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☆ Salesforce’s Business Model Faces Test as Elliott Management, Others Weigh In
▼ + stars: | 2023-01-24 | by ( Tom Dotan | ) www.wsj.com time to read: 1 min

Salesforce Inc., which pioneered cloud software to become one of the largest companies in technology, has hit a rough patch in recent months as slowing growth and employee turmoil damp enthusiasm about its business. On Sunday, The Wall Street Journal reported that Elliott Management Corp. had made a multibillion-dollar investment in the company. In October Starboard Value LP said it had taken a stake in the company.

☆ Salesforce Faces More Scrutiny as Rough Stretch Tests Business Model
▼ + stars: | 2023-01-24 | by ( Tom Dotan | ) www.wsj.com time to read: 1 min

☆ More than 500 Salesforce employees wrote to execs demanding layoff answers. Read the leaked messages showing how management responded.
▼ + stars: | 2023-01-24 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +13 min

Salesforce appeared to have responded to employees' questions through a Q&A titled "Top Questions from Employees," posted to an internal Slack channel by Salesforce executive vice president of employee communications and engagement Jill Unikel. Are you a Salesforce employee or do you have insight to share? SELECTION CRITERIAQuestion: What criteria was used to decide who was in the 10% of employees affected? If an affected employee finds a new role internally before their termination date, they will remain a Salesforce employee and not receive their communicated severance. BENEFITS FOR AFFECTED EMPLOYEESQuestion: Did affected employee receive benefits included in their severance?

☆ Elliott Management's Jesse Cohn just picked his next target for an activist campaign: an ailing software giant
▼ + stars: | 2023-01-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A battle is on the horizon between Jesse Cohn and Salesforce. But the first rule of activist investing is you HAVE to talk about your activist investment. Jesse Cohn, a managing partner at the hedge fund Elliott Management, is leading his firm's latest activist campaign against troubled tech giant Salesforce via a multibillion-dollar stake. Activist investing, as we've previously covered, is set to be all the rage in 2023. Click here to learn more about Jesse Cohn, a tenacious activist investor who just set his sights on Salesforce.

☆ Disney’s Bob Iger and Salesforce’s Marc Benioff are the latest high-profile execs to come under pressure from activist investors
▼ + stars: | 2023-01-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Billionaire activist investors are putting pressure on top CEOs who were previously thought to be untouchable. Leaders of beloved brand names are coming under fire — and Marc Benioff of Salesforce and Disneys' Bob Iger are the two latest execs to feel the heat, as my colleague Matthew Fox writes. That means activist investors, moguls they may be, still face an uphill battle in winning over shareholders and management teams. What's your take on this burgeoning wave of activist investors? US stock futures fall early Tuesday, as investors brace for the next wave of high-profile earnings and despite growing hopes for a mild recession.

☆ Salesforce is now facing the very real threat of activist shareholders overthrowing its board and forcing the sale of mega-acquisitions like Slack and Tableau
▼ + stars: | 2023-01-24 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +6 min

Salesforce is now being targeted by a second activist investor: Elliott Management. Activist investors could overhaul Salesforce's board and force it to divest acquisitions like Slack. The cloud software giant is now being targeted by activist firm Elliott Management, which has taken a big stake in the company. Walravens says that the activist firms could encourage Salesforce to rethink its office strategy. The company has invested a lot in a global real estate footprint including its Salesforce Tower headquarters in San Francisco.

Jan 24 (Reuters) - Hedge fund Elliott Management Corp has built a "significant" stake in Japanese automotive battery component supplier Dai Nippon Printing Co Ltd (DNP) (7912.T), sources familiar with the matter told Reuters on Tuesday. A DNP spokesperson said the company had confirmed Elliott's investment late last year, but declined to comment on details. The Financial Times, which first reported the news, said Elliott now holds a stake just under 5% worth $300 million. Elliott declined to comment. It recently won a board seat at Pinterest Inc (PINS.N) when the company added Elliott portfolio manager Marc Steinberg as a director.

☆ Wall Street extends rally, powered by tech bounce
▼ + stars: | 2023-01-23 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

All three major stock indexes extended Friday's gains, with the tech-heavy Nasdaq leading the pack, boosted by semiconductor shares (.SOX). Of the 11 major S&P 500 sectors, all but energy (.SPNY) ended green, with tech shares (.SPLRCT) enjoying the largest percentage gain, up 2.3% on the session. The fourth-quarter reporting season has shifted into overdrive, with 57 of the companies in the S&P 500 having posted results. Analysts now see S&P 500 fourth-quarter earnings, on aggregate, dropping 3% year-on-year, nearly twice as steep as the 1.6% annual drop seen at the beginning of the year, per Refinitiv. The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 82 new highs and 19 new lows.

☆ Wall Street surges, powered by tech rebound
▼ + stars: | 2023-01-23 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"No one wants to be watching from the sideline with a bunch a cash as the market gets away from them." All 11 major sectors in the S&P 500 were higher, with tech (.SPLRCT) up the most, jumping 2.8%. Fourth-quarter reporting season has shifted into overdrive, with 57 of the companies in the S&P 500 having posted results. Of those, 63% have delivered better than expected earnings, according to Refinitiv. The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 14 new lows.

All of the 11 major S&P 500 sector indexes were up by early afternoon trading, with a 2.5% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. So now in a lot of those names, there's value," said Jimmy Lee, chief executive officer of Wealth Consulting Group. Xylem Inc (XYL.N) dropped 8.74% on its acquisition of water treatment solutions firm Evoqua Water Technologies Corp (AQUA.N) in a $7.42 billion deal. Advancing issues outnumbered decliners by a 3.40-to-1 ratio on the NYSE and by a 1.90-to-1 ratio on the Nasdaq.

☆ Wall Street rises as chipmakers lead tech shares higher
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

Six of the 11 major S&P 500 sector indexes were up in early trading, with a 1.3% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. Analysts now expect fourth-quarter earnings from S&P 500 companies to fall 2.9%, according to IBES Refinitiv data, compared with a 1.6% drop at the beginning of the year. Investors are also awaiting January manufacturing and fourth-quarter GDP data to assess the impact of the Fed's rate hikes on the economy. Advancing issues outnumbered decliners by a 2.05-to-1 ratio on the NYSE and by a 1.60-to-1 ratio on the Nasdaq.

☆ Wall St eyes higher open with earnings in full swing, Salesforce rises
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The tech-focused Nasdaq (.IXIC) index was the only major Wall Street benchmark that ended the previous week higher. Analysts now expect year-over-year fourth-quarter earnings from S&P 500 companies to decline 2.9%, according to IBES Refinitiv data, compared with a 1.6% decline at the beginning of the year. Among other stocks, Baker Hughes Co (BKR.O) slid 1.4% on missing fourth-quarter profit estimates, hit by component shortages and supply chain disruptions. Western Digital Corp (WDC.O) rose 4.0% on a report that the memory chip maker could merge with Japan's Kioxia Holdings. Reporting by Shreyashi Sanyal and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Futures subdued with earnings in full swing, Salesforce up on Elliot stake
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: S&P off 0.08%, Dow and Nasdaq flatJan 23 (Reuters) - U.S. stock index futures struggled for direction at the start of another big week for corporate earnings amid concerns about a recession, while Salesforce rose on Monday as Elliott Management acquired a stake in the firm. A slew of earnings in the coming weeks will also test the recent bounce in certain technology and growth stocks that took a large hit last year. ET, Dow e-minis were down 5 points, or 0.01%, S&P 500 e-minis were down 3.25 points, or 0.08%, and Nasdaq 100 e-minis were down 5.75 points, or 0.05%. Qualcomm Inc (QCOM.O) and Advanced Micro Devices Inc (AMD.O) climbed around 2% each, after brokerage Barclays upgraded the chipmakers to "overweight" from "equal-weight". Reporting by Shreyashi Sanyal in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Elliott Management Takes Big Stake in Salesforce
▼ + stars: | 2023-01-23 | by ( Lauren Thomas | Laura Cooper | ) www.wsj.com time to read: 1 min

Activist investor Elliott Management Corp. has made a multibillion-dollar investment in Salesforce Inc., according to people familiar with the matter, adding to the pressures facing the business-software provider. While details of the campaign couldn’t be learned, Elliott, one of the biggest and most prolific activists, often seeks board representation and pushes for companies to make operational improvements and other changes.

☆ Activist investor Elliott Management takes stake in Salesforce -sources
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 22 (Reuters) - Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc (CRM.N), according to people familiar with the matter. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott told Reuters. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director.

☆ Activist investor Elliott Management takes stake in Salesforce -WSJ
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 22 (Reuters) - Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc (CRM.N), the Wall Street Journal reported on Sunday, citing people familiar with the matter. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott told the newspaper, adding that Elliott has followed Salesforce for nearly two decades. Elliott Management Corp and Salesforce did not immediately respond to a Reuters request for comment. Earlier this year Salesforce Inc said it plans to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. Reporting by Sneha Bhowmik and Juby Babu in Bengaluru; Editing by Kim Coghill and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Top hedge funds earned sharply less for clients in 2022, LCH data shows
▼ + stars: | 2023-01-23 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - The 20 best performing hedge fund managers earned $22.4 billion for investors in 2022, marking their slimmest gains since 2016 as many firms, including Tiger Global Management, struggled with slumping financial markets, LCH Investments data show. The top 20 managers, led by Ken Griffin's Citadel, Bridgewater Associates and D.E. Overall, hedge funds lost $208 billion in 2022 for clients, marking the biggest single-year decline since 2008, when they lost $565 billion, LCH data showed. Hedge funds, which were jointly managing $3.3 trillion on Dec. 31, 2022, according to eVestment data, often promise to outperform, especially when markets are stumbling. Shaw, Millennium Management, Soros Fund Management, Elliott Management, and Viking Global Investors also ranked in the top 10.

☆ Salesforce under siege from top activist hedge fund
▼ + stars: | 2023-01-23 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

New York CNN —Software giant Salesforce (CRM), one of the 30 stocks in the venerable Dow Jones Industrial Average, had a miserable 2022. Now the company is under attack from a big hedge fund that wants to shake things up at the company that owns Slack. A source close to the situation said that Elliott Management took a multi-billion dollar stake in Salesforce. Elliott would not divulge the size of its position in Salesforce to CNN Business, but the company did confirm its investment. Salesforce also has to contend with tough competition from the likes of Oracle (ORCL), German software giant SAP (SAP) and Microsoft (MSFT), which has a top Slack rival in Teams.

☆ Watch CNBC's full interview with Cowen analyst Derrick Wood
▼ + stars: | 2023-01-23 | 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 Cowen analyst Derrick WoodCowen analyst Derrick Wood joins 'Closing Bell' to discuss activist investor Elliott Management Corp's involvement with Salesforce, operating margin goals for Salesforce in 2023, and the focus on organic growth over acquisitions.

☆ Salesforce: Cowen analyst Derrick Wood weighs in on the recent stock surge
▼ + stars: | 2023-01-23 | 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 EmailSalesforce: Cowen analyst Derrick Wood weighs in on the recent stock surgeCowen analyst Derrick Wood joins 'Closing Bell' to discuss activist investor Elliott Management Corp's involvement with Salesforce, operating margin goals for Salesforce in 2023, and the focus on organic growth over acquisitions.

☆ Watch CNBC's full interview with Brad Zelnick
▼ + stars: | 2023-01-23 | 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 Brad ZelnickBrad Zelnick, analyst at Deutsche Bank, joins 'TechCheck' to discuss his thoughts on Salesforce after activist investor Elliott Management has reportedly taken a huge stake in the stock. He also breaks down Microsoft announcing a new multibillion-dollar investment with OpenAI.

☆ 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.

☆ Salesforce employees fear deeper cuts now that a second activist investor has a stake. Elliott, the world's most feared hedge fund, has confirmed it wants changes.
▼ + stars: | 2023-01-23 | by ( Ashley Stewart | Ellen Thomas | ) www.businessinsider.com time to read: +3 min

Feared activist investor Elliott Management now has a multibillion-dollar position in Salesforce. This is the company's second activist investor after Starboard Value disclosed a significant stake in October. Elliott Management — the world's most feared activist investor — now has a multibillion-dollar position in Salesforce, according to a person with direct knowledge of the matter, and some employees worry Elliott's attention could lead to further layoffs. Elliott is Salesforce's second activist investor after Starboard Value disclosed a significant stake in Salesforce in October. Activist investor firms such as Elliott "are tough," another said.

☆ Clash of the titans: Billionaire activist investors are putting pressure on top CEOs who were once thought untouchable
▼ + stars: | 2023-01-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

The bear market in stocks last year has opened up a new window for aggressive activist investors. Once high-flying tech stocks and beloved brand names are subject to unfamiliar pressure from billionaire activists. Marc Benioff of Salesforce and Bob Iger of Disney are the latest high-profile CEOs to face pressure. Nelson Peltz of the Trian Fund and Paul Singer of Elliott Management recently launched activist investor campaigns against Disney and Salesforce, respectively. Activist campaigns targeting firms of this size and caliber are uncommon, but their struggling share price has painted a target on management's back.

☆ Stocks making the biggest moves premarket: Wayfair, Salesforce, Paypal and more
▼ + stars: | 2023-01-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest premarket moves:Advanced Micro Devices — The semiconductor maker rallied nearly 3% after being upgraded by Barclays to overweight from equal weight. The Wall Street firm cited improving market share trends and a better grasp on spending from management. Abbott Laboratories — Abbott Labs lost 2.5% following a Wall Street Journal report Friday that the Justice Department is investigating conduct at its infant-formula plant in Sturgis, Michigan. Tapestry — The Coach and Kate Spade parent slid 1.85% after being downgraded to equal weight from overweight by Barclays. The Wall Street firm's reasons included inflation creeping to higher household income brackets.

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