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☆ Sea sails recklessly into choppy e-commerce waters
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Singapore-based Sea Limited Chairman and CEO Forrest Li, speaks during an interview with CNBC following his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 20, 2017. REUTERS/Brendan McDermid Acquire Licensing RightsHONG KONG, Aug 16 (Reuters Breakingviews) - Sea's (SE.N) boss Forrest Li has picked a turbulent time to rock the boat. But Li's declaration on Tuesday that it's time to "ramp up" investments again risks wiping out the hard-earned investor goodwill. Despite Li's assurances that Sea will keep emphasising self-sufficiency and cost efficiencies, investors promptly erased some $10 billion, or 29%, in market value. In July, the latter injected $845 million into its Southeast Asian arm, signalling a price war may be on the horizon.

Persons: Forrest Li, Brendan McDermid, HONG KONG, Li, China's Alibaba, Robyn Mak, Exor’s Philips, Bain, BoE, Antony Currie, Thomas Shum Organizations: CNBC, New York Stock Exchange, REUTERS, Reuters, HK, Twitter, FC Barcelona’s, Messi, Thomson Locations: Singapore, New York, U.S, HONG, York

☆ Vietnam’s Tesla charges itself up for a big fall
▼ + stars: | 2023-08-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

VinFast (VFS.O) shares leapt 270% on Tuesday following the group’s $27 billion merger with a special purpose acquisition company (SPAC). It catapults the enterprise’s value to $90 billion, a grand outcome only possible because Vuong and related entities still own 99% of the Tesla (TSLA.O) wannabe. The pop values the unprofitable Vietnamese company at 142 times its sales in 2022, some 16 times Tesla’s multiple. VinFast has pushed back plans to operate its $4 billion plant in North Carolina by a year to 2025. Ultimately, VinFast is heavily reliant on Vuong who is betting big on electric vehicles.

Persons: Mike Blake, Pham Nhat Vuong, Rivian, VinFast, topline, David Mansfield, Reuters Breakingviews, Una Galani, Thomas Shum Organizations: Los Angeles Auto, REUTERS, Rights, Reuters, Tesla, Elon Musk’s, P Global Mobility, Nasdaq, Thomson Locations: Los Angeles , California, U.S, North Carolina, Vingroup

☆ Wheels Up flies for now, but private-jet rivals see opportunity
▼ + stars: | 2023-08-16 | by ( Allison Lampert | ) www.reuters.com time to read: +4 min

Wheels Up avoided a possible bankruptcy when it secured backing from investors on Tuesday, including U.S. carrier Delta Air Lines (DAL.N). Two operators have closed down since May in the face of diminished traffic and higher labor costs could force some private-jet operators out of business. While private flying remains above 2019 levels, traffic has slowed since the pandemic, when wealthy passengers sought to avoid crowded commercial airports. The company, which provided third-party flying service to Wheels Up, faces a lawsuit from Wheels Up over a contract dispute. Jamie Walker, chairman of U.S. private jet operator Jet Linx, said he sees opportunity for both organic growth and acquisitions due to the softening marketplace.

Persons: Brian Foley, Foley, Jim Segrave, Uber, Dynamics's, Canada's, Travis Kuhn, Justin Crabbe, Andrew Collins, Jamie Walker, Linx, " Walker, Allison Lampert, Ben Klayman, Andy Sullivan Organizations: Delta Air Lines, Rivals, Gulfstream, Canada's Bombardier, U.S, Argus, North, Thomson Locations: U.S, New York, Miami, North Carolina, Montreal

☆ VinFast stock skyrockets 270% on Nasdaq, EV maker worth more than Ford after going public
▼ + stars: | 2023-08-16 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

That’s more than Volkswagen (VLKAF) or Ford (F), which are valued at 63.9 billion euros ($69.7 billion) and $48 billion, respectively, according to Refinitiv. VinFast is still 99% owned by Vietnam’s richest man, Pham Nhat Vuong, through shares held by his other company Vingroup and other business entities, according to a regulatory filing. VinFast was founded in 2017 as a subsidiary of Vingroup, one of Vietnam’s largest conglomerates. Its performance Tuesday makes VinFast the largest US-listed Vietnamese company by market cap, it said. VinFast electric vehicles parked in Los Angeles on March 1 Lisa Baertlein/ReutersSeveral headlines have been particularly blunt, with one by industry outlet Road & Track calling the vehicle “simply unacceptable.” Another by MotorTrend read: “Return to sender.”Other reviews were more forgiving.

Persons: Pham Nhat Vuong, VinFast, Vuong, Thuy Le, Lisa Baertlein, MotorTrend, ”, Le, — Peter Valdes, Dapena Organizations: Hong Kong CNN, Vietnam’s, Volkswagen, Ford, Spade, Nasdaq, Bloomberg, Reuters Locations: Hong Kong, New York, Vingroup, Vietnam, North America, United States, Los Angeles, North Carolina, Europe

☆ High services costs make UK rate-cutting laggard
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Aug 16 (Reuters Breakingviews) - UK inflation is slowing, according to many metrics. Unfortunately, those are not the ones the Bank of England values the most. Prices in that category grew 7.4% in July, faster than June’s 7.2%, due to more expensive restaurants, hotels and airfares. Policymakers keep a close eye on services’ prices and wage growth, which hit a record in the three months to June.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, Bailey, Francesco Guerrera, Exor’s Philips, Bain, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Bank of, Office, National Statistics . Services, European Central Bank, U.S . Federal Reserve, Twitter, FC Barcelona’s, Messi, Thomson Locations: London, Britain, Bank of England, June’s

☆ Stocks making the biggest moves premarket: Target, Tesla, Cava and more
▼ + stars: | 2023-08-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

The company posted earnings of $1.80 a share, versus the $1.39 expected by analysts polled by Refinitiv. Tesla – The electric vehicle stock lost more than 2% premarket on news that it cut prices on existing Model S and Model X inventories in China. H&R Block – The tax preparer's stock jumped more than 4% after topping fiscal fourth-quarter earnings expectations and hiking its dividend by 10%. Agilent topped its third-quarter revenue and EPS expectations, posting adjusted earnings of $1.43 a share on $1.67 billion in revenue. Otherwise, it beat analysts' expectations in its most recent quarter.

Persons: Cava –, Cava, TJX, JD.com, Dr Pepper, Refinitiv, Agilent, Jack Henry, Jack Henry &, FactSet, FactSet's StreetAccount, —, Sarah Min, Jesse Pound, Tanaya Macheel Organizations: Refinitiv . Revenue, Revenue, National Futures Association, CFTC, Nasdaq, UBS, Associates, Jack Henry & Associates, Mercury Systems, Mercury Locations: China, Cava, JD.com –

A few hours before its Nasdaq debut, VinFast more than doubled its value in premarket trading involving less than 4% of its shares. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. It is still unclear how many of the company shares will trade on Tuesday and at what price. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.

Persons: Mike Blake, Black Spade, Nikola Corp, Nikola, Lucid, Rivian, Pham Nhat Vuong, VinFast, Phuong Nguyen, Yantoultra, Jaiveer Singh, Francesco Guarascio Organizations: Los Angeles Auto, REUTERS, Nasdaq, Nikola, Tesla Inc, Rivian Automotive Inc, VinFast, P Global Mobility, Investors, Thomson Locations: Los Angeles , California, U.S, HANOI, Dealogic, North Carolina, Vietnam, United States

☆ Vietnamese EV maker VinFast to begin trading on the Nasdaq Tuesday after completing SPAC merger
▼ + stars: | 2023-08-15 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A VinFast VF7 electric vehicle is seen during the 2023 Canadian International AutoShow in Toronto, Canada on Feb. 17, 2023. Vietnamese electric vehicle maker VinFast is expected to list on the tech-focused Nasdaq on Tuesday morning in New York, following completion of its merger with the U.S.-listed special purpose acquisition company Black Spade Acquisition . On Monday, VinFast said in a joint statement with Black Spade Acquisition that it would commence trading on Aug. 15. The deal values VinFast at approximately $23 billion, according to a June filing with the U.S. Securities and Exchange Commission. Following the merger, Black Spade became a wholly owned subsidiary of VinFast and is expected to delist from the New York Stock Exchange, said the joint statement.

Persons: VinFast, Black Spade, Le Organizations: U.S, Spade, U.S . Securities, Exchange Commission, New York Stock Exchange, Thuy, CNBC Locations: Toronto, Canada, New York, VinFast

☆ Salesforce cage-rattlers leave in profitable peace
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Acquire Licensing RightsNEW YORK, Aug 15 (Reuters Breakingviews) - For activist investors in Salesforce (CRM.N), the low-hanging fruit should suffice. Fast growth and big-ticket acquisitions that Salesforce boss Marc Benioff had pursued turned anathema last year. The stock price roughly halved, falling faster than the Nasdaq-100 Technology Sector Index (.NDXT). Benioff eventually acquiesced, slashing 10% of the workforce, disbanding the deals committee and unveiling a $20 billion stock buyback plan. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Porte, Jeff Smith’s, Dan Loeb’s, Marc Benioff, ValueAct, Benioff, Jonathan Guilford, Exor’s Philips, Bain, BoE, Jeffrey Goldfarb, Sharon Lam Organizations: Viva Technology, Porte de, Reuters, Big Tech, Nasdaq, Profit, Elliott Investment Management, Twitter, FC Barcelona’s, Messi, Thomson Locations: Paris, France, Salesforce, Salesforce’s

Aug 15 (Reuters) - Abnormal Security, an AI-powered email security startup, said it has crossed $100 million in annual recurring revenue, meeting a milestone for software companies as it eyes an eventual initial public offering, the company told Reuters. It also hired former Forescout chief executive Michael DeCesare as its president and Maya Marcus as its chief people officer. Evan Reiser, chief executive at Abnormal, said the company will continue to invest in products and get ready to be a public company as the market for initial public offerings (IPOs) improve, without specifying the timeline. Abnormal Security last raised $210 million in May 2022 at a valuation of $4 billion from investors including Insight Partners and Greylock Partners. Now more than ever, we need AI solutions to protect against AI threats," said Asheem Chandna, a partner at Abnormal investor Greylock.

Persons: Michael DeCesare, Maya Marcus, Evan Reiser, Reiser, DeCesare, Asheem Chandna, Krystal Hu, Lincoln Organizations: Reuters, Insight Partners, Greylock Partners, Microsoft, Xerox, Mattel, Thomson Locations: Europe, Japan, U.S, cybersecurity, New York

☆ VinFast CEO: SPAC was just a way for us to get listed in the U.S.
▼ + stars: | 2023-08-15 | 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 EmailVinFast CEO: SPAC was just a way for us to get listed in the U.S.Madame Thuy Le, VinFast CEO, joins 'Squawk on the Street' to discuss Thuy's decision to go public via SPAC, the company's plans to build a plant in North Carolina, and more.

Persons: SPAC, Madame Thuy Locations: U.S, SPAC, North Carolina

☆ Here are 13 stocks Jim Cramer is watching Tuesday, including Ollie's and Norfolk
▼ + stars: | 2023-08-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +2 min

Workday (WDAY): Jefferies raises price target to $275 from $250, another positive call on enterprise software, which has been the Achilles heel of the Nasdaq. Deckers Outdoor (DECK) price target to $618 from $564 at TD Cowen. Ollie's Bargain Outlet (OLLI) PT raised to $83 from $67 at Wells Fargo, sees significant surge in bargain shopping. Substack meets MasterClass meets The Economist meets The New Yorker ... XPO Logistics (XPO) is out of penalty box. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jefferies, Oppenheimer, Buffett, LEN, Horton, Cowen, OLLI, Substack, MasterClass, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Andrew Harrer Organizations: Southern, Getty Images, Hollywood, Barclays, Nasdaq, Textron, Bank of America, PayPal, XPO Logistics, Jim Cramer's Charitable, CNBC, Norfolk Southern Corp, Bloomberg, Getty Locations: Susquehanna, Wells Fargo, Singapore, Norfolk , Virginia

☆ US SEC fines UK firm over bogus audit of music streaming business
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Crowe, Bostock and Stallabrass neither admitted nor denied the charges, according to the SEC. A lawyer representing the three referred queries to a company representative who did not immediately respond to a request for comment. According to the SEC, Crowe falsely claimed its staff were qualified to conduct an audit according to standards set by the U.S. Public Company Accounting Oversight Board and failed to exercise appropriate skepticism when presented with fabricated documents, among other failings. Crowe has agreed to withdraw its PCAOB registration while Bostock and Stallabrass have agreed to be suspended from appearing before the SEC as accountants for minimum periods of five and two years, respectively, the SEC said.

Persons: Andrew Kelly, Crowe, Nigel Bostock, Matthew Stallabrass, Akazoo, Bostock, Stallabrass, Douglas Gillison, Paul Simao Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Crowe UK, Securities and Exchange Commission, SEC, U.S . Public, Thomson Locations: Washington ,, British, London

☆ Bain puts Chindata minority owners out of misery
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Aug 14 (Reuters Breakingviews) - Bain Capital has just taught a refresher course in the perils of being a minority investor. On Friday the buyout firm agreed to take Chindata private in a deal that values the Chinese data centre operator it already controls at $3.2 billion. But those who bought in when the U.S. private equity firm took Chindata public in 2020 or were hoping for a bidding war – or both – have good reason to be disappointed. Second, a unit of state-owned conglomerate China Merchants Group countered Bain with a $3.4 billion deal, which Chindata took a month to acknowledge. And it has let investors holding another fifth or so of Chindata stock into the buyout group.

Persons: Bain’s, Bain, Chindata, Antony Currie, BoE, Robyn Mak, Katrina Hamlin Organizations: MELBOURNE, Reuters, Bain Capital, China Merchants Group, China Merchants, Twitter, FC Barcelona’s, Messi, Siemens, Thomson Locations: New York

☆ Exor’s Philips bet looks well-timed
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The Agnelli family’s investment company on Monday said it bought a 15% stake in the toothbrushes-to-defibrillators group for 2.6 billion euros ($2.8 billion). Philips’ shares are down some 62% since the peak in April 2021, and it now looks much cheaper than the sum of its parts. Based on peer multiples, its diagnostics business could be worth 14 times 2024 EBITDA, while its connected care unit, which helps hospitals manage patient data, might be valued at 18.5 times EBITDA. Lastly, throw in the consumer division, which makes toasters and TVs, and could fetch 12 times EBITDA. Using Refinitiv forecasts, that would imply a total enterprise value of 33 billion euros, and equity of some 24 billion euros, after taking off debt and 2.4 billion euros for legal costs estimated by Bernstein analysts.

Persons: John Elkann, Agnelli, Philips ’, EBITDA, Bernstein, Roy Jakobs, Philips, Karen Kwok, Bain, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Koninklijke Philips, U.S . Department of Justice, Philips, Twitter, FC Barcelona’s, Messi, Siemens, Thomson

☆ David Einhorn is worried about the market, sees stickier inflation than expected
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Greenlight Capital's David Einhorn said he's getting concerned about the stock market after a strong rally and has added sizable downside protection to his portfolio. Between January and June, the S & P 500 popped 15.9% for its best first half since 2019. Einhorn, 54, believes inflation remains a big risk even though data has suggested easing price pressures. Recent inflation readings have shown a noted deceleration and the tailwind from higher rents is likely to dissipate, causing core inflation to fall further," Einhorn said. "Even so, we believe inflation is stickier and more entrenched than the market is currently appraising."

Persons: Greenlight Capital's David Einhorn, he's, Einhorn, Michael Burry Organizations: CNBC, Green Brick Partners, Nasdaq, Trust, NET

☆ Why WeWork may be the next hot meme stock
▼ + stars: | 2023-08-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Warning investors you company could be on the verge of bankruptcy is not as bad as it sounds in meme-stock world. Companies that have recently warned of imminent bankruptcy have seen their stock prices soar. WeWork is the latest company to enter meme status with a surging stock price despite bad news. This week it saw its stock price soar as much as 162% after it warned investors of its financial troubles. The stock traded up as much as 49% on Friday, but eventually slashed those gains in half to about 20%.

Persons: WeWork, it's Organizations: Companies, Service, GameStop, AMC Entertainment Locations: Wall, Silicon, YCharts

☆ FC Barcelona unit to list in US via $1 bln SPAC deal
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

A silhouette of a woman walks past behind a FC Barcelona's logo at Camp Nou stadium in Barcelona, Spain, March 24, 2016. REUTERS/Albert Gea/File PhotoAug 11 (Reuters) - Spanish soccer club FC Barcelona has agreed to list its content creation unit Barca Media on Nasdaq through a merger with a special purpose acquisition company, valuing the combined entity at $1 billion. The club said on Friday the deal will fetch new capital for Barca Media, a segment that FC Barcelona expects will be "an important source of revenue in the coming years". Barca Media will start trading on Nasdaq after the deal with Mountain & Co I Acquisition Corp (MCAA.O) closes in the last quarter of this year, FC Barcelona said. A special-purpose acquisition company (SPAC), also known as a blank-check company, is a listed entity that merges with a private firm to take it public.

Persons: Albert Gea, Joan Laporta, Lionel Messi, Laporta, Niket Nishant, Pritam Biswas, Krishna Chandra Organizations: FC, Camp Nou, REUTERS, FC Barcelona, Media, Nasdaq, Barca Media, FC Barcelona's, Mountain, Thomson Locations: Barcelona, Spain, Spanish, Bengaluru

☆ Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listing
▼ + stars: | 2023-08-10 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Shareholders of Hong Kong-based Black Spade Acquisition (BSAQ.A), a blank-check company, voted on Thursday to approve the merger with VinFast. VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS "on or around August 15". It leaves VinFast's existing shareholders, including parent company Vingroup and Vuong, Vietnam's richest man, with 99% of shares in the company. "The voting results today are a vote of confidence in VinFast from Black Spade shareholders," VinFast's global head Thuy Le said in the statement. Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

Persons: Mike Blake, VinFast, Black Spade, Pham Nhat Vuong, Thuy Le, Nikola Corp, EVs, VinFast's, Vuong, Lawrence Ho, Stanley Ho, Phuong Nguyen, Kirsten Donovan, Susan Fenton Organizations: Los Angeles Auto, REUTERS, U.S, Nasdaq, of Hong, VinFast, Black, Black Spade, Faraday, Nikola, Vingroup, Tesla, Thomson Locations: Los Angeles , California, U.S, HANOI, of Hong Kong, VinFast, North Carolina, Black, United States, Haiphong, Vietnam

☆ Cano Health sinks on raising going concern doubts; announces job cuts
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Aug 10 (Reuters) - Cano Health (CANO.N) said on Thursday there is substantial doubt about the company's ability to continue as a going concern within one year, sending shares down about 48% after the bell. Under its restructuring plan, the company expects to lower costs by reducing 17% of its current workforce, about 700 employees, in the third quarter of 2023. The company's medical cost ratio — or spending on claims as a percentage of premiums — rose to 103.5% in the quarter, compared with 82.6% a year earlier. Cano shareholders, including Cooperstone, Gold & Sternlicht, had issued an open letter in April highlighting an urgent need for leadership changes. The company's revenue for the quarter ended June 30 was $766.75 million, below analysts' average estimate of $828.44 million, according to Refinitiv data.

Persons: Cano, Marlow Hernandez, Pratik Jain, Shilpi Majumdar Organizations: Cano Health, Thomson Locations: Bengaluru

☆ WeWork shares sink after warning of bankruptcy risk
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

The WeWork logo is displayed on a screen during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021. REUTERS/Brendan McDermid/File photoAug 9 (Reuters) - WeWork (WE.N) on Tuesday warned of a possible bankruptcy after reporting yet another quarterly loss, in a stunning reversal of fortune for the shared workspace provider that was valued at $47 billion in 2019. WeWork said it may need to consider strategic options, including raising more money or obtaining relief under the U.S. Bankruptcy Code. WeWork eventually went public in 2021 through a SPAC (special purpose acquisition company) merger amid persistent doubts over its business model. WeWork burnt $646 million in cash in the first six months of 2023 and as of June end is left with $205 million in hand.

Persons: Brendan McDermid, WeWork, Adam Neumann, Neumann, Ananta Agarwal, Chavi Mehta, Shivansh, Abhijith, Anil D'Silva, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, U.S, Thomson Locations: New York City, U.S, Bengaluru

Immersed will merge with Maquia Capital Acquisition Corp (MAQC.O), a special purpose acquisition company (SPAC), in a deal that values the Austin, Texas-based firm at about $150 million, the sources said. As part of the deal, Immersed is raising bridge financing through convertible notes from investors including Intel Corp (INTC.O) Chief Executive Pat Gelsinger, former football player Tim Tebow, and All Blue Capital. Immersed expects to have access to the proceeds raised by the SPAC, barring redemptions, the sources said. Founded in 2017 by software engineer Renji Bijoy, Immersed develops spatial computing software that enables remote working for employees. After the deal closes, Immersed will be listed on the Nasdaq under the ticker "AIMR", the sources said.

Persons: Pat Gelsinger, Tim Tebow, Renji Bijoy, Milana Vinn, Robert Birsel Organizations: Maquia, Corp, Intel Corp, Blue Capital, redemptions, Nasdaq, Thomson Locations: Austin , Texas, New York

☆ From $40 billion to 'going concern' — WeWork warns of possible bankruptcy
▼ + stars: | 2023-08-08 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

"Our losses and negative cash flows from operating activities raise substantial doubt about our ability to continue as a going concern," WeWork said in a filing with the SEC on Tuesday. The company had a net loss in the first half of the year of $700 million after losing $2.3 billion in 2022. WeWork said its revenue grew just 3.6% year over year in the second quarter and declined 4% in the U.S., where it gets 41% of its sales. In the second quarter, the company contributed $6 million of WeWork's revenue, down from $10 million in the second quarter of 2022, according to the filing. Key factors for whether WeWork can remain a going concern include limiting capital expenditures, increasing revenue and seeking capital through debt or equity issuance.

Persons: WeWork, Adam Neumann's, Masayoshi Son, Neumann, Daniel Hurwitz, Sandeep Mathrani, David Tolley Organizations: SEC, SoftBank, U.S, Intelsat, Apple Locations: Australia, Sydney, U.S

[1/2] The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland January 22, 2020. REUTERS/Arnd Wiegmann/File PhotoAug 7 (Reuters) - Palantir Technologies (PLTR.N) raised its annual revenue forecast on Monday and said it would buy back shares worth up to $1 billion as the data analytics software maker enjoys "unprecedented demand" for its artificial intelligence platform. The company launched the platform, which includes an AI assistant that can help enterprises make decisions about their operations, in April. Its second-quarter sales and third-quarter revenue forecast were also above estimates, according to Refinitiv data. Still, the company expects full-year 2023 revenue to come in above $2.21 billion, compared with its earlier forecast of $2.19 billion to $2.24 billion.

Persons: Arnd, Alexander Karp, Palantir, David Glazer, Glazer, Chavi Mehta, Shinjini Organizations: Palantir Technologies, REUTERS, Investors, Central Intelligence Agency, Thomson Locations: Davos, Switzerland, Europe, Bengaluru

☆ Fanatics and competitor Panini launch legal battle with a pair of lawsuits
▼ + stars: | 2023-08-07 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

The dispute comes down to licensing rights for professional sports league and their associated trading cards: Panini currently has the league and player union licenses to produce trading cards for the NBA and NFL. It's held those exclusive rights since 2009 and 2016, respectively. In its antitrust suit against Fanatics, Panini alleged that "Fanatics positioned itself to drive Panini and other potential competitors out of the market, and erected barriers to entry blocking their return." Fanatics claims Panini "embarked on a protracted, unlawful, and deceitful campaign of unfair trade practices, strong-arm tactics, and tortious misconduct to hamper Fanatics Collectibles' nascent business, in the hopes that it could force Fanatics Collectibles to pay an extortionate amount for Panini to terminate its licenses early." The move also helped to terminate a SPAC merger for Topps after it lost the MLB rights.

Persons: Brandon Igdalsky, Panini, countersued, It's, Silver Organizations: NASCAR, Pocono, Sports, NBA, NFL, Panini, International Olympic, MLB, Topps, Endeavor Group, Insight Partners, CNBC Disruptor Locations: Long Pond, PA

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