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☆ Cracking the IPO window is a tall task: podcast
▼ + stars: | 2023-08-03 | by ( Jonathan Guilford | ) www.reuters.com time to read: 1 min

REUTERS/Lucas JacksonNEW YORK, Aug 3 (Reuters Breakingviews) - Sandal-maker Birkenstock is among those angling to defy a downturn in stock-market debuts. In this Viewsroom podcast, Breakingviews columnists discuss how corporate hopefuls on both sides of the Atlantic are trying to thaw the deepest freeze on public listings since the pandemic. Listen to the podcastFollow @JMAGuilford on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lucas Jackson, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, YORK, Reuters, Twitter, Thomson Locations: New York, U.S

☆ TikTok trendsetter e.l.f. models beauty's new look
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

cosmetic products are seen for sale in a store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew KellyNEW YORK, Aug 2 (Reuters Breakingviews) - Social-media savvy makeup brand e.l.f. Boss Tarang Amin has chased this growth through heavy online advertising, including collaborations with TikTok influencers. While not necessarily cheaper than the old guard’s approach - sales, general and administrative spend is a similar share of revenue at both e.l.f. With Amin promising to ramp up marketing spending even further, the pressure for older peers to touch up their look grows.

Persons: Andrew Kelly NEW, Boss Tarang Amin, TikTok, Nielsen, Estee Lauder, Amin, Anita Ramaswamy, Aston Martin, Jonathan Guilford, Sharon Lam Organizations: REUTERS, Andrew Kelly NEW YORK, Reuters, Jefferies, Twitter, Thomson Locations: Manhattan , New York City, U.S, e.l.f

☆ Carlyle’s big fee strain comes into sharper view
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

The logo for Carlyle is seen at the company’s offices in New York City, U.S., June 28, 2022. REUTERS/Brendan McDermidNEW YORK, Aug 2 (Reuters Breakingviews) - Private equity veteran Carlyle (CG.O) is behind the buyout times. Carlyle and Blackstone kicked off the latest results season at opposite ends of the valuation spectrum. Carlyle trades at about 10 times expected earnings for 2023, according to Refinitiv, the lowest among major peers. And yet, Carlyle’s primary business of doing deals held up relatively better: Proceeds from asset sales declined 36%, versus an 82% slump at Blackstone.

Persons: Carlyle, Brendan McDermid, Harvey Schwartz, Blackstone, Steve Schwarzman, Schwartz, Jonathan Guilford, Aston Martin, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Blackstone, Twitter, Thomson Locations: New York City, U.S, Japan

☆ Biotech’s doldrums are a warning amid exuberance
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

The sector’s doldrums are a warning sign, despite the broader market shrugging off recession concerns. In 2000, the index peaked weeks before the S&P 500 Index (.SPX) and hit bottom three months earlier. In the 2009 financial crisis, the biotech index peaked later, but both emerged at about the same time. Yet biotech stocks have been lackluster since. Since January, the index is down 2%, while the S&P 500 Index is up 19% and the Nasdaq Composite Index is up 35%.

Persons: Robert Cyran, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Biotechnology, Nasdaq Biotechnology, Nasdaq, Twitter, Thales, Thomson Locations: Spain

☆ Buyout barons feast on excesses of last boom
▼ + stars: | 2023-07-21 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

That opens up plenty of potential loopholes which could allow borrowers to keep their old loans even after a deal. Lenders explicitly allow a company’s so-called “permitted holders” - typically its management or long-time investors - to assume responsibility for the debt. For example, one definition of a change of control is where the majority of board seats change hands. That means the company’s debt can stay put, news service 9fin reported. Interest rates for loans provided by private lenders have risen from 6.2% to 11.6% over a similar time frame.

Persons: Clayton, Rice, Breakingviews, 9fin, Cooper’s, Blackstone, Datacenters, Murray, dealmakers, Peter Thal Larsen, Sharon Lam, Streisand Neto Organizations: YORK, Reuters, Partners, P, Reuters Graphics Reuters, Cornerstone, Focus Financial, Stone, Point, Smart, Securities, Exchange, NRG Energy, QTS Realty Trust, Foresight Energy, American Consolidated Natural Resources, Foresight, P Global Market Intelligence, Thomson, & $ Locations: Dubilier, Delaware

☆ Discover dabbles with two types of delinquency
▼ + stars: | 2023-07-21 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, July 21 (Reuters Breakingviews) - In the credit card business, delinquency means not paying on time. Discover Financial Services (DFS.N), a large U.S. credit card issuer, is dabbling with a bit of both, and it’s a double concern for shareholders. But it came alongside the revelation that regulators have proposed serving Discover with a punitive “consent order,” for other undisclosed shortcomings. Discover received a consent order from the Consumer Financial Protection Bureau in 2020, as punishment for disobeying another order from 2015. Some 2.9% of Discover card loans were overdue at the end of June, back where they ended 2019.

Persons: Boss Roger Hochschild, ”, Wells Fargo, There’s, cardholders, Jonathan Guilford, Thomas Shum Organizations: YORK, Reuters, Discover Financial Services, Discover, Consumer Financial, Bank of America’s, JPMorgan, ” Reuters Graphics Reuters, Citigroup, Citi, Federal Reserve, Financial Services, Federal Deposit Insurance Corp, Thomson Locations: U.S

☆ Tesla’s new burden: shouldering the market
▼ + stars: | 2023-07-20 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Back then, Tesla had three-quarters of the U.S. electric vehicle market, according to Cox Automotive. Its U.S. growth flatlined in 2022, Cox reckons, as the overall quarterly growth rate of electric sales downshifted. It needs the entire electric-vehicle market to grow beyond its current 7% share of the U.S. market, to bring in new buyers. Cox found 51% of consumers are now at least interested in an electric car. But Tesla’s operating margin has fallen to under 10%.Gross profit per car delivered is also down, 44% year-over-year, despite costs also declining.

Persons: Elon, Tesla, Cox, Biden, can’t, Musk, Gross, Elon Musk, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, General Motors, U.S, Cox Automotive, Ford, Thomson Locations: U.S, United

☆ Meme investors could spoil AMC’s next act
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

AMC is already fighting another lawsuit over its attempt to convert preferred stock into common shares, a novel scheme to avoid getting investors’ approval for share sales. It fits with other forays since AMC became a retail-favorite meme stock – like buying into a gold miner – that seem to disregard conventional governance niceties. Attracting a rush of retail traders means there are plenty of investors to call foul. If their push against the preferred stock gambit succeeds, AMC could struggle to raise new funds, which bodes poorly for repaying its $5 billion in debt. It turns out that, for a meme stock’s final act, the audience starts throwing tomatoes.

Persons: Adam Aron, Kevin Barnes, Barnes ’, Anita Ramaswamy, Xavier Niel’s, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, AMC, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson

☆ CPI Report Shows Inflation Eased to 3% in June
▼ + stars: | 2023-07-12 | by ( Gwynn Guilford | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Inflation Eased to 3% in June, Slowest Pace in More Than Two Years
▼ + stars: | 2023-07-12 | by ( Gwynn Guilford | Nick Timiraos | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Uber’s next CFO has one simple task
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 11 (Reuters Breakingviews) - Uber Technologies (UBER.N) boss Dara Khosrowshahi has an opening to shift into higher gear. His eventual replacement can dial back on spending even more and really open up a spigot of cash flow. And this year, Uber might finally start making profit, with analysts polled by Refinitiv expecting full-year earnings of some $26 million. Uber shares have nearly doubled over the year, handily beating the S&P 500 Index (.SPX), as profit pulls into view. Ensuring that Uber keeps its eyes on that prize is a worthy task for future executives.

Persons: Dara Khosrowshahi, Nelson Chai, Travis Kalanick’s, Uber, Refinitiv, Tesla, Jennifer Saba, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Technologies, –, Twitter, Thomson Locations: U.S, China

☆ US job market’s shifting balance
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 7 (Reuters Breakingviews) - Quitting doesn’t pay like it used to. The raises Americans earn from switching jobs is shrinking, narrowing their advantage in wage gains versus job-keepers. While it’s happened without mass layoffs, weaker pay gains signal that the labor market’s balance of power is shifting back to businesses. And although job creation is gently slowing, government data released Friday showed unemployment dipping to 3.6% in June, nearly matching a five-decade low. That’s a welcome sign for workers after economists’ forecasts suggested millions would have to lose their jobs for inflation to cool.

Persons: Ben Winck, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Reuters Graphics Reuters, Twitter, Thomson Locations: U.S

☆ Americans Have Quit Quitting Their Jobs
▼ + stars: | 2023-07-06 | by ( Austen Hufford | Gwynn Guilford | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ JetBlue’s Spirit sacrifice
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 6 (Reuters Breakingviews) - JetBlue Airways (JBLU.O) is going for broke on its attempt to buy Spirit Airlines (SAVE.N). Eschewing the benefits of what the government branded a “de facto merger” to win Spirit might make sense, however. According to the U.S. Department of Justice, Spirit grew capacity nearly 500% since 2010, far outstripping competitors. JetBlue’s concessions, which include selling Spirit’s operations at New York’s LaGuardia Airport, may not be enough, though. While the DOJ’s complaint against the merger does lean on harms from the alliance, it also includes Spirit executives warning of risks even without it.

Persons: Spirit, Jonathan Guilford, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, JetBlue Airways, Spirit Airlines, American Airlines, JetBlue, Northeast Alliance, ”, U.S . Department of Justice, LaGuardia, Twitter, Thomson Locations: New, China

☆ Labor Market Headfake? Key Report Could Be Overestimating Job Growth
▼ + stars: | 2023-07-03 | by ( Gwynn Guilford | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/labor-market-headfake-key-report-could-be-overestimating-job-growth-c7ea020

Persons: Dow Jones

☆ KKR wins $2 billion bidding war the old-fashioned way
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 30 (Reuters Breakingviews) - KKR (KKR.N) has affirmed a simple lesson: price matters. The private-equity giant made a bumped-up $2 billion offer for valve-maker Circor International (CIR.N) on Thursday that tops an offer from a rival. KKR broke the mold by offering sweeteners other than money – but in the end, it threw in more cash too. Circor’s board says KKR’s offer is more valuable because it can close more quickly. KKR knows that money isn’t the only thing that talks, but it still talks pretty loudly.

Persons: Jonathan Guilford, ’, crouch, John Foley, Streisand Neto Organizations: YORK, Reuters, KKR, Circor, Arcline Investment Management, Twitter, Thomson Locations: China

☆ Tesla vs. Meta cage fight already has a winner
▼ + stars: | 2023-06-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

But what if Meta Platforms (META.O) and Tesla (TSLA.O), the companies they run, were pitted in a theoretical brawl? And while Meta is larger by revenue, Tesla is growing faster. Both Tesla and Meta are trying to reshape the world. CONTEXT NEWSTesla Chief Executive Elon Musk tweeted on June 20 that he would be “up for a cage match” with Meta Platforms boss Mark Zuckerberg. Musk made the comments in response to posts about Meta developing a rival social media platform to Twitter, which Musk owns.

Persons: Mark Zuckerberg, Elon Musk, Zuckerberg, Musk, Tesla, John Foley, Katrina Hamlin Organizations: YORK, Reuters, Reuters Graphics Reuters, Refinitiv, buybacks, Meta, Shareholders, Apple, Twitter, Thomson

☆ Amazon's subscription spat is anything but prime
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 22 (Reuters Breakingviews) - Amazon.com’s (AMZN.O) Prime service is a club that’s hard to quit - literally. Competition cop Lina Khan filed a complaint on Wednesday alleging that the e-commerce giant enrolled U.S. customers in its subscription product unwittingly and made cancellation unlawfully difficult. When it comes to sharp sales practices, other companies have done worse, but the Amazon case could still hurt. Citigroup analysts estimate that Prime subscribers spend up to 2.5 times more than non-subscribers on Amazon’s marketplace. That extra spending matters: Amazon’s North America segment recorded a razor-thin operating profit margin of 1.2% last quarter.

Persons: Lina Khan, Khan, Wells, isn’t, shouldn’t, Jonathan Guilford, John Foley, Katrina Hamlin Organizations: YORK, Reuters, Federal Trade Commission, FTC, Citigroup, Twitter, Intel, Thomson Locations: U.S, America, Cava

☆ KKR takes private markets right up to the checkout
▼ + stars: | 2023-06-20 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

It’s a cozy arrangement for all involved, and marks another step in private lenders’ encroachment into traditional financiers’ turf. KKR will now purchase and hold up to 3 billion euros of PayPal’s BNPL loans, originated in five European countries and typically a few months in duration. KKR can pump up its returns using leverage – the deal is funded partly from loans made by its own credit funds. Follow @JMAGuilford on TwitterCONTEXT NEWSFinancial technology firm PayPal announced on June 20 that it had signed a multi-year 3 billion euro replenishing loan agreement with asset manager KKR. The deal will see KKR purchase up to 40 billion euros of PayPal’s short-term buy-now-pay-later loans now and in the future.

Persons: Joe, Banks, John Foley, Katrina Hamlin Organizations: YORK, Reuters, Joe Public, KKR, PayPal, Citi, Thomson

☆ Lots of Hiring, but Not So Much Working
▼ + stars: | 2023-06-18 | by ( Gwynn Guilford | Austen Hufford | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ As China's intelligence capabilities grow, spying becomes an increasing flashpoint in ties with US
▼ + stars: | 2023-06-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +12 min

They underscore how intelligence gathering – an activity meant to go on without detection, out of the public eye – is becoming an increasingly prominent flashpoint in the US-China relationship. That pushes intelligence gathering itself to become “another factor that is complicating US-China relations,” he said. That’s especially the case, experts say, as China continues to expand its own intelligence gathering capabilities – catching up in an area where the US has traditionally had an edge. Other arms of the Communist Party apparatus also play a role in activities beyond conventional intelligence gathering, experts say. Heightened concern and awareness about Chinese intelligence gathering – or the potential for it – has exploded in the US in recent years.

Persons: Antony Blinken, Blinken, Bill Burns, ”, Lyle Morris, Christopher Johnson, “, there’s, they’ve, Johnson, Xi Jinping, That’s, Xuezhi Guo, Guo, Xi, Hector Retamal, –, TikTok –, Edward Snowden, ’, Shou Zi Chew, Jabin, John Delury, John T, Downey, Delury Organizations: Hong Kong CNN, US, White House, CIA, CNN, Asia Society, Center for, Central Intelligence Agency, China, Group, U.S . Navy, AP, Guilford College, People’s Liberation Army, Ministry of State Security, Communist Party, Federal Bureau of Intelligence, The New York Times, Huawei, TikTok, Tiktok, US Justice Department, China Initiative, Center for Strategic, International Studies, National Security Agency, US Central Intelligence Agency, Washington, China ”, Energy, Commerce, Capitol, Washington Post, Subversion Locations: Hong Kong, United States, China, Beijing, American, Cuba, US, Center for China, South, Russia, AFP, Washington, USA, South China, Washington , DC

☆ Inflation Has Likely Been Cut in Half but Is Still Too High
▼ + stars: | 2023-06-13 | by ( Gwynn Guilford | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ CPI Report Shows Inflation Has Been Cut in Half From Last Year’s Peak
▼ + stars: | 2023-06-13 | by ( Gwynn Guilford | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Nasdaq futureproofs itself, but at 2021 prices
▼ + stars: | 2023-06-12 | by ( John Foley | ) www.reuters.com time to read: +3 min

NEW YORK, June 12 (Reuters Breakingviews) - Nasdaq (NDAQ.O) is catapulting itself into the future - but paying yesterday’s high prices to get there. She pursued this one with gusto, though: Adenza wasn’t for sale when Nasdaq started wooing Thoma Bravo, say people familiar with the situation. Little wonder Nasdaq shares plunged over 10% on Monday. The U.S.-based exchange operator would pay just under $5.8 billion in cash and the rest in new Nasdaq shares, leaving Thoma Bravo with a 14.9% stake. Nasdaq shares had fallen 9.4% by 10.00am EST on June 12.

Persons: Thoma, Adena, Friedman, Bob Greifeld, Adenza, Thoma Bravo, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Nasdaq, Thoma Bravo, Calypso Technology, Thomson Locations: U.S

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/where-you-can-still-find-a-work-from-home-job-57d03262

Persons: Dow Jones

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