These people are taking their talents to private equity firms to manage smaller companies using an already proven playbook for technological transformation.

Persons: —, you've, Marc Rowan, Rowan, Kevin Desai, Desai, I've, What's, they're, quants, we've Organizations: Service, Business, PricewaterhouseCoopers, University of Chicago, Walmart, Nike, Harvard Business Locations: dealmaking

☆ 'These are not normal;' A new type of dealmaking for AI startups is rattling Silicon Valley
▼ + stars: | 2024-08-10 | by ( Ben Bergman | Sri Muppidi | ) www.businessinsider.com time to read: +7 min

Google unnerved Silicon Valley last week when it agreed to pay $2.5 billion to license Character.AI's technology, hire its two superstar cofounders and 20 percent of employees. The deal came after AI developers Adept and Inflection both effectively sold themselves to Amazon and Microsoft, respectively, in recent months. It was only last year Character.AI raised $150 million in venture funding, which valued the company at $850 million. Its appeal as a chatbot that uses AI to make virtual characters that interact with users seems decidedly niche. Related storiesMost of the founders and investors Business Insider spoke to for this story say Google has little interest in Character.AI's actual product.

Persons: cofounders, Brent Queener, Kyle Sanford, Character.AI, Iris Sun, Noam Shazeer, Daniel De Freitas, Jack Selby, Peter Thiel's, Steve Brotman, Shazeer, De Freitas, PitchBook's Sanford, they're, Roy Bahat, Arvind Jain, Cameron Lester, Lester Organizations: Service, Microsoft, Bonfire Ventures, Business, Apple, Big Tech, AZ, Biden Administration, Federal Trade Commission, Department of Justice, Alpha Partners, FTC, DOJ, New York Times, Google, Madrona Venture, Bloomberg Beta, Jefferies

☆ How hedge funds are dealing with the global market meltdown
▼ + stars: | 2024-08-05 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

The VIX, Wall Street's go-to snapshot of market volatility, is at its highest point since the onset of the pandemic. And hedge funds are sifting through the wreckage, with some looking to survive and others planning to pounce. In any market meltdown, there are clear winners and losers given the strategies and positioning of different firms. The yen carry trade has also likely wrong-footed many macro funds, several industry veterans said. It also slowed dealmaking, annoying private equity investors whose capital was tied up in older vintage funds.

Persons: —, Wall Street's, there's, allocators, Harvey Schwartz, Carlyle Organizations: Service, Business, Citadel, Eisler Capital, Universa Investments Locations: Europe, Asia, New York, London

☆ CNBC's Inside India newsletter: Can India's hot deal-making season extend to a free trade agreement?
▼ + stars: | 2024-08-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Customers browse the S1 Pro electric scooter of Ola Electric Mobility Pvt. SoftBank -backed Ola Electric is set to raise nearly three quarters of a billion dollars with a stock market listing. India and four European nations — Iceland, Liechtenstein, Norway and Switzerland — struck a free trade agreement (FTA) earlier this year. "Our Free Trade Agreement negotiations is the floor not the ceiling of our ambitions to unlock our shared potential and deliver growth, from Bengaluru to Birmingham," Lammy said last week before his visit. India and the U.K. also have high rankings on the World Bank's Trade Complementarity Index, which indicates whether countries are natural trade partners.

Persons: Ola, Samyukta Lakshmi, Bharat, Switzerland —, David Lammy, Lammy, Chietigj Bajpaee, Narendra Modi's, Aastha Gudwani, Murugesh Organizations: Ola Electric Mobility, Ola Experience, Ola, Bloomberg, Getty, Mankind, Vaccines, South, House, India, Indian, Bank of America's, NYSE Locations: Bengaluru, India, Iceland, Liechtenstein, Norway, Switzerland, New Delhi, Birmingham, South Asia, Bank of America's India, Singapore, Japan

☆ M&A is already increasing 'modestly' and expected to pick up in second half, says Churchill's Kencel
▼ + stars: | 2024-07-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailM&A is already increasing 'modestly' and expected to pick up in second half, says Churchill's KencelKen Kencel, Churchill Asset Management president and CEO, joins 'Money Movers' to discuss the current state of dealmaking, the recent rise in small caps, and much more.

Persons: Churchill's, Ken Kencel Organizations: Churchill Asset Management Locations: dealmaking

☆ ‘It just sucks’: Charles Barkley lashes out at NBA choosing Amazon over TNT
▼ + stars: | 2024-07-26 | by ( Liam Reilly | ) edition.cnn.com time to read: +3 min

I’m not sure TNT ever had a chance.”“TNT matched the money, but the league knows Amazon and these tech companies are the only ones willing to pay for the rights when they double in the future,” Barkley added. It just sucks.”The comments came after the NBA on Wednesday rejected an offer from Warner Bros. Discovery to match Amazon’s $1.8 billion per year bid to carry the league’s games starting with the 2025-26 season. The decision set up a potential legal showdown between the NBA and WBD, the parent company of TNT and CNN, which maintains it has matching rights to any broadcast offer. “These partners will distribute our content across a wide range of platforms and help transform the fan experience over the next decade.”

Persons: Charles Barkley, Barkley, “, I’m, ”, ” Barkley, Ernie Johnson, Kenny Smith, Shaquille O’Neal, WBD, Max, ” Adam Silver Organizations: New, New York CNN, NBA, TNT, Wednesday, Warner Bros, WBD, CNN, TNT Sports ’, Amazon, Disney Locations: New York, United States

☆ NBA rejects Warner Bros. Discovery matching offer in bid to retain games, setting up potential legal showdown
▼ + stars: | 2024-07-24 | by ( Liam Reilly | ) edition.cnn.com time to read: +3 min

“Warner Bros. Discovery’s most recent proposal did not match the terms of Amazon Prime Video’s offer and, therefore, we have entered into a long-term arrangement with Amazon,” the NBA said in a statement. Disney will retain the NBA Finals, a Christmas Day game broadcast, Wednesday games on ESPN, Saturday prime time games on ABC and Sunday showcase packages. Finishing out the trio, Amazon’s Prime Video will stream the emirates NBA Cup, SoFi NBA Play-In Tournament, and both Thursday and Friday night games. Amazon will also serve as the league’s strategic partner and third-party global destination for the NBA League Pass. The agreements include more nationally broadcast games than in previous years, the NBA shared, adding that all national games will also be available on broadly distributed steaming services.

Persons: “ Warner, ”, Turner, WBD, ” Adam Silver, Peacock Organizations: New, New York CNN, NBA, Wednesday, Warner Bros, Amazon Prime, “ Warner Bros, Amazon, ESPN, Turner Sports, TNT, TNT Sports ’, Disney, ”, Prime, ABC, NBC, Sunday Locations: New York, United States

☆ Warner Bros. Discovery notifies NBA it will match Amazon’s $1.8 billion offer to carry league games
▼ + stars: | 2024-07-22 | by ( Liam Reilly | ) edition.cnn.com time to read: +5 min

A person familiar with the matter confirmed WBD’s matching offer Monday was for Amazon’s bid, which includes regular season and playoff games. It’s unclear if the NBA will accept or reject WBD’s offer, which the league intended for a streaming partner. The showdown over the NBA rights comes as legacy media companies struggle to retain audiences, with viewers opting to leave cable bundles behind in favor of cheaper, on-demand content. The cable channel TNT has built a programming slate around the NBA games, most notably the highly rated “Inside the NBA” show featuring Barkley, Ernie Johnson, Kenny Smith and Shaquille O’Neal. Asked last week about the fate of WBD’s broadcast rights, NBA Commissioner Adam Silver told reporters, “I don’t know yet.”“Much of it is outside my control,” he added.

Persons: ’ signoff, WBD, “ We’ve, ”, Turner Sports ’, Charles Barkley, ” Barkley, “, I’m, Barkley, Ernie Johnson, Kenny Smith, Shaquille O’Neal, Adam Silver Organizations: New, New York CNN, Warner Bros, Discovery, TNT Sports, NBA, Disney, NBC, Amazon Prime, NBA’s, Governors, TNT, Amazon, Turner Sports, ESPN, Football, Netflix, NCAA, MLB, NHL, NASCAR Locations: New York

☆ 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

☆ Berkshire has eliminated 10% of outstanding shares as Buffett values the enduring power of buybacks
▼ + stars: | 2024-07-21 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Buffett believes buybacks are beneficial to shareholders for one simple reason: You don't need to spend a dime to increase your percentage of shares held. "Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns," Buffett said in his 2021 annual letter. The 93-year-old legendary investor believes that it would be "value-destroying" if he overpaid for Berkshire shares. "If you're repurchasing shares above a rationally calculated intrinsic value, you are harming your shareholders, just as if you issue shares beneath that figure, you are harming your shareholders," Buffett once said in 1996. The Wall Street firm projected that Berkshire repurchased almost $2.5 billion worth of stock in the second quarter.

Persons: Berkshire Hathaway, Warren Buffett, Greggory, Buffett Organizations: Morningstar, Oracle, Berkshire, Berkshire Hathaway, UBS, Street, Berkshire repurchased Locations: Greggory Warren, Berkshire, Omaha, repurchases

☆ Investment banking is back — and the recovery is just getting started
▼ + stars: | 2024-07-21 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Investment banking was the rock star of big bank earnings this season. For Club stock Morgan Stanley, investment banking revenues surged 51% year over year with equity underwriting fees jumping over 56%, and advisory fees increasing over 30% from the year-ago period. Wells Fargo's investment banking revenues, which fall underneath its corporate and investment banking (CIB) division, jumped 38% year over year. "The investments we have been making allowed us to take advantage of the market activity in the quarter with strong performance in investment advisory, trading and investment banking fees." And good news for investors, it doesn't look like the rebound in investment banking is slowing anytime soon.

Persons: Morgan Stanley, Wells, JPMorgan Chase, Goldman Sachs, Goldman, Morgan, We've, Morgan Stanley's, NII, Charlie Scharf, Ted Pick, we're, David Solomon, Donald Trump, Jim Cramer's, Jim Cramer, Jim, JPMorgan Organizations: JPMorgan, Bank of America, Citigroup, Citi, Investment, IB, Federal Reserve, Wells, CNBC, CIB, Morgan, Wall, Citibank, JPMorgan Chase, Reuters Locations: Wells Fargo, Wells, U.S

☆ Wall Street 'bake offs' are back. Here's what it means for dealmaking, according to Morgan Stanley CEO Ted Pick.
▼ + stars: | 2024-07-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

Read previewWhen Morgan Stanley reported earnings on Tuesday, it wasn't the first bank to make hay over the coming "investment-banking rebound." Top executives up and down across Wall Street have been talking for days about their predictions that Wall Street's bread-and-butter business of advising and financing deals could soon come roaring back. And the parade of optimism has only heated up this year as investment-banking revenues have started the slow climb from historical lows. AdvertisementIB revenues surgingLike many of the other Wall Street banks that reported earnings in recent days, Morgan Stanley saw investment-banking revenues soar in the second quarter. And as Pick said on Tuesday, Wall Street is getting excited about more than just traditional dealmaking, but also the financing and other hedging strategies that come with companies getting off the sidelines.

Persons: —, Morgan Stanley, Mike Mayo, Mayo, Morgan, Ted Pick, Pick, Goldman Sachs, Goldman, Solomon, Chase, It's, It'd Organizations: Service, Wells, Wells Fargo Securities, Business, Wall, Reserve, quicken, Goldman, Bank of America Locations: Wells Fargo, issuances, Mayo

☆ Ozy Media founder Carlos Watson convicted in New York fraud trial
▼ + stars: | 2024-07-16 | by ( ) edition.cnn.com time to read: +3 min

Ozy Media and founder Carlos Watson were convicted of fraud by a Brooklyn federal jury on Tuesday, in a case accusing them of lying to investors about the now-defunct startup’s finances and sham deals with Google and Oprah Winfrey. Watson, a former cable news anchor and investment banker, and Ozy were each convicted of securities fraud conspiracy and wire fraud conspiracy, while Watson was also convicted of identity theft. The verdict follows a six-week trial that featured testimony by two former Watson deputies, who pleaded guilty to fraud. Ozy folded shortly after The New York Times reported on former chief operating officer Samir Rao’s impersonation of the YouTube executive. He said prosecutors’ view of Ozy’s finances was simplistic and failed to appreciate the nuances of media industry dealmaking.

Persons: Carlos Watson, Oprah Winfrey, Watson, Ozy, Goldman Sachs, Prosecutors, “, Breon Peace, Samir Rao’s, Rao, Alex Piper, Sundar Pichai, Watson’s, “ That’s, that’s, ” Organizations: Ozy Media, Google, “ Ozy Media, New York Times, YouTube, Ozy Locations: Brooklyn, California

Search resuls for: "dealmaking"

25 mentions found