DIRS.INFO The most relevant business & tech news

☆ Carl Icahn Wants to Bring Illumina’s Old CEO Back, Disney-Style
▼ + stars: | 2023-03-29 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Bob Iger ’s return to Disney is starting to inspire copycats as other activists look to bring veteran chief executives back from retirement. San Diego-based Illumina , the maker of gene-sequencing machines, could be next. Earlier this month, Carl Icahn launched a proxy battle at Illumina, nominating three people to the board. In a letter to shareholders, he argued that the current board had failed them by allowing management to close the acquisition of cancer-screening company Grail despite antitrust concerns. Now he is making it clear that he wants change at the management level too, and he has a candidate in mind for the top spot: former CEO Jay Flatley .

☆ Carl Icahn wants to bring back Illumina's ex-CEO -WSJ
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign at the front entrance to the global headquarters of Illumina is pictured in San Diego, California, U.S., November 28, 2022. REUTERS/Mike BlakeMarch 29 (Reuters) - Carl Icahn wants former Illumina (ILMN.O) CEO Jay Flatley back at the U.S. life sciences firm, the Wall Street Journal reported on Wednesday, as the activist investor intensifies his proxy fight that was launched earlier this month. In an interview with the WSJ, Icahn signaled that Illumina "should bring Flatley back as CEO immediately". Icahn and Illumina did not immediately respond to Reuters' request for comment. Reporting by Leroy Leo and Bhanvi Satija in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Carl Icahn wants to bring back Illumina's ex-CEO 'immediately' as proxy fight intensifies
▼ + stars: | 2023-03-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Carl Icahn on Wednesday said Illumina should bring back its former CEO "immediately," his latest move in a brewing proxy fight with the biotech company. Flatley helmed the company for 17 years before he was succeeded by current CEO Francis deSouza in 2016. Icahn, who owns a 1.4% stake in Illumina, lambasted the company's current management in the interview. He told the Journal that executives are making the mistake of holding onto Illumina's $7.1 billion acquisition of cancer test developer Grail in 2021. He told the Journal that Illumina can't afford to keep Grail under current macroeconomic conditions.

☆ Carl Icahn claims Illumina directors got extra insurance to close 'disastrous' $7.1 billion Grail deal
▼ + stars: | 2023-03-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +5 min

Carl Icahn on Friday alleged that Illumina 's directors demanded extra personal liability insurance before the biotech company signed off on a $7.1 billion acquisition of cancer test developer Grail in 2021. Icahn, who owns a 1.4% stake in Illumina, is pushing for board seats at the DNA sequencing company. Illumina prevailed over the U.S. Federal Trade Commission's opposition to the Grail deal in September, but is fighting for European regulatory approval. Last year, the EU's executive body, the European Commission, blocked Illumina's acquisition of Grail over concerns it would hurt consumer choice. The company's market cap has shrunk to roughly $34 billion from about $75 billion in August 2021, the month it closed the Grail deal.

☆ Biotech company Illumina pushes back against Carl Icahn’s proxy fight over $7.1 billion Grail deal
▼ + stars: | 2023-03-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Biotech company Illumina pushed back Monday against Carl Icahn's proxy fight over the company's acquisition of cancer test developer Grail, saying the activist investor's board nominees "do not add value." "To paraphrase William Shakespeare's Hamlet, something is rotten in the state of Illumina," Icahn wrote. Illumina said winning a jurisdictional appeal would eliminate any potential fine and "gives the greatest optionality for Illumina to maximize value for shareholders." The company also claimed Icahn recognizes the value of Grail to shareholders, pointing to a CNBC interview last week where Icahn referred to Grail as Illumina's "best equipment." Illumina touted Grail in its release, saying it has "tremendous long-term value creation potential."

☆ Icahn proposes three candidates for Illumina’s board — Here’s what could be next in the battle
▼ + stars: | 2023-03-18 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

However, Icahn has had extensive activist experience at health-care companies. Since the acquisition closed in August 2021, Illumina's stock price fell by 57% from $522.89 to $225.88, eliminating $47 billion of shareholder value. Icahn's nominees have significant restructuring, corporate governance, M&A, capital markets and legal experience — five things the company desperately needs. Moreover, even after this battle started, they did not add anyone with legal experience to the board. Now, when Icahn suggests they add to the board Jesse Lynn, general counsel to Icahn Enterprises with 27 years of legal experience, the board responds that he lacks the relevant skills and experience.

☆ Illumina Should Heed Carl Icahn, Give Up on Grail
▼ + stars: | 2023-03-17 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Activist investor Carl Icahn said that he favors Illumina’s divestiture of Grail. Many of Illumina’s shareholders have grown increasingly frustrated with Chief Executive Francis deSouza’s pursuit of Grail. Grail lost about $600 million last year, cutting into Illumina’s profit. On top of that, the company has set aside $453 million for fines it might incur from European regulators for closing the deal before obtaining regulatory clearance. Illumina has taken a $3.9 billion write-down to reflect that possibility.

☆ Illumina Should Heed Carl Icahn, Give Up on ‘Holy’ Grail
▼ + stars: | 2023-03-17 | by ( David Wainer | ) www.wsj.com time to read: 1 min

☆ This week's best performers include two chip stocks along with Microsoft
▼ + stars: | 2023-03-17 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Microsoft shares are within shouting distance of analysts' average price target for the next 12 months, with upside of about 1%. However, shares are already more than 5% higher than their average price target. Nvidia shares have also run ahead of their average price target. The firm raised its price target on shares to $304 from $255, implying 19% upside from Thursday's close. Illumina shares jumped 15.3% week to date as billionaire activist Carl Icahn prepared for a proxy fight at Illumina .

☆ Silicon Valley Bank's collapse has made the Fed's job way harder, top economist says
▼ + stars: | 2023-03-17 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The Federal Reserve will struggle to achieve a "no landing" scenario now that Silicon Valley Bank has collapsed, according to Apollo Global Management's chief economist. Torsten Sløk said he's expecting the regional banking crisis to lead to a fall in lending levels. "The slowdown that was already underway because of the Fed raising rates might come faster," he told Bloomberg. Its stock then cratered 87% in two days before it was taken over by regulators – and the share prices of other regional banks like First Republic and Western Alliance have also plunged since its collapse. The banking crisis has led to some of Wall Street's top names raising alarm bells about the Fed – which is still upping borrowing costs in a bid to tame inflation.

☆ Watch CNBC's full interview with billionaire investor Carl Icahn
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with billionaire investor Carl IcahnLegendary investor Carl Icahn joins CNBC's Scott Wapner and 'Closing Bell' to discuss the current banking situation, the state of the economy and the markets, and his latest activist target, biotech firm Illumina.

☆ Carl Icahn says our economy is breaking because of inflation and poor corporate leadership
▼ + stars: | 2023-03-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Famed investor Carl Icahn believes the U.S. economy is in trouble because of poor corporate leadership and stubbornly high inflation. "The system is breaking down, and we absolutely have a major problem in our economy today," Icahn said on CNBC's "Closing Bell" Tuesday. Icahn has been a longtime activist investor and corporate raider, making profit from forcing changes to corporate policy. Meanwhile, Icahn said another major issue in the economy right now is surging inflation and the Federal Reserve has no choice but keep raising rates to squash it. The annual inflation rate is now at 6%, which will likely keeping the Fed on track for another interest rate hike next week, despite recent banking industry turmoil.

☆ Inflation is the worst thing an economy can have, says billionaire investor Carl Icahn
▼ + stars: | 2023-03-14 | 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 EmailInflation is the worst thing an economy can have, says billionaire investor Carl IcahnLegendary investor Carl Icahn joins CNBC's Scott Wapner and 'Closing Bell' to discuss the current banking situation, the state of the economy and the markets.

☆ Activist investor Icahn launches proxy fight at Illumina
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeMarch 13 (Reuters) - Activist investor Carl Icahn on Monday launched a proxy fight at Illumina Inc (ILMN.O), saying the life sciences company's takeover of Grail Inc (GRAL.O) had cost shareholders about $50 billion since the closing of the deal. Shares of Illumina jumped more than 20% to $233.50 in morning trade, and have declined 7.2% since the deal closed in August 2021. Icahn plans to nominate three people to Illumina's board at the company's upcoming shareholder meeting, he said in a letter sent to shareholders. "We have therefore determined to launch a proxy contest to attempt to gain board representation," Icahn said, adding he feared the company's board will continue to pursue the Grail transaction. Icahn said his nominees - Vincent Intrieri, Jesse Lynn and Andrew Teno - would help keep Illumina from "sinking further".

☆ Carl Icahn Prepares for Proxy Fight at Illumina
▼ + stars: | 2023-03-13 | by ( Lauren Thomas | Cara Lombardo | ) www.wsj.com time to read: 1 min

Illumina was revered for its DNA-sequencing capabilities and was valued at more than $70 billion in summer 2021. Carl Icahn is preparing a proxy fight at Illumina Inc., arguing the biotechnology company cost its shareholders roughly $50 billion by plowing ahead with a risky acquisition despite opposition from regulators. The billionaire activist plans to nominate three people to the San Diego, Calif., company’s board, according to a letter Mr. Icahn plans to send to Illumina’s shareholders Monday that was viewed by The Wall Street Journal.

☆ Stocks making the biggest moves premarket: Illumina, First Republic, Seagen and more
▼ + stars: | 2023-03-13 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

First Republic — Shares of First Republic cratered more than 64% before the bell, building on last week's losses. Shares led a decline in bank stocks despite plans from the government to backstop depositors of Silicon Valley Bank and Signature Bank. PNC — Shares lost nearly 5.2% early Monday morning after the bank decided against bidding on Silicon Valley Bank as regulators struggle to find buyers for the failed bank. The streaming and media company said in a Friday SEC filing that around $487 million, or 26%, of its cash reserves are stuck at Silicon Valley Bank. Petco Health and Wellness — Shares slipped less than 1% after the company was downgraded by Citi to neutral from buy.

☆ Stocks making the biggest moves midday: First Republic Bank, Moderna, Newmont, Illumina and more
▼ + stars: | 2023-03-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

REUTERS/Mike SegarCheck out the companies making the biggest moves midday:Regional banks —Shares of regional banks plummeted following the collapse of Silicon Valley Bank and Signature Bank. Citi , Bank of America , Goldman Sachs — Shares of major banks also saw losses after the closure of the Silicon Valley Bank and Signature Bank. Moderna — The biotechnology company's shares gained nearly 6% after TD Cowen upgraded the stock to outperform from market perform. Spot gold passed the key level of $1,900 as investors bet the Federal Reserve may tone down rate hikes on the heels of Silicon Valley Bank's collapse. Over the weekend, NBC News reported that the e-commerce company warned sellers that the collapse of Silicon Valley Bank is causing delays in processing payments.

☆ Carl Icahn warned against trading stocks, railed against bad bosses, and revealed what drives him in a recent documentary. Here are his 12 best quotes.
▼ + stars: | 2023-03-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Here are his 12 best quotes from a recent documentary titled "Icahn: The Restless Billionaire." The billionaire investor and Icahn Enterprises chairman also defended activist investing, and railed against bad bosses and overpaid executives, in "Icahn: The Restless Billionaire." Moreover, he revealed that he cares more about spotting golden opportunities than making money, and bemoaned America's enormous wealth gap. You're going against the trend. He just kept going and going until they killed him.

☆ Keith Meister's Corvex Management bets on media companies, cuts big tech and biotech holdings
▼ + stars: | 2023-02-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Corvex Management increased its stakes in media-related companies while slashing technology and biotech investments, according to its latest quarterly 13F filing with the SEC. Crown Holdings was Meister's second-largest acquisition in the fourth quarter, when Corvex bought $74 million of shares. In November, billionaire Carl Icahn disclosed an 8.5% stake in the packaging company once known as Crown Cork & Seal. Corvex in the fourth quarter increased its position in Fomento Economico Mexicano , a Mexican multi-national retail and beverage company, by 9.5%, bringing the holding to almost $200 million. Corvex exited its positions in Amazon , JP Morgan Chase & Co . and Uber in the fourth quarter.

☆ American drivers have a blinding headlight problem. It could last for years.
▼ + stars: | 2023-02-13 | by ( Madison Hall | ) www.businessinsider.com time to read: +6 min

Drivers say they're routinely getting blinded by surrounding cars' headlights. This isn't because headlight regulations have changed — regulations on brightness haven't been altered in decades. This isn't because headlight regulations have shifted — they haven't changed in decades, according to Greg Brannon, AAA's director of automotive engineering. Adaptive driving beams automatically adjust the high beams emitted from LED car headlights in real time to avoid blinding pedestrians and other drivers. So prepare for the immediate future to be even brighter, as the blinding glare problem may get worse before it gets better.

☆ Premarket stocks: Share buybacks could beat last year's record $1.2 trillion
▼ + stars: | 2023-02-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Companies have announced about $175 billion worth of planned stock buybacks so far this year. This year will likely be the first with at least $1 trillion in completed S&P 500 company buybacks, said Howard Silverblatt at S&P Dow Jones Indices. ▸ GM (GM) just inked an exclusive deal for the hottest product in automaking: Semiconductors. The strong dollar is hurting multinationalsThe rip-roaring dollar cut deeply into the earnings of multinational companies selling their wares overseas last quarter. “We got hit with that.”McDonald’s (MCD) and 3M (MMM) also said in earnings reports that they were worried that the strong dollar would affect future sales.

☆ The billionaire brawl, 10 years later: Carl Icahn versus Bill Ackman over Herbalife
▼ + stars: | 2023-02-03 | 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 EmailThe billionaire brawl, 10 years later: Carl Icahn versus Bill Ackman over HerbalifeKen Squire, 13-D Monitor founder and CNBC contributor, joins 'Closing Bell: Overtime' to discuss the billionaire brawl between Carl Icahn and Bill Ackman about 10 years later

☆ Jeff Smith makes for a substitute Warren Buffett
▼ + stars: | 2023-01-30 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

With markets sagging and deals drawing opposition, such imprimaturs have a value - and at Ritchie Bros Auctioneers (RBA.TO), it’s the turn of Starboard Value’s Jeffrey Smith to play rescuer. Heavy equipment auctioneer Ritchie Bros ran into both problems in its $7 billion bid to buy salvage-car portal IAA (IAA.N). Announced in November, it quickly drew opposition from IAA shareholder Ancora and Ritchie investor Luxor Capital. Shareholder opposition is expected in market turmoil. As part of the deal, Starboard Value agreed to invest $500 million in Ritchie Bros, with fund boss Jeffrey Smith taking a seat on Ritchie’s board if the IAA deal succeeds.

☆ Rebellion Over College Rankings Seems Likely to Fail
▼ + stars: | 2023-01-27 | by ( Josh Zumbrun | ) www.wsj.com time to read: 1 min

Harvard has is among the universities that have stopped cooperating with U.S. News & World Report on the publication’s rankings of law and medical schools. In the past two weeks, Harvard, Stanford and Columbia universities, the University of Pennsylvania and the Icahn School of Medicine at Mount Sinai said they would stop cooperating with U.S. News & World Report’s medical-school rankings. That followed the decision last year by universities including Yale, Georgetown, Harvard, Stanford, Columbia and California, Berkeley to quit cooperating on the publication’s law-school rankings.

When shopping for products to help address issues like under-eye puffiness, dark circles and fine lines, it’s important to buy items specifically designed for the under-eye area, said Dr. Karen Burke, a board-certified dermatologist and research scientist. According to the medical experts we consulted, under-eye patches work by targeting dark circles, crow’s feet, wrinkles and fine lines. The best under eye patches and masks of 2023Below are a handful of expert-recommended under-eye patches that are formulated to nourish the under-eye area. The experts we spoke to gave these eye patches a thumbs up when it comes to combating puffiness thanks to a cooling cucumber extract. These under-eye patches can be reused up to 10 times, according to the brand.

Search resuls for: "icahn"

25 mentions found