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☆ Elon Musk will have to pay three fired Twitter executives nearly $200 million
▼ + stars: | 2022-10-28 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN Business —The three top Twitter executives whom Elon Musk fired Thursday will walk out the door with about $187 million of Musk’s money. Fired Twitter executives Ned Segal, left, Parag Agrawal, center, and Vijaya Gadda, right, leave the company with $187 million of Elon Musk's money. That includes a year’s base pay – $1 million for Agrawal and $600,000 each for Segal and Gadde. That will end up being worth $56.4 million for Agrawal, $43.8 million for Segal and $19.4 million for Gadde. Agrawal and Segal get the accelerated vesting of all of their shares while Gadde gets accelerated vesting of only half of her shares.

☆ Altria to Take on Juul, Philip Morris in Smoke-Free Tobacco
▼ + stars: | 2022-10-27 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Altria plans to work with Japan Tobacco to market two new devices that heat tobacco but don’t burn it or produce smoke. Marlboro maker Altria Group Inc. said it is forming a partnership with Japan Tobacco Group to develop and sell heated tobacco devices in the U.S. and abroad. The move pits Altria against its former strategic partners, Philip Morris International and Juul Labs Inc., in the race to dominate the market for smoke-free tobacco products. It also gives Altria access to markets outside the U.S. Altria’s sales have been limited to the U.S. since it split from Philip Morris in 2008.

☆ Altria quarterly earnings miss estimates as cigarette maker's revenue falls
▼ + stars: | 2022-10-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Altria Group signage is displayed on a monitor on the floor of the New York Stock Exchange. Cigarette maker Altria Group on Thursday reported third-quarter earnings that missed Wall Street estimates as its revenue fell. Revenue: $5.41 billion vs. $5.59 billion expected. "We are excited to begin a new partnership with JT Group, a leading international tobacco company," said Billy Gifford, Altria's chief executive officer. For its third quarter, Altria reported revenue net of excise taxes of $5.41 billion, a decline of 2% from a year ago.

☆ ECB stops financing undue bank profits
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 27 (Reuters Breakingviews) - The European Central Bank managed on Thursday to appear dovish, despite increasing its key interest rate by another notch and announcing its first attempt to shrink its balance sheet. The central bank bumped its key rate from 0.75% to 1.5%, as expected, but suggested further increases may not come as fast as feared, triggering a 1% slide in the euro and lifting bank stocks. With TLTRO loans available at preferential interest rates, lenders could take advantage of an arbitrage opportunity to book a risk-free profit by parking the funds with the central bank. The hope is that the new conditions will prompt lenders to repay the loans early, allowing the ECB to start cutting the size of its 8.8 trillion euro balance sheet, a form of tightening. Changing the TLTRO contractual terms carries however some legal risks, as ECB boss Christine Lagarde acknowledged.

☆ Altria partners with Japan Tobacco to bolster smoke-free category
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman poses with a cigarette in front of Altria logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/IllustrationOct 27 (Reuters) - Marlboro maker Altria Group Inc (MO.N) on Thursday announced a strategic partnership with Japan Tobacco (2914.T) in an attempt to boost its smoke-free category. Altria and JT will jointly establish Horizon Innovations LLC, which would be responsible for U.S. marketing and commercialization of heated tobacco stick (HTS) products owned and developed by either company. Altria said the joint venture would be through its subsidiary Philip Morris USA that will hold a 75% economic interest in Horizon and Japan Tobacco International, a subsidiary of JT, holding the rest. Philip Morris agreed to pay $2.7 billion for the exclusive right to sell IQOS heated tobacco products in the United States.

☆ Ben Feigin, ‘Schitt’s Creek’ executive producer, dies at 47
▼ + stars: | 2022-10-26 | by ( ) www.nbcnews.com time to read: +2 min

Ben Feigin, an award-winning producer on “Schitt’s Creek” and founder and CEO of Equation Unlimited, LLC, died Monday of pancreatic cancer. Feigin served as executive producer on “Schitt’s Creek,” serving as a key force in the series’ development and launch. For the final season of “Schitt’s Creek,” Feigin received an Emmy for outstanding comedy series, a Producers Guild Awards for outstanding producer of episodic television for a comedy and a Golden Globe for best musical or comedy television series. Feigin also received a GLAAD Media Award for best comedy series in 2020 and 2021. Feigin joined Anonymous Content in 2006, founding their comedy and enterprise divisions, in addition to continuing work as a producer.

☆ New frontline of U.S. abortion battles emerges in New Mexico
▼ + stars: | 2022-10-26 | by ( Brad Brooks | ) www.reuters.com time to read: +9 min

A woman and child attend an anti-abortion rally outside of the Hobbs City Commission Chamber in Hobbs, New Mexico, U.S., October 17, 2022. The New Mexican abortion provider within closest reach for most Texas women is currently in Albuquerque - about a four-hour drive from Clovis and five hours from Hobbs. Voters in Lubbock, Texas, which is near the New Mexico border, outlawed abortion in 2021. In New Mexico, Dickson worked with conservative lawyer Jonathan Mitchell, who was the architect of Texas’ 2021 “heartbeat” abortion law. Read more:U.S. abortion clinic moves up the street to escape one state’s banEXPLAINER-How abortion became a divisive issue in U.S. politicsHow Texas’ abortion ban hurts Big Oil’s effort to transform its workforceWIDER IMAGE-With U.S. abortion access in jeopardy, this doctor travels to fill a void

☆ Ford's earnings beat, significant free cash flow mean we're sticking with the auto stock
▼ + stars: | 2022-10-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Cash flow from operating activities was $3.8 billion, while adjusted free cash flow came in at $3.6 billion, beating analysts' estimates of $1.4 billion. Meanwhile, what stood out to us the most in the quarter was the significant free cash flow the business is generating. Adjusted EBIT came in at $204 million, well ahead of the $31 million loss predicted by Wall Street. Adjusted EBIT came in at $229 million, also a beat on analysts' estimates of $125 million. This target has not been attained despite the more than $100 billion Ford invested in the technology.

☆ The McRib 'Farewell Tour' is McDonald's latest attempt to cash in on nostalgia
▼ + stars: | 2022-10-26 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

McDonald's is once again promoting a "farewell tour" for the McRib sandwich. The McRib sandwich. It's a strategy that's designed to create a sense of urgency for customers, according to Vanderbilt University marketing professor Kelly Goldsmith. The scarcity marketing tactics are a way ... to be playful and stay engaged with their consumers. Kelly Goldsmith Vanderbilt University marketing professor

☆ Loafer buyout flop may have sting in the tail
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 26 (Reuters Breakingviews) - Founder Diego Della Valle’s stingy attempt to take luxury shoemaker Tod’s (TOD.MI) private appears to have floundered. Della Valle’s refusal to lift the bid price appears puzzling. Adding perhaps 10% to the offer price would have mollified the naysayers. Investors would be forced to accept illiquid stock or compensation based on Tod’s average price in the six months prior to the offer. Della Valle’s next deal could be even stingier.

☆ Mobileye IPO benefits from some driver assistance
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Doing so helped Mobileye (MBLY.O)price its shares a bit above their indicated range, at $21 apiece, and spark a 38% jump in their market debut on Wednesday. The maker of components for driver-assistance systems, its parent company Intel (INTC.O) and two dozen underwriters slashed the original valuation target from $50 billion down to about the same $15 billion the chipmaker originally paid to buy the company five years ago. After a long drought in initial public offerings, Mobileye’s deal provides a glimmer of hope for new stock sales. Although Mobileye is unprofitable, its top line grew 41% in the three months ending July 2 compared to approximately the same stretch a year earlier. And despite briefly cracking open the IPO market, the deal failed to win Intel any additional credit.

☆ What Cramer is watching Wednesday — mortgage demand collapses, tech red flags
▼ + stars: | 2022-10-26 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

What I am looking at Wednesday, Oct. 26, 2022 Worst mortgage demand since 1997 . Early, weaker quarterly summary on tech Tuesday evening from Club holdings Alphabet (GOOGL) and Microsoft (MSFT). No longer in early innings of the cloud, and cloud costs, especially electricity, are way up. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ Watch CNBC's full interview with Mark Asset's Morris Mark
▼ + stars: | 2022-10-25 | 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 EmailWatch CNBC's full interview with Mark Asset's Morris MarkMorris Mark, Mark Asset Management founder and managing partner, joins 'TechCheck' to discuss his sense of where Mark Zuckerberg has Meta right now, why he has little near-term confidence in the company and more.

☆ Nobody's paying attention to Meta's investments in artificial intelligence, says Morris Mark
▼ + stars: | 2022-10-25 | 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 EmailNobody's paying attention to Meta's investments in artificial intelligence, says Morris MarkMorris Mark, Mark Asset Management founder and managing partner, joins 'TechCheck' to discuss his sense of where Mark Zuckerberg has Meta right now, why he has little near-term confidence in Meta and more.

☆ EXCLUSIVE Philip Morris to get EU nod for Swedish Match with asset sale -sources
▼ + stars: | 2022-10-24 | by ( Foo Yun Chee | Tatiana Bautzer | ) www.reuters.com time to read: +1 min

Philip Morris and Swedish Match also declined to comment. Philip Morris last week hiked its offer for Swedish Match in an effort to win over shareholders waiting for a sweetened bid. Hedge funds, including Elliott Management Corp, have built up their stakes in Swedish Match in hopes of a higher bid. Under Swedish law, 90% of Swedish Match shareholders need to approve the offer before Nov. 4. Philip Morris is sticking to this acceptance rate.

An advertisement promoting Alibaba's Singles' Day shopping festival is pictured, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, October 22, 2022. Sweaty Betty China Vice President Lexie Morris told Reuters the active-wear brand would use only "one or two" livestream hosts this Singles Day season and that it was starting to work with much smaller and more sports-focused livestreamers. Analysts expect to see another year of slowing sales overall this Singles Day, dampened by a slowing economy and China's zero-COVID-19 policy. In June, Alibaba rival JD.com Inc (9618.HK) also recorded its slowest-ever sales growth for 618, China's second-largest shopping festival after Singles Day. "Instead of a traffic-driven model, Taobao Live helps merchants grow their businesses sustainably," it said.

☆ Single-bond ETFs may be the key to revolutionize trading Treasurys
▼ + stars: | 2022-10-24 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +3 min

In August, F/m Investments, a $4 billion multi-boutique investment advisor, launched three single-bond ETFs: the US Treasury 10 Year ETF (UTEN) , US Treasury 2 Year ETF (UTWO) , and US Treasury 3 Month Bill ETF (TBIL) . However, Jared Dillian, senior editor at Mauldin Economics, argued in an August Bloomberg op-ed that single-bond ETFs "will be one of the more successful product launches of the year." A solution to investing problemsBuying specific Treasury bonds or notes entails opening an account on TreasuryDirect and buying bonds from the federal Treasury Department at auction. With these ETFs, "you're getting access to the U.S. Treasury on-the-run 2 Year. F/m Investments charges 15 basis points for its single-bond ETFs, and the funds distribute dividends monthly.

☆ NBA roundup: Zion Williamson injured in Pelicans' OT loss to Jazz
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +5 min

CJ McCollum had 28 points and 12 assists to lead the Pelicans, who overcame a 17-point fourth-quarter deficit to force the extra period despite losing Brandon Ingram and Zion Williamson to injury. James had 31 points, eight rebounds and eight assists, Anthony Davis had 22 points and 10 rebounds and Lonnie Walker IV scored 15 points for the Lakers. Rudy Gobert added 15 points and 15 rebounds for Minnesota, while Karl-Anthony Towns also scored 15. Jeremiah Robinson-Earl added 15 points. Curry had six 3-pointers to account for a majority of his 28 points in the first two periods, contributing to the 89 first-half points, which were the fifth-most in NBA history.

☆ From 'It's Always Sunny in Philadelphia' to 'Aladdin,' here are 6 celebrities who've had trouble with their Teslas
▼ + stars: | 2022-10-23 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +5 min

"It's Always Sunny in Philadelphia" actor Glenn Howerton is the latest to relate his issues. In August, Vox reported that owners had filed numerous complaints against Tesla's service centers. The actor said he was locked out of his car Tesla after his key fob broke. The car doors wouldn't open, and he had to exit through the trunk after waiting for Tesla service personnel for almost an hour. The "Aladdin" actor filed a lawsuit against Tesla saying the accident occurred because of defects in his car.

☆ WEC Summit | How I Expanded My Reach?
▼ + stars: | 2022-10-21 | 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 EmailWEC Summit | How I Expanded My Reach? WEC Member Rhonda Morris, Vice President and Chief Human Resources Officer for Chevron Corporation shares her experience with expanding her reach. 03:05 6 minutes ago

☆ Casinos reap unexpected rewards in Singapore
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 21 (Reuters Breakingviews) - Las Vegas Sands’(LVS.N) main Macau operations are ailing as China doubles down on zero-Covid. Yet Sands’ New York shares rose nearly 6% on Thursday after results revealed it is having better luck in Singapore. The Lion City now accounts for three quarters of Sands’ top line, up from 22% in 2019. By contrast, in Macau, formerly the world’s largest gaming hub, Sands suffered a loss of $152 million, as gaming revenue sunk to around 10% of 2019 levels. Singapore’s resurgence is surprising, given volumes at Changi airport were still only around half 2019 levels in July and August.

☆ Sneaker pile-up will spoil Adidas’ Christmas party
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 21 (Reuters Breakingviews) - Adidas (ADSGn.DE) Chief Executive Kasper Rorsted has miscalculated shoppers’ appetite for casualwear. Weak sales have left Adidas with a pile of unsold sneakers at the worst possible time. Inflation, running at 10.9% in the European Union, is rapidly eroding consumers’ disposable income, spreading pain in the sportswear market. Christmas would typically be a time when retailers can claw back losses by selling their wares at full cost. Yet Adidas’ woes suggest sports retailers are heading for a discount party.

☆ Philip Morris Has a Plan B for America, but It Isn’t Ideal
▼ + stars: | 2022-10-20 | by ( Carol Ryan | ) www.wsj.com time to read: +1 min

Buying back the distribution rights will give PMI full control over the rollout of its IQOS heated tobacco sticks in the lucrative U.S. market. Cigarette giant Philip Morris International has a backup if plans to buy Swedish Match don’t work out. A 9.4% bump to what it offered in May brings the takeover premium to 52.5%. The higher price won’t cost the cigarette company more in dollar terms as the krona has fallen in value against the greenback since the first approach was made. PMI said it won’t raise the offer again and Swedish Match shares now trade at 112.5 Swedish kronor, slightly below the improved bid.

☆ Altria sells U.S. IQOS rights to Philip Morris for $2.7 bln
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Philip Morris is looking to overturn the ban. Philip Morris, which reports quarterly results later on Thursday, aims to resume supply of IQOS products in the United States by the first half of 2023. Altria still holds the rights to sell IQOS in the United States until May 2024, after which it transitions to Philip Morris. "We are ready to invest behind IQOS to bring it to market at scale across the U.S.," Philip Morris Chief Executive Officer Jacek Olczak said. Altria said it has already received $1 billion from Philip Morris and will receive the remainder by July 2023.

Philip Morris (PM.N) increased its bid by more than 9% to 116 Swedish crowns per share and said that the offer was its "best and final price". Philip Morris made an all-cash offer of 106 crowns per share for Stockholm-based Swedish Match in May. By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Nov.4. Pontus Dackmo, CEO of Protean Funds who has 500,000 shares in Swedish Match, said he was still not impressed by the sweetened offer from Philip Morris. The company had earlier said it was expecting EU antitrust approval for its Swedish Match bid in late October.

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