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☆ A short recession would be better for most investors than a soft landing, economist says
▼ + stars: | 2023-10-13 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

A soft-landing, stagflation scenario is worse than a short recession, a Manulife economist told CNBC. "A soft landing, stagflation type of environment where you get no growth and no Fed cuts, that's worse for most investors." AdvertisementAdvertisementA soft landing would spell more woes for investors compared to a short recession, according to Manulife Investment Management Global Chief Economist and Strategist Frances Donald. A short recession is the only thing likely to invite rate cuts. A soft landing, stagflation type of environment where you get no growth and no Fed cuts, that's worse for most investors," Donald said.

Persons: Frances Donald, —, Donald Organizations: CNBC, Service, Manulife Investment Management Global, Labor

"I just want to say how deeply saddened that we all are about the recent horrific attacks on Israel ... He warned that the war in Ukraine, compounded by the attacks on Israel, could have "far-reaching impacts on energy and food markets, global trade, and geopolitical relationships." On Friday, Citigroup CEO Jane Fraser included Israel in her opening remarks on the bank's earnings call. "Once someone ventures into the space of, 'who is the perpetrator and who is the victim,' you enter into the exposure of social media disinformation and risk," Kotok said. Some large companies including Apple (AAPL.O) and Walmart (WMT.N) had yet to issue statements, while some prominent personalities including NBA star LeBron James have spoken out.

Persons: JPMorgan Chase, Jamie Dimon, Albert Bourla, Jefferies, Michael Bloomberg, Goldman Sachs, Jane Fraser, Israel, Fraser, Larry Fink, David Kotok, Cumberland, Kotok, Antonio Neri, Andy Jassy, Sundar Pichai, Satya Nadella, LeBron James, Gigi Hadid, Lananh Nguyen, Aditya Soni, Stephen Nellis, Siddharth Cavale, David Gaffen, Arriana, Sayantani Ghosh, David Gregorio Our Organizations: JPMorgan, Pfizer, UBS, New York City, Bloomberg, Delta Air Lines, Citigroup, BlackRock, Cumberland Advisors, Hewlett Packard Enterprise, Amazon, Meta, Union, Google, Microsoft, Apple, Walmart, NBA, Thomson Locations: Israel, Ukraine, New York, Florida, Bengaluru

☆ Bankruptcies are surging - and Fed rate hikes are to blame, economist says
▼ + stars: | 2023-10-13 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Rising US corporate bankruptcies are due to Fed rate hikes, Apollo chief economist said. "The September data for bankruptcy filings are out, and more and more companies are going bankrupt because of Fed hikes," said Apollo chief economist Torsten Sløk in a note on Friday. "Bankruptcies are hitting companies with high levels of debt and low earnings in the Consumer discretionary, Healthcare, and Industrials sectors," Sløk added. AdvertisementAdvertisementSome of the other headline bankruptcies this year have included the collapse of Yellow, Bed Bath & Beyond, and Silicon Valley Bank. According to experts, a rising wave of bankruptcies and debt defaults could risk rocking the economy towards a recession.

Persons: —, Torsten Sløk, Sløk Organizations: Service, P, Healthcare, SmileDirectClub Inc, Silicon Valley Locations: Silicon

☆ Housing market competition cools off, opening up more inventory and slowing down prices
▼ + stars: | 2023-10-12 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Competition in the housing market is easing faster than normal this fall, a Zillow report said. The "rate lock" that kept potential sellers on the sidelines because of high mortgage rates is abating. As a result, housing supply ticked with total listings for sale up 0.2% in September from August. AdvertisementAdvertisementCompetition in the housing market is easing faster than normal, as home prices ticked lower last month and inventory loosened up, Zillow said Thursday. AdvertisementAdvertisementAnd the Mortgage Bankers Association said this week that mortgage rate applications inched upwards too.

Persons: —, Zillow, Jeff Tucker, it's Organizations: Service, Mortgage Bankers Association

The two applicants selected are the Appalachian Regional Clean Hydrogen Hub, based in West Virginia, and the Philadelphia-area Mid-Atlantic Clean Hydrogen Hub, according to the person briefed on the plan who was not authorized to publicly discuss it before Biden's appearance and spoke on condition of anonymity. The Appalachian Regional Clean Hydrogen Hub, or ARCH2, is a partnership involving the state of West Virginia and EQT, the nation’s largest natural gas producer, among others. The Mid-Atlantic Clean Hydrogen Hub, or MACH2, is supported by supported by Delaware, Pennsylvania and New Jersey, as well as Philadelphia-area labor unions, university researchers and refineries. The Energy Department says the hubs will produce “clean” hydrogen, although its definition includes hydrogen produced with natural gas. Many experts consider hydrogen “clean” only if made through electrolysis.

Persons: Joe Biden, Biden, it’s, ”, Soni Grant, ” Grant, Matthew Daly, Marc Levy Organizations: Biden, Energy Department, Gas, Center for Biological Diversity, Associated Press Locations: HARRISBURG, Pa, Philadelphia, West Virginia, Delaware , Pennsylvania, New Jersey, New Mexico, Washington

☆ Treasury-bond rout eases as more Fed officials hint further rate hikes may not be necessary
▼ + stars: | 2023-10-10 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Bond yields plunged lower Tuesday following comments from Fed officials about a rate hike reprieve. Atlanta Fed President Raphael Bostic said he sees no need for further rate hikes to cool down the economy. Dallas Fed President Lorie Logan said rising term premiums on bonds may do the job of rate hikes. AdvertisementAdvertisementUS Treasurys rallied Tuesday, taking a breather after a blistering sell-off, as more Federal Reserve officials suggested further rate hikes may not be needed. More than a year and a half of steady rate hikes has brought the fed funds rate to a 22-year high.

Persons: Raphael Bostic, Lorie Logan, —, Bostic, Philip Jefferson Organizations: Atlanta Fed, Dallas, Service, Federal Reserve, American Bankers Association, National Association for Business Locations: Israel, Dallas

The British company gets most of its revenue from the smartphone market, in which it has a 99% share across Google's Android and Apple's iOS devices. Arm shares last closed at $54.08, compared with the IPO price of $51. Such growth would benefit SoftBank, which told investors ahead of the Arm IPO that it plans to remain the majority owner in the company it considers its crown jewel. But some brokerages, including HSBC, urged caution, saying Arm's shares could remain range-bound as uncertainty over a smartphone market recovery pressures earnings. At least 17 brokerages started covering Arm, with an average rating of "buy" and a median price target of $63.50.

Persons: Dado Ruvic, Goldman Sachs, TD Cowen, Roshan Abraham, Savio D'Souza, Anil D'Silva, Shounak Organizations: REUTERS, Holdings, Wall Street, SoftBank, J.P.Morgan, British, Citi, Deutsche Bank, Rosenblatt Securities, Philadelphia Semiconductors, HSBC, Thomson Locations: brokerages, Philadelphia, Bengaluru

Arm shares last closed at $54.08, about two dollars below their IPO price. TD Cowen said Arm faces some challenges from the weak smartphone market, but its current revenue represented an "under-monetization of its importance to the industry". Such growth would benefit SoftBank, which told investors ahead of the Arm IPO that it plans to remain the majority owner in the company it considers its crown jewel. But some brokerages, including HSBC, urged caution, saying Arm's shares could remain range-bound as uncertainty over a smartphone market recovery pressures earnings. But by 8 am ET on Monday, at least 15 brokerages started covering Arm with a mean rating of "buy" and a $60 median price target.

Persons: Dado Ruvic, Morgan, Goldman Sachs, TD Cowen, Roshan Abraham, Savio D'Souza, Anil D'Silva Organizations: REUTERS, Arm Holdings, SoftBank, Citi, Deutsche Bank, Mizuho, HSBC, Thomson Locations: brokerages, British, J.P, Morgan, Bengaluru

☆ The price of steel is falling as the UAW strike hits demand
▼ + stars: | 2023-10-05 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

The UAW strike's ripple effects is decreasing the demand for steel, the Journal reported. The strike has cut production of 6,030 vehicles a day that used 5,982 tons of steel, S&P estimates. AdvertisementAdvertisementThe UAW strike is hitting more than just car production and distribution. AdvertisementAdvertisementAccording to the American Iron and Steel Institute, steel currently makes up about 54% of the material that goes into making the average vehicle. But with workers on strike are 43 facilities across the country, that's bound to slow demand for steel.

Persons: —, Ford Organizations: UAW, Service, Big Three, Anderson Economic, Wall Street, American Steel, Iron and Steel Institute, General Motors

☆ Auto companies could sacrifice stock buybacks to help pay for union demands, analyst says
▼ + stars: | 2023-10-03 | by ( Aruni Soni | ) www.businessinsider.com time to read: +4 min

Auto companies could forgo stock buybacks to pay for the costly union demands, an analyst said. Strikers have pointed out the billions of dollars companies have poured towards buybacks and dividends. Some investors have expressed willingness to sacrifice stock repurchases. Some investors seem ready to sacrifice stock buybacks. "That translates to a couple billion dollars per week of sales, $2 [billion] to $3 billion dollars, potentially.

Persons: —, Ford, Edward Jones, Jeff Windau, Brian Mulberry, Patrick Kaser, Stellantis, Patrick Anderson Organizations: Auto, Strikers, Service, Big Three, SEC, GM, Bloomberg, Stock, UAW, Zacks Investment Management, Ford, Brandywine Global, General Motors, Anderson Economic Group, Anderson Economic Locations: buybacks

Tesla vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. Shares of the EV maker reversed course to rise marginally after dropping nearly 3% following the news of the delivery miss. Tesla has also been cutting prices aggressively to counter the effect of a slowing EV market, while fending off competition from upstarts and legacy players. Meanwhile, electric-pickup maker Rivian Automotive (RIVN.O) reported third-quarter deliveries above analysts' estimates and reaffirmed its annual production target of 52,000 vehicles. Deliveries of Tesla's premium vehicles, Model S and Model X, rose to about 16,000 units in the third quarter.

Persons: Carlos Barria, Tesla, Thomas Martin, Reuters Graphics Tesla, Ashwin Amberkar, Aditya Soni, Akash Sriram, Arun Koyyur, Anil D'Silva 私 Organizations: REUTERS, Ford, Globalt Investments, Reuters Graphics, Rivian, US, Canalys Research Locations: Fremont , California, U.S, China, United States, Bengaluru

☆ Tesla's deliveries expected to fall on plant shutdowns, soft demand
▼ + stars: | 2023-09-29 | by ( Aditya Soni | ) www.reuters.com time to read: +4 min

Visitors stand outside barriers surrounding Tesla's new Model 3 sedan displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. That would mark the first sequential decline in Tesla's deliveries since the second quarter of 2022. In the third quarter, Tesla slashed prices of its Model S and Model X by 14% to 21% in main markets China and the U.S. The company also cut its production plan at its German factory amid soft demand, a report by Business Insider said. The restyled variant comes with a higher price and is expected to launch in Europe and China in the fourth quarter.

Persons: Florence Lo, Tesla, Baird, Guggenheim, LSEG, Thomas Martin, Aditya Soni, Jaspreet Singh, Hyunjoo Jin, Shounak Dasgupta Organizations: Fair for Trade, Services, REUTERS, Barclays, Ford, Reuters, Business Insider, Detroit, General Motors, United Auto Workers, Globalt Investments, Thomson Locations: Beijing, China, Europe, U.S, United States, Bengaluru, San Francisco

☆ Europe is almost out of local olive oil supplies as extreme weather takes a toll on harvests
▼ + stars: | 2023-09-29 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Wildfires and extreme heat have damaged olive harvests in Europe, leading to shortages of olive oil. To keep up with demand, olive oil is being imported from South America. AdvertisementAdvertisementIn the past couple of years, extreme weather, wildfires and droughts have damaged olive tree harvests to the point where Europe is now almost out of local supplies of olive oil. To keep up with demand, European companies are importing olive oil from South America, a necessity that the world's top producer noted. Countries like Tunisia, Turkey and Syria have announced export bans on olive oil to protect the commodity from high international prices.

Persons: —, Kyle Holland, Walter Zanre, Filippo Berio, It's, haven't Organizations: Service, Guardian, International Olive Council, International Oil Council, Olive, US Department of Agriculture Locations: Europe, South America, Spain, Greece, Morocco, Italy, Tunisia, Turkey, Syria, Olive, Córdoba

[1/2] A smartphone with the Electronic Arts logo is seen in front of a displayed stock graph in this illustration taken September 16, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 29 (Reuters) - Electronic Arts (EA.O) on Friday launched its first soccer game without the FIFA tag, betting its "FC 24" title will maintain the momentum in its best-selling franchise and provide a bulwark against an industry slowdown. That has left "FC 24" without the visibility and marketing heft the FIFA brand enjoyed. EA has tried to boost the appeal of "FC 24" with new features such as cross-platform play and HyperMotion V technology that uses data from real footage to program in-game movements. Analysts also believe the FIFA split should unlock a bigger marketing budget for "FC 24", which has retained licenses to most of the soccer leagues, teams and players.

Persons: Dado Ruvic, Joost Van Dreunen, Michael Pachter, Pachter, Zaheer Kachwala, Shinjini Organizations: REUTERS, Electronic, FIFA, EA, FC, NYU's Stern School of Business, Wedbush Securities, Apex, Thomson Locations: United States, Bengaluru

☆ Pending home sales plunged in August as 2-decade high mortgage rates continue to squeeze both buyers and sellers
▼ + stars: | 2023-09-28 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Pending home sales slipped 7.1% in August in another sign of the housing market's slump. Multi-decades high mortgage rates are keeping homebuyers out of the market. AdvertisementAdvertisementPending home sales slipped 7.1% in August compared to July, according to the National Association of Realtors. "Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," said Lawrence Yun, NAR chief economist, in the release. Home sales dipped from August across all regions of the country, falling the most in the South, where pending sales recorded a drop of 9%.

Persons: —, Lawrence Yun, Glenn Kelman, NAR's Yun Organizations: Service, National Association of Realtors, NAR

☆ GameStop names billionaire Ryan Cohen as CEO in turnaround push
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Traders work under signage for GameStop Corp. (NYSE: GME) on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 8, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 28 (Reuters) - GameStop (GME.N) on Thursday named billionaire Ryan Cohen as its CEO and chairman on Thursday, tightening the activist investor's grip on the ailing brick-and-mortar videogame retailer that he intends to turn around. Gamestop said he will relinquish that title and will not receive any compensation for his new roles. Cohen arrived at GameStop after building online pet products retailer Chewy into a powerhouse that he sold for $3.5 billion in 2017. The billionaire had initially tried to steer GameStop aggressively toward a more online-focused model as the chain, dependent on physical stores, looked to revive its business.

Persons: Andrew Kelly, Ryan Cohen, Cohen, Matt Furlong, Jenna Owens, Michael Recupero, Furlong, Aditya Soni, Arun Koyyur Organizations: GameStop Corp, New York Stock Exchange, REUTERS, GameStop, Gamestop, Bed, Nordstrom Locations: Manhattan , New York City, U.S, Bengaluru

☆ US housing market valuation climbs to record $52 trillion as construction 'powerhouse' drives the surge
▼ + stars: | 2023-09-26 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

The US housing market's total valuation has hit a record high $51.9 trillion, Zillow said. Florida surpassed New York as the state with the second most valuable housing market. AdvertisementAdvertisementThe US housing market's total valuation is nearly 50% more than what it was before the pandemic, and that's not because of climbing home prices, according to Zillow. US housing market valuation ZillowWith mortgage rates hovering around the highest level in two decades, many homeowners have decided to stay put and stick to their low-interest home loans. AdvertisementAdvertisementIn fact, Florida dethroned New York as the state with the second most valuable housing market, according to Zillow.

Persons: Zillow, — Organizations: Service, Builders, New, New York, Jacksonville Locations: Florida, New York, Los Angeles, San Francisco, Boston, Miami, Washington, New, Tampa , Miami, Cities, Orlando, North Port, Sarasota, Tampa

His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition solidifies Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. Lachlan was appointed CEO of the new Fox Corp. Murdoch controls News Corp and Fox Corp through a Reno, Nevada-based family trust that holds a roughly a 40% stake in voting shares of each company. The shares in Fox and News Corp owned by Murdoch’s children through the trust are a combination of both classes of shares.

Persons: Rupert Murdoch, Rafael Nadal, Kevin Anderson of, Mike Segar, Lachlan Murdoch, Murdoch, Lachlan, Fox, Brian Wieser, James, Chloe, Grace, Wendi Deng, Jonathan Miller, Sumner Redstone, Ted Turner, John Malone, Miller, Helen Coster, Aditya Soni, Dawn Chmielewski, Krishna Chandra Eluri, Saumyadeb Chakrabarty, Nick Zieminski Organizations: Fox News, Fox Corp, News Corp, Fox, Dominion, Systems, Wall, Walt Disney Co, Lupa Systems, Corp, Thomson Locations: York, U.S, Kevin Anderson of South Africa, Australia, United States, American, Reno , Nevada, London, New York, Bengaluru, Dawn, Los Angeles

☆ Broadcom falls on report Google discussed dropping firm as AI chip supplier
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

The report said Google's deliberations follow a standoff between the company and Broadcom over the price of the TPU chips. Broadcom, Google and Marvell did not immediately respond to Reuters' requests for comment. Broadcom is seen as the second-biggest winner from the generative AI boom after Nvidia (NVDA.O). Google co-designs its AI chips with Broadcom and tech giant has already lined up the semiconductor firm for its sixth generation processor, the analysts said. That push has accelerated this year after prices surged for Nvidia's H100, the chip that powers most generative AI apps, to nearly double its original cost of $20,000.

Persons: Dado Ruvic, Marvell, Hock Tan, Morgan, Kanjyik Ghosh, Aditya Soni, Savio D'Souza, Nivedita Bhattacharjee, Krishna Chandra Organizations: Broadcom, REUTERS, Google, Microsoft, Marvell Technology, Nvidia, Meta, Nvidia's, Thomson Locations: J.P, Bengaluru

☆ Reactions: Media mogul Rupert Murdoch steps down as chairman of Fox, News Corp
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +5 min

Sept 21 (Reuters) - Media mogul Rupert Murdoch, 92, has stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), ending a more than seven-decade career in which he created an empire spanning from Australia to the United States. His son, Lachlan Murdoch, will become the chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition cements Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. His son Lachlan Murdoch is seasoned and capable of running the business, but of course there's no replacement for someone like the chairman, Rupert Murdoch, who founded the company and built it over decades." "The media world is unrecognisable from the one he stepped into seventy years ago and the decision to scrap plans to reunite his empire must have smarted."

Persons: Rupert Murdoch, Lachlan Murdoch, Murdoch, BRIAN WIESER, Lachlan, MICHAEL ASHLEY SCHULMAN, Smartmatic, Rupert Murdoch's, JASON BENOWITZ, I'm, DANNI HEWSON, AJ BELL, he's, Mary Berry, he'll, RILEY, THOMAS HAYES, Wise, MATTHEW TUTTLE, ED MOYA, Aditya Soni, Samrhitha, Mayur, Ananya Mariam Rajesh, Arun Koyyur Organizations: Media, Fox Corp, News Corp, Fox, MADISON, WALL'S, Dominion, HOGAN, TUTTLE, MSNBC, Thomson Locations: Australia, United States, Bengaluru

People gather ahead of the "Festival of Fantasy" parade at the Walt Disney World Magic Kingdom theme park in Orlando, Florida, U.S. July 30, 2022. REUTERS/Octavio Jones Acquire Licensing RightsSept 20 (Reuters) - Walt Disney's (DIS.N) $60 billion spending plan on parks and cruises to stay ahead of growing competition has worried some Wall Street analysts with its long road to payoff. "Expanding parks and cruises tends to be a multi year undertaking as a result of which, revenue and margin acceleration lags the investment cycle," Barclays analysts said. The bump in parks spending also follows a quiet period for the business during the pandemic in 2020 and 2021, when the spread of COVID-19 forced park closures and hit attendance. That led Needham analysts to warn Disney could be basing its decision on "unsustainable and elevated profit margins."

Persons: Octavio Jones, Walt Disney's, Needham, Samrhitha Arunasalam, Aditya Soni, Anil D'Silva Organizations: Walt Disney, REUTERS, Wall Street, Walt Disney World, Netflix, Barclays, Analysts, ABC, Comcast, Disney, Nintendo, Thomson Locations: Orlando , Florida, U.S, Hulu, COVID, California, Florida, Bengaluru

☆ It's Time to Start Preparing Against Flu, RSV & COVID-19
▼ + stars: | 2023-09-15 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +5 min

The flu vaccine is now available in some locations. And new respiratory syncytial virus (RSV) vaccines are recommended for some. "We should do what we can to protect ourselves — and others — with the best tool we have: the flu vaccine." Not only that, but COVID-19 and RSV could again spike at the same time as the flu, triggering a "tripledemic," Gandhi said. Women who are between 32 and 36 weeks pregnant can also protect their infants at birth by getting a new Pfizer RSV vaccine.

Persons: Cara Murez HealthDay, Soniya Gandhi, Gandhi, There's, Priya Soni, Sinai Guerin Children’s, Soni, Sonja Rosen, Rosen Organizations: Southern Hemisphere, U.S . Food, Drug Administration, Pfizer, GSK, U.S . Centers for Disease Control Locations: United States, Cedars, Sinai, Los Angeles, U.S, Guillain, Barre

☆ Apple unveils iPhone 15 Pro with titanium case, holds line on prices
▼ + stars: | 2023-09-12 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

IPHONE 15 LAUNCHBoth the Pro and other iPhone 15 models will have a brighter display and a 48-megapixel camera as well as 100% recycled cobalt in their batteries. [1/6]New iPhone 15 and iPhone 15 Plus are displayed during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. Apple said that USB-C charging cables are coming to both its iPhone 15 and the charging case of its AirPods Pro devices. She said the shift "brought some differentiation to the iPhone Pro, because there's faster throughput for data transfer. The iPhone 15 costs $799, the iPhone 15 Plus starts at $899 and the Pro series starts at $999.

Persons: Apple, Jeff Williams, Loren Elliott, Carolina Milanesi, Milanesi, Greg Joswiak, Bob O'Donnell, Pro Max, Lisa Jackson, Stephen Nellis, Aditya Soni, Pushkala, Raechel, Yuvraj Malik, Peter Henderson, Lisa Shumaker Organizations: Apple, Huawei Technologies, Huawei, Securities Times, REUTERS, American Automobile Association, AAA, Creative, TECHnalysis Research, Pro, Counterpoint Research, Thomson Locations: CUPERTINO , California, Cupertino , California, China, U.S, United States, Bengaluru

☆ Oracle tumbles as strong cloud competition, Cerner weakness dent forecast
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

3D printed clouds and figurines are seen in front of the Oracle cloud service logo in this illustration taken February 8, 2022. The company was on track to lose about $30 billion in market value, based on its premarket share price of $115. "We continue to believe high single-digit growth might be unsustainable for Oracle given Cerner integration risks and formidable data center competition," D.A. Most analysts, however, were positive on the company and attributed the share price decline to Oracle's rally in the run-up to earnings. But they highlighted strong deferred revenue, AI backlog commentary and some positive signs in the cloud business as positives.

Persons: Dado Ruvic, Safra Catz, D.A, Davidson, Gil Luria, Aditya Soni, Krishna Chandra Organizations: Oracle, REUTERS, Amazon Web Services, Google, Barclays, Thomson Locations: Bengaluru

☆ Starboard urges 'undervalued' GoDaddy to improve financials or explore sale
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File photo Acquire Licensing RightsSept 12 (Reuters) - Activist investor Starboard Value said on Tuesday that GoDaddy Inc (GDDY.N) was "deeply" undervalued and that the web services firm should consider a potential sale if it cannot improve its financial performance. The investment firm urged GoDaddy "to be objective in assessing the prospects for significant revenue growth," while suggesting that it should improve margins by cutting down expenses. "Since late 2021, the GoDaddy management team and several directors have engaged in regular and constructive discussions with Starboard Value LP. Starboard also disclosed that the company has denied its requests for a board seat over the past 18 months. Reporting by Aditya Soni and Zaheer Kachwala; Editing by Shounak Dasgupta and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, GoDaddy, Aditya Soni, Zaheer Kachwala, Shounak Dasgupta, Devika Organizations: GoDaddy Inc, New York Stock Exchange, REUTERS, Thomson Locations: New York, U.S, GoDaddy

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