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☆ The Costco customer is younger and richer than ever—here's why
▼ + stars: | 2023-02-09 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +1 min

On Tiktok, #costcofinds has 2.6 billion views while #samsclubfinds has just 338.7 million views. Costco shoppers, on average, are younger and have higher incomes than those of its primary competitor, Sam's Club, according to an analysis from Coresight. CNBC Make It reached out to both Costco and Sam's Club. Costco representatives said the warehouse club has no comment. Sam's Club has yet to respond.

Nanoco and Chicago-based litigation funding firm GLS Capital said in a release that the settlement, which includes a license agreement and the "transfer of certain patents," resolves litigation in the United States, Germany and China. Nanoco's quantum dots improve the backlighting of LED displays without the use of toxic heavy metals like cadmium. The Texas lawsuit said Samsung began incorporating Nanoco's technology into high-end QLED TVs launched in 2017. Third-party funding of lawsuits has becoming increasingly common in recent years, though details about specific investments are rarely publicized. The case is Nanoco Technologies Ltd v. Samsung Electronics Co, U.S. District Court for the Eastern District of Texas, No.

☆ Stocks making the biggest moves after hours: Apple, Amazon, Ford and more
▼ + stars: | 2023-02-02 | by ( Jesse Pound | ) www.cnbc.com time to read: +5 min

Here are the notable stocks making moves after hours on Thursday, Feb. 2. Apple — The consumer tech stock tumbled 4% in extended trading after the company reported weaker-than-expected results for its fiscal first quarter. The company reported $1.88 in earnings per share on $117.15 billion of revenue. Amazon reported $149.20 billion in revenue for the quarter, above the $145.42 billion expected, according to Refinitiv. The company reported a 2% decline in comparable transactions year over year, thanks in part to weakness in China.

☆ Sam Bankman-Fried tried to influence witness through Signal, DOJ alleges
▼ + stars: | 2023-01-27 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Federal prosecutors are attempting to bar indicted FTX co-founder Sam Bankman-Fried from using encrypted messaging software, citing efforts that may "constitute witness tampering," according to a letter filed in Manhattan federal court Friday. Bankman-Fried reached out to the "current General Counsel of FTX US who may be a witness at trial," prosecutors said. Federal prosecutors allege that Bankman-Fried's request suggests an effort to influence the witness's testimony, and that Bankman-Fried's effort to improve his relationship with Miller "may itself constitute witness tampering." In restricting Bankman-Fried's access to Signal and other encrypted messaging platforms, the government cites a need to "prevent obstruction of justice." Federal prosecutors claim that Bankman-Fried directed Alameda and FTX through Slack and Signal, and ordered his employees set communications to "autodelete after 30 days or less."

☆ Bed Bath & Beyond's efforts to find buyer stalled - Bloomberg News
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Bed Bath & Beyond Inc's (BBBY.O) efforts to find a buyer ahead of a likely bankruptcy filing have stalled, Bloomberg News reported on Friday, citing people with knowledge of the matter. Bed Bath & Beyond did not immediately respond to a Reuters request for comment. The Union, New Jersey-based company earlier this month said it was considering a range of options, including declaring bankruptcy, after struggling with plunging sales and widening losses. Bed Bath & Beyond said on Thursday it received a loan default notice from JPMorgan Chase Bank N.A. The company will consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code, it said on Thursday.

The company listed over 100,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents. In a statement, the company noted that the companies were only involved in Genesis' crypto lending business. Genesis listed a $765.9 million loan payable from Gemini in Thursday's bankruptcy filing. Other sizeable claims included a $78 million loan payable from Donut, a high-yield, decentralized platform, and a VanEck fund, with a $53.1 million loan payable. The bankruptcy puts Genesis alongside other fallen crypto exchanges including BlockFi, FTX, Celsius, and Voyager.

U.S. District Judge Rodney Gilstrap said halting the lawsuit until the Patent Trial and Appeal Board reviews the patents would unnecessarily delay the court case and prejudice Caltech. Representatives for Samsung and Caltech did not immediately respond to a request for comment. The school's 2021 lawsuit alleges Samsung's Galaxy phones, tablets, watches and Wi-Fi-enabled Samsung products like televisions and refrigerators infringe its data-transmission patents. The Texas case is scheduled to go to trial in September. The case is California Institute of Technology v. Samsung Electronics Co, U.S. District Court for the Eastern District of Texas, No.

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☆ Bed Bath beefs up legal team ahead of possible bankruptcy filing in New Jersey
▼ + stars: | 2023-01-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023. Bed Bath has been in discussions to nail down financing that would keep it afloat if it were to file for bankruptcy, CNBC previously reported. Bed Bath also recently hired consulting firm AlixPartners as one of its advisors, replacing Berkeley Research Group, CNBC previously reported. Despite efforts to stave off landing in bankruptcy protection, a filing will likely occur in the weeks ahead, the people said. Earlier this month, Bed Bath warned of a looming bankruptcy as its turnaround plans failed to improve the business and its balance sheet deteriorated.

Companies Costco Wholesale Corp FollowJan 17 (Reuters) - A U.S. judge on Tuesday said Costco Wholesale Corp (COST.O) must face a lawsuit claiming it falsely advertises and labels its canned tuna as "dolphin safe" despite using fishing methods that harm and kill dolphins. The Issaquah, Washington-based retailer said Wright only speculated about the risk to dolphins in tuna she bought, and that it made no promises about dolphin safety beyond using a "dolphin safe" logo on labels. He said this was particularly important because consumers "overwhelmingly" prefer tuna labeled dolphin-safe when given a choice. The case is Wright v Costco Wholesale Corp, U.S. District Court, Northern District of California, No. Reporting by Jonathan Stempel in New York; Additional reporting by Mehr Bedi in Bengaluru; Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ Crypto lender Genesis preparing to file for bankruptcy - Bloomberg News
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Cryptocurrency lender Genesis Global Capital is planning to file for bankruptcy as soon as this week, Bloomberg News reported on Wednesday, citing people with knowledge of the situation. The collapse of FTX in November has claimed several victims including crypto lender BlockFi and Core Scientific Inc , one of the biggest publicly traded crypto mining companies in the United States, both of which filed for bankruptcy protection in the following months. Genesis is also locked in a dispute with Gemini, founded by the identical twin crypto pioneers Cameron and Tyler Winklevoss. Gemini offered a crypto lending product called Earn in partnership with Genesis, and now says Genesis owes it $900 million in connection with that product. The U.S. Securities and Exchange Commission last week said it had charged Genesis and Gemini with illegally selling securities to hundreds of thousands of investors through their crypto lending program.

☆ WWE retains restructuring specialist Kirkland & Ellis as adviser for strategic review
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - World Wrestling Entertainment (WWE.N) said on Thursday it has retained bankruptcy and restructuring powerhouse Kirkland & Ellis LLP as its legal adviser related to its review of strategic alternatives for the company. It has also retained The Raine Group LLC as financial advisor and August LLC as strategic communications adviser. Vince McMahon returned to WWE earlier this month and made some changes to the company's board. At the time, WWE announced that it was launching a review to explore "strategic alternatives" for the company. Later, WWE said that it found some unrecorded expenses tied to Vince McMahon.

Silbert is the founder of Digital Currency Group (DCG), a crypto conglomerate that includes the Grayscale Bitcoin Trust and trading platform Genesis. Winklevoss, along with his brother Tyler, co-founded Gemini, a popular crypto exchange that, unlike many of its peers, is subject to New York banking regulation. Winklevoss and Silbert were linked through an offering called Earn, a nearly two-year-old product from Gemini that promoted returns of up to 8% on customer deposits. With Earn, Gemini loaned client money to Genesis for placement across various crypto trading desks and borrowers. Silbert has avoided responding directly to Winklevoss' latest accusation, though the company has taken up his defense.

☆ More mainland Chinese firms will take away market share from Taiwan iPhone suppliers: Investment firm
▼ + stars: | 2023-01-09 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

"Chinese companies are getting pretty competitive for iPhone assemblers. More mainland Chinese electronics manufacturing companies are set to take away market share from Taiwanese counterparts such as Foxconn and Pegatron , an investment fund manager said. "Chinese companies are getting pretty competitive for iPhone assemblers. "So that's why eventually, you are going to see more and more Chinese companies taking market share away from Taiwanese electronic companies," Yang added. That comes after Foxconn posted record unaudited revenue in 2022 and reported that output at its iPhone plant in China had "basically returned to normal."

☆ Hon Hai has 'no choice' but to offer bonuses to retain workers in China: Financial services firm
▼ + stars: | 2023-01-06 | 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 EmailHon Hai has 'no choice' but to offer bonuses to retain workers in China: Financial services firmKirk Yang of Kirkland Capital says it's been "very difficult" to retain factory workers in China because of the Covid situation there.

☆ One of the world's largest bitcoin miners will shut off thousands of mining rigs tied to bankrupt Celsius as part of the firms' bankruptcy proceedings
▼ + stars: | 2023-01-04 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Core Scientific will shut down thousands of bitcoin mining rigs tied to Celsius. Core Scientific says the mining rigs are costing the firm $2 million in revenue per month, per court filings. Celsius claims that Core Scientific increased its power rate, which wasn't stipulated in the two embattled companies' initial agreement. Core Scientific followed suit and filed for bankruptcy in December, as miners became pinched by a decline in bitcoin prices and higher energy costs. Core Scientific and Celsius did not immediately respond to Insider's request for comment.

"It's a combination of the FTC and (Justice Department) being willing to litigate and the fact that companies are fighting back," Grosberg said. More recently, they have lost four attempts to block mergers in court, though they are appealing two of the cases. The Justice Department did not immediately respond to requests for comment. Break-up fees that acquirers agree to pay their targets if their deal gets shot down by antitrust regulators are also on the rise. Many companies facing merger challenges say they will fight on, emboldened by the four court losses of the Justice Department and FTC.

☆ Costco CEO's cautious consumer outlook justifies our near-term view on the stock
▼ + stars: | 2022-12-19 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

Craig Jelinek, chief executive officer of Club holding Costco (COST), said Monday he sees a more-vigilant consumer this holiday shopping season and potentially beyond. Consumer behavior Jelinek highlighted a number of stronger areas for Costco, including its Kirkland-branded products across a number of categories. "Our food [and] sundry business, our fresh business, our travel business, continues to be strong," Jelinek added. Looking ahead to next year, Jelinek said Costco is taking stock of the economic uncertainty and factoring that into its merchandising plans. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Costco CEO: Kirkland Signature brand is one of our real strengths in the company
▼ + stars: | 2022-12-19 | by ( ) 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 EmailCostco CEO: Kirkland Signature brand is one of our real strengths in the companyCostco CEO Craig Jelinek joins CNBC's 'Squawk on the Street' to discuss the hot things in Costco for Christmas and more.

Carl Icahn had a textbook strategy for the Nevada-based energy utility Southwest Gas Holdings. In August, Southwest Gas' board decided against a divestiture, and the sale of subsidiaries that Icahn had urged remains uncertain. "Shareholders don't want to hear it, but you really have great difficulty selling a company at a good price today," the widely followed activist investor Icahn told Insider. via CNBCBut, like Icahn in the case of Southwest Gas, participants in this new onslaught may find themselves confounded by an increasingly complex and fraught business environment. According to Lazard, 37% of activist campaigns this year were launched by first-timers, the highest proportion since the company started tracking these figures in 2015.

Carl Icahn had a textbook strategy for the Nevada-based energy utility Southwest Gas Holdings. In August, Southwest Gas' board decided against a divestiture, and the sale of subsidiaries that Icahn had urged remains uncertain. That means that the sale of companies like Southwest Gas is off the table for the time being — or will get done at prices far lower than before. via CNBCBut, like Icahn in the case of Southwest Gas, participants in this new onslaught may find themselves confounded by an increasingly complex and fraught business environment. According to Lazard, 37% of activist campaigns this year were launched by first-timers, the highest proportion since the company started tracking these figures in 2015.

☆ Thoma Bravo to buy Coupa Software for $6.15 billion amid tech slump
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +2 min

Coupa Software said on Monday it will sell itself to private-equity major Thoma Bravo for $6.15 billion in cash, calling the deal the "optimal path forward" as broader economic uncertainty hammers technology stocks. "The transaction provides superior risk-adjusted value relative to the company's (Coupa's) standalone prospects," said Roger Siboni, an independent director at the software firm. Coupa Software, which went public in 2016, provides business-spend management software, which helps companies manage the purchase of goods and services. Qatalyst Partners and Freshfields Bruckhaus Deringer advised Coupa, while Goldman Sachs & Co, Piper Sandler, and Kirkland & Ellis were advisors to Thoma Bravo. Separately, Coupa reported a 17% rise in total revenue for the quarter ended Oct. 31 and a net loss of $84.1 million.

☆ Thoma Bravo to buy Coupa Software for $6.15 bln amid tech slump
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Coupa Software Inc (COUP.O) said on Monday it will sell itself to private equity major Thoma Bravo for $6.15 billion in cash, calling the deal the "optimal path forward" as broader economic uncertainty hammers technology stocks. Over the last two years, Thoma Bravo has acquired Ping Identity, Sophos, Proofpoint and Sailpoint Technologies. Coupa Software, which went public in 2016, provides business-spend management software, which helps companies manage the purchase of goods and services. Qatalyst Partners and Freshfields Bruckhaus Deringer advised Coupa, while Goldman Sachs & Co, Piper Sandler, and Kirkland & Ellis were advisors to Thoma Bravo. Separately, Coupa reported a 17% rise in total revenue for the quarter ended Oct. 31 and a net loss of $84.1 million.

WASHINGTON — Sen. Kyrsten Sinema’s decision to leave the Democratic Party reshapes the dynamics of the 2024 Senate race in Arizona, creating fresh obstacles for Democrats to hold the seat in two years. But I’m still shockingly disappointed at how awful she continues to be,” said Michael Slugocki, an outgoing vice chair of the Arizona Democratic Party. A bipartisan poll by Fabrizio Ward and Impact Research in September found that Sinema's favorable rating among Arizona Democrats was 37%. The state party censured Sinema last year after she opposed a Senate rules change to pass a major voting-rights bill. “There is every intention that the Arizona Democratic Party will run a true Democrat in 2024,” he said, adding that he favors Gallego.

☆ Cowen names Costco a best idea, says wholesaler can be a big winner in 2023
▼ + stars: | 2022-12-09 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Costco is uniquely situated in an inflationary environment and could stand to gain as consumers get increasingly price conscious, according to Cowen. Analyst Oliver Chen named the stock a best idea for 2023 with a price target of $650, which implies a 35% upside from Thursday's close. "Costco is well-positioned in an inflationary environment and could also benefit from increased trade down traffic as higher income consumers shop for quality value," he said in a note to clients. Its member base skews toward high-income customers more than Target or Walmart does, according to Cowen data. But Chen said Costco could also gain a wider swath in an economic downturn as consumers increasingly look for value, which is something the wholesaler has become known for.

☆ How Big Law fumbled its own Rooney rule on diversity
▼ + stars: | 2022-12-08 | by ( Elizabeth Olson | ) www.businessinsider.com time to read: +11 min

Several law firms adopted the Mansfield rule in 2017, which aims to increase diversity in leadership. It's effectively the NFL's two-decade-old Rooney rule: a requirement that nonwhite candidates be considered when teams hire for coaching and front-office jobs. Law firms followed professional football in 2017 with its version of the Rooney rule, called the Mansfield rule. At first, the Rooney rule seemed to catch on when teams started to hire more coaches of color and a dozen general managers of color when that position was added to the Rooney rule. "For the Rooney rule to work," he said, "there has to be a true commitment from the owners.

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