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☆ A group of banks are in talks to deposit $30 billion in First Republic, sources say
  + stars: | 2023-03-16 | by ( Jesse Pound | ) www.cnbc.com   time to read: +2 min
A group of financial institutions are in talks to deposit $30 billion in First Republic in what's meant to be a sign of confidence in the banking system, sources told CNBC's David Faber. Bank of America , Wells Fargo , Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the sources said. Truist , PNC , U.S. Bancorp , M&T Bank and Capital One will deposit about $1 billion each. First Republic's stock, which closed at $115 per share on March 8, traded below $20 at one point on Thursday. The company reported more than $212 billion assets at the end of December and generated more than $1.6 billion in net income last year.
☆ Financial institutions get together to generate $20 billion in support for First Republic
  + stars: | 2023-03-16 | 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 EmailFinancial institutions get together to generate $20 billion in support for First RepublicCNBC's David Faber joins 'The Exchange' to discuss plans for a bank consortium deposit, the market response to assistance for First Republic and whether there's government aid headed there.
☆ Stocks making the biggest moves midday: First Republic, Signet Jewelers, Snap and more
  + stars: | 2023-03-16 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +3 min
A customer walks past an ATM outside of a First Republic Bank branch in Manhattan Beach, California, on March 13, 2023. First Republic Bank — Shares of First Republic erased earlier losses and were last up about 22%. UiPath — The stock surged 17.5% after the automation software company reported fourth-quarter adjusted earnings per share of 15 cents, beating the StreetAccount estimate of 6 cents per share. Adobe — The software maker saw its stock jump nearly 5% after the company reported fiscal first-quarter results that topped Wall Street estimates. The Wall Street firm said the stock has fallen to levels that are attractive.
☆ Uninsured depositors in focus after Silicon Valley Bank closure
  + stars: | 2023-03-10 | 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 EmailUninsured depositors in focus after Silicon Valley Bank closureCNBC's David Faber joins 'Closing Bell: Overtime' to discuss what to expect over the weekend following the closure of Silicon Valley Bank.
☆ Silicon Valley Bank Financial in talks to sell itself after attempts to raise capital have failed, sources say
  + stars: | 2023-03-10 | by ( Jesse Pound | ) www.cnbc.com   time to read: 1 min
In this articleThis is breaking news. Please check back for updates. The Silicon Valley Bank mobile app logo on a smartphone arranged in Riga, Latvia, March 10, 2023. SVB Financial , parent of Silicon Valley Bank, is in talks to sell itself, sources told CNBC's David Faber. Attempts by the bank to raise capital have failed, the sources said.
☆ Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis
  + stars: | 2023-03-10 | by ( Jesse Pound | ) www.cnbc.com   time to read: +3 min
Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago. According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB. The last U.S. bank failure of this size was Washington Mutual in 2008, which had $307 billion in assets. The shares of parent company SVB Financial Group fell 60% on Thursday, and dropped another 60% in premarket trading on Friday before being halted.
☆ Venture capitalists urge startups to withdraw funds from crisis-laden Silicon Valley Bank
  + stars: | 2023-03-10 | by ( Ryan Browne Hugh Son | Ryan Browne | Hugh Son | ) www.cnbc.com   time to read: +4 min
Venture capital firms on both sides of the Atlantic have been urging their portfolio companies to move money out of embattled lender Silicon Valley Bank, deepening fears of a run on the tech-focused bank. Silicon Valley Bank shares plunged 60% Thursday after disclosing that it needed to shore up its capital with a $2.25 billion equity raise from investors including General Atlantic. Pear VC, an early-stage VC firm based in San Francisco, urged its portfolio network to withdraw funds from SVB on Thursday. The wind-down of crypto-centric Silvergate Bank and pressure on Silicon Valley Bank this week reminded some founders of the 2008 financial crisis, in which banks toppled during the mortgage bust. We are seeing other funds encouraging companies to withdraw their funds from SVB.
☆ SVB extends 2-day plunge to 86% on report it will seek a sale after failing to raise capital
  + stars: | 2023-03-10 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +4 min
The bank failed to complete its $2.3 billion capital raise and is now seeking a sale, according to CNBC. The news comes amid fears of , with several VCs advising their portfolio companies to pull money from the bank. SVB Financial saw a surge in deposits in 2020 and 2021 as valuations for speculative tech and start-up companies soared. The crash in SVB Financial on Thursday dragged down the entire banking sector, and now fears of contagion risk are starting to grow. Shares of SVB Financial were off 95% from its November 2021 record-high of $763.22, with shares trading at about $35 in pre-market trading on Friday.
☆ Don't act on new activist push for board seats at Salesforce before earnings, Benioff reaction
  + stars: | 2023-03-01 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +8 min
Hedge fund Elliott Management's decision to nominate candidates for Salesforce 's (CRM) board represents an escalation of the activist agitation at the Club holding. The Club generally believes activists' wishes for cost-cutting at Salesforce are positive, as long as Benioff remains at the helm. It's unclear whether Elliott is nominating two or three candidates for Salesforce's board, according to CNBC's David Faber, who broke the story Wednesday morning . Benioff is chairman of Salesforce's board. However, we don't want the activist pressure at Salesforce to cause Benioff to depart the company.
☆ Activist investor Elliott nominates slate of directors to Salesforce board, sources say
  + stars: | 2023-03-01 | by ( David Faber Ashley Capoot | David Faber | Ashley Capoot | ) www.cnbc.com   time to read: +1 min
The nominating window closes March 14, and it is unclear if it is two or three nominees, Faber said on " Squawk on the Street ." The slate will likely include Jesse Cohn who runs the activist practice at Elliott, according to people familiar with the situation, but Faber said his position hasn't been confirmed. Activist investor Elliott Management has nominated a slate of directors for Salesforce 's board, sources told CNBC's David Faber on Wednesday. Elliott Management unveiled its multibillion-dollar investment in Salesforce in January, and the company said ValueAct Capital CEO Mason Morfit will join its board this month. Dan Loeb's hedge fund, Third Point, has also built a position in the company, CNBC confirmed in February.
☆ Cramer sees a 'good chance' Salesforce's Benioff will soon announce succession plans
  + stars: | 2023-02-25 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +4 min
Jim Cramer suggested Saturday that plans for a leadership change at Club holding Salesforce (CRM) — helmed by co-founder Marc Benioff for more than two decades — may be disclosed in the near future. CRM YTD mountain Salesforce (CRM) YTD performance In early January, Salesforce announced a cost-cutting plan that included layoffs and office space reductions — moves that Jim has said were pushed for by Starboard . While Benioff has said he's "never leaving" Salesforce , the company has twice elevated an executive to the role of co-CEO. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Marc Benioff, founder, chairman and CEO of enterprise cloud computing company Salesforce.
☆ Tiger Global Management trims top tech holdings, adds new position in ZoomInfo
  + stars: | 2023-02-14 | by ( Jesse Pound | ) www.cnbc.com   time to read: +1 min
Tech-focused hedge fund Tiger Global Management sold large chunks from several of its biggest positions in the fourth quarter , but investor Chase Coleman didn't completely turn his back on the market. Tiger Global trimmed its stake in most of its top holdings, according to securities filings and VerityData's InsiderScore.com. Elsewhere, Tiger Global eliminated positions in RingCentral and Li Auto that were worth about $99 million and $396 million, respectively, at the end of the third quarter. Coleman is one of the so-called Tiger Cub hedge fund managers who worked under Julian Robertson at Tiger Management. Tiger Global was one of the tech-focused hedge funds that was caught offsides by last year's sharp pullback for growth stocks.
☆ Disney CEO Bob Iger says he prefers to stay only two years, calls streaming 'the future'
  + stars: | 2023-02-09 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +1 min
Disney CEO Bob Iger appeared on CNBC's "Squawk on the Street" Thursday following the company's announcement it would cut 7,000 jobs and slash $5.5 billion in costs as part of a larger reorganization. Iger, who returned to Disney's helm in November, said Thursday he had no plans to stay longer than two years in his post. The board ousted Bob Chapek last year. "We thought we made the right decision when we chose Bob [Chapek] in 2020. On the top of the list is Disney's streaming strategy and making the business profitable, Iger said Thursday.
☆ Everything is on the table now with Hulu, Disney CEO Iger says
  + stars: | 2023-02-09 | by ( Rebecca Picciotto | ) www.cnbc.com   time to read: +2 min
Disney CEO Bob Iger said Thursday that "everything is on the table" with streaming service Hulu. Disney owns two thirds of the streaming service, which focuses on more adult-oriented general entertainment content such as the series "Only Murders in the Building" and the sci fi thriller "Prey." Iger wants Disney to focus on its more family-friendly franchises, such as "Frozen" and the Marvel Cinematic Universe. He said that he wasn't going to speculate whether Disney is a buyer or seller of Hulu right now. Comcast introduced a proposal to buy Disney's 66% stake in Hulu, but Disney rejected the idea, CNBC previously reported.
☆ JPMorgan upgrades Blackstone, calls it 'best in class'
  + stars: | 2023-01-24 | by ( Michelle Fox | ) www.cnbc.com   time to read: +2 min
JPMorgan Chase upgraded Blackstone to overweight from neutral on Tuesday, calling the money manager "best in class." The call comes on the heels of the recent controversy over Blackstone 's private real estate investment trust. Blackstone shares dropped after news of the redemption limits in December, dropping 8% in five days and ultimately ending 2022 down nearly 43%. "Blackstone remains best-in-class and an intermediate and longer term winner, so it could hold up near-term better than feared," he said. The BREIT structure remains credible and Blackstone will likely launch new retail products to leverage the success of the non-traded structure, he added.
☆ Jeff Ubben's Inclusive Capital takes stake in Salesforce as more activists target the software giant
  + stars: | 2023-01-23 | by ( Yun Li | ) www.cnbc.com   time to read: +1 min
Jeff Ubben's Inclusive Capital has taken a position in Salesforce , according to sources, CNBC's David Faber reported Monday. Salesforce has also attracted activist investor Elliott Management's interest, which made a multibillion dollar investment, the Wall Street Journal reported late Sunday. In October, Starboard Value announced an undisclosed stake in Salesforce, saying the company was suffering from a valuation discount due to a "subpar mix of growth and profitability." Salesforce is in the middle of restructuring amid slowing growth and recession fears. Earlier this year, the firm said it planned to cut jobs by 10%, or 700 employees, and close some offices.
☆ Disney rips Peltz over board fight, defends Iger's acquisitions
  + stars: | 2023-01-17 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +3 min
Disney ripped Nelson Peltz and his bid for a board seat Tuesday, as the entertainment giant's proxy fight with the investor and his activist firm, Trian Fund Management, takes shape. Disney said in a securities filing Tuesday that its board was where it needed to be to move the company forward. Last week, Peltz laid out his case for a proxy fight with Disney on CNBC's "Squawk on the Street" after Trian filed a preliminary proxy statement looking for a seat on the board. Peltz raised issues with how shareholder value has eroded recently and Disney's $71 billion acquisition of Fox in 2019. The company said it had offered Peltz an information-sharing agreement, meaning he would have met quarterly with both management and the board, rather than a board observer role, as Peltz had said.
☆ Breaking News: Nelson Peltz seeks Disney board seat
  + stars: | 2023-01-11 | by ( Melissa Lee | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBreaking News: Nelson Peltz seeks Disney board seatCNBC's David Faber reports that activist investor Nelson Peltz is seeking a seat on Disney's board of directors. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Carter Worth, Steve Grasso and Courtney Garcia.
☆ Duck Creek Technologies surges more than 30% after reaching takeover deal with Vista
  + stars: | 2023-01-09 | by ( Jesse Pound | ) www.cnbc.com   time to read: +1 min
A person walks through the Wall Street subway station near the New York Stock Exchange (NYSE) in New York on May 27, 2022. Insurance tech company Duck Creek Technologies has reached a takeover deal with Vista Equity Partners, sending its stock soaring on Monday morning. Shares of Duck Creek surged more than 45% to hover just under the offer price in premarket trading. At its high watermark in February 2021, the Duck Creek closed above $59 per share. Duck Creek reported its fiscal first quarter results last week, showing revenue of $80.6 million and a net loss of $5.2 million.
☆ Stocks making the biggest moves premarket: Lululemon, Duck Creek, Mastercard, Uber and more
  + stars: | 2023-01-09 | by ( Michelle Fox | ) www.cnbc.com   time to read: +2 min
Visa , Mastercard — Shares of the payments companies gained 1.1% and 1.7% respectively, after Keybanc upgraded their ratings to overweight from from sector weight. Shares gained 2.8% premarket. Uber — Shares gained 2.8% after the rideshare platform was upgraded to overweight from neutral by Piper Sandler. Nvidia — The stock gained 1.6% premarket after being named a top pick by Wells Fargo analysts, who said they see a positive data center product-cycle materializing through 2023. Ferrari — Shares rallied more than 2% premarket after being named a top pick for 2023 by Bank of America.
☆ Guggenheim Managing Partner Scott Minerd dies
  + stars: | 2022-12-22 | 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 EmailGuggenheim Managing Partner Scott Minerd diesCNBC's David Faber reports that CNBC regular and Guggenheim Managing Partner Scott Minerd passed away yesterday afternoon.
☆ Elon Musk actively searching for a new Twitter CEO, sources say
  + stars: | 2022-12-20 | by ( Ashley Capoot | ) www.cnbc.com   time to read: +3 min
Elon Musk Twitter page seen on mobile with his poll to step down as head of TwitterTwitter owner and CEO Elon Musk is searching for a new chief executive of the company, sources told CNBC's David Faber. In court in November, Musk said, "I expect to reduce my time at Twitter and find somebody else to run Twitter over time." "The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive," he wrote. Malicious bots or inauthentic accounts may also be able to register a response to a Twitter poll. Sources told Faber that Musk's search for a new CEO has been ongoing and began before the Twitter poll was made.
☆ Elon Musk is hunting for a new Twitter CEO to replace him, report says
  + stars: | 2022-12-20 | by ( Sarah Jackson | Grace Kay | ) www.businessinsider.com   time to read: +3 min
Elon Musk is on the hunt for someone to replace him as CEO of Twitter, sources told CNBC's David Faber. Musk recently tweeted a poll on if he should step down as Twitter's CEO, saying he'd abide by its results. Though, shares of the EV company appeared to respond positively to the possibility of Musk stepping down as CEO of Twitter on Monday. The billionaire has offloaded nearly $40 billion worth of Tesla stock in the past 14 months. "Time to end this nightmare as CEO of Twitter," Wedbush tech analyst Dan Ives said in a note on Monday.
☆ Cramer: What I learned about investing from the first millionaire I met as a kid
  + stars: | 2022-12-19 | by ( Jim Cramer | ) www.cnbc.com   time to read: +10 min
He didn't talk much on the drive in, just listened to call-in radio shows and then the opera, the Metropolitan Opera, brought to you by Texaco. And if you ran out of those, you might have to close on one of the most important business days leading up to Christmas. But Mr. Paul was a supplier, a decent man, and most importantly a retired Marine Corps colonel. One day Pop asked me to summon up the courage and ask Mr. Paul to show him his stock ledger. Mr. Paul, in short, was a millionaire.
☆ Blackstone chief defends real estate fund amid rush for withdrawals
  + stars: | 2022-12-08 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
Investors nervous about Blackstone's real estate investment trust should view it as a long-term vehicle that's well-positioned for the future, the firm's president said Thursday. Blackstone has taken heat over the past week for limiting withdrawals from the $69 billion private REIT, the Blackstone Real Estate Income Trust (BREIT). Blackstone President and Chief Operating Officer Jon Gray defended the positioning and structure, noting that investors knew BREIT had limits on redemptions. Publicly traded REITs have gotten slammed this year amid a rising interest rate environment that has hit the real estate market especially hard, raising questions about the actual values of holdings in private funds such as Blackstone's BREIT. The $35 billion Vanguard Real Estate ETF , for example, has tumbled 26% year to date.
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