35 Burst results for "Carl Icahn"
"carl icahn" Discussed on Money For the Rest of Us
"Shareholders. So there's not a clear consensus of whether activist hedge funds actually have delivered excess returns. In the case of icon enterprises, they have over longer term periods, but not over every period. I mentioned the underperformance on a 15 year analyze basis, a strong 5 year outperformance, not so great on a 15 year basis, but strong on a 20 year basis. And that is the result of some activist positions not working out so well. While others have. In the investment reports by IEP, they listed off a number of success sales of companies they took control of, restructured and ultimately sold and the reality is there is enough cash flow in this business. From what I could see to sustain the 15% dividend yield, we just have not seen massive appreciation at all in the stock itself. This is an income play. At this point, one of the big question marks with icon enterprises is the age of Carl icahn. They had a management change in terms of the CEO about a year ago, the former CEO had to resign due to some family issues. They were very upfront that this was not a disagreement with management, but they brought in a new president and CEO, David willetts. Well, he was the CFO for about a year, and then he was promoted. As you go through other senior portfolio managers that icon, some have been there close to two decades, others have been there less than a year. Carl icahn clearly has been a brilliant investor. We don't know to what extent the success of icon enterprises is due to the team structure or is due to Carl icahn. And that's difficult to say and it's one of the risks of investing in icon enterprises. Should you invest then? I don't know. It is diversified, but there definitely is some personnel risk. It also depends on your position on activist hedge fund. Shareholder activism. Perhaps you take a small position in icon enterprises to collect the 15% dividend yield and hope that something doesn't happen that results in a sell off in the shares because a personnel change at the company or the cash flow is no longer there to sustain the dividend. But I'll be the first to admit I am not an expert on IEP. I probably won't take a position. I am much, much more comfortable taking positions in asset classes where I have more control. And that doesn't mean I haven't taken positions in individual companies. I have bought preferred stock in individual mortgage REITs, but again, a mortgage REIT is an asset class. My investment style is much more asset class focus. And it always has been as an investor. I have spent time selecting individual companies, and I'm just not good at it. And I don't have the patience for it.
"carl icahn" Discussed on Money For the Rest of Us
"Looked at Berkshire Hathaway as an outside money manager that we could hire to manage asset for us. We used the process that I used at my old firm to analyze money managers. We looked at the people. We looked at their investment process and we looked at their performance. We recently received a question in our money for the rest of us plus forum about would we look at Carl icahn stock. It's icon enterprises, LP, the ticker is IEP. This is a diversified holding company. They have segments in the energy space automotive, real estate, food packaging, some pharmaceuticals, and IEP asa owns a portion of Carl icahn's hedge fund. Carl icahn owns 86% of IEP and most remarkably, the dividend yield is close to 15%. That has been a stable dividend since 2019. Carl icahn is 87 years old. That's a concern in hiring a money manager at that age. What is the succession plan? Is the culture there to be able to continue the manner in which icon enterprises invest? We had the same discussion regarding Berkshire Hathaway Warren Buffett is 92. If we compare Berkshire Hathaway and icon enterprises, the biggest thing is the dividend. Berkshire Hathaway doesn't pay a dividend to common stock shareholders. Even though they'll collect over $6 billion in dividends from their underlying companies that they own, but they prefer to reinvest in other opportunities. Whereas icon enterprises, as I mentioned, the 15% dividend you. And what we care about is that dividend sustainable. In the quarterly investor presentation that icon enterprises puts together, they point out the performance of the common stock. IEP. How it's done relative to the S&P 500, index as well as relative to Berkshire Hathaway. And if we look over the past year, the performance of icon enterprises relative to Berkshire, IEP has outperformed. It's returned 14% over the past year. Primarily due to the dividend. Whereas Berkshire Hathaway is down .7%. The overall S&P has been down 5% in the past year. So having a very high dividend provides a cushion when overall markets sell off. Over other time periods though, Berkshire Hathaway has outperformed icon on a three year basis, 11% annualized versus 8.4% for icon and 8.2% for the S&P 500. That three year time frames important because it was three years ago that we looked at Berkshire Hathaway and they clearly outperformed the S&P 500 over the past three years. Longer term, Berkshire Hathaway has not done as well relative to the S&P. It's trailed it on a ten year basis of 15 year basis and has slightly outperformed by .3% over the past 20 years on a nominal annualized return basis. And one of the discussions in that episode two 42 is given Berkshire Hathaway has not been able to outperform would they be able to going forward and certainly over the past three years they have. If we look at icon longer term, though, on a 5 year basis, it's returned 13.2% outperforming Berkshire Hathaway, which is only returned 8.8% on a ten year basis though, icon has trailed. The S&P 500 and Berkshire Hathaway, the ten year return for icons is 7.5%, 15 year returns, but even worse at 4.1% trailing Berkshire Hathaway by four percentage points, but then on a 20 year basis, the return has been incredible. Close to 16% annualized versus 10.4% for the S&P 500 and as I mentioned 10.7% annualized for Berkshire Hathaway. That makes it a little challenging.
"carl icahn" Discussed on Bloomberg Radio New York
"The company for 15 years prior to retiring in December of 2021. In New York, Charlie palette Bloomberg daybreak. All right, Charlie, thank you. Well on the flip side, the richest person in the world has seen his fortune decline by more than a $100 billion this year. According to the Bloomberg billionaires index, Elon Musk's fortune has fallen below a $170 billion after Monday's $8.6 billion loss. His stake in Tesla comprises the bulk of Musk's fortune, though shares have fallen 52% this year. Other company Karen that's grabbing most of the spotlight lately, the turmoil at Twitter remains front and center. Bloomberg's head backs to reports the announcements just keep coming. Musk let more people go early in the day with about a quarter of the company's staff remaining. He then came out later to say that those would be the last layoffs and the same breath that he's not moving the company to Texas. He also announced now that he is going to delay the start of blue verified and says that the platform has added 1.6 million live users this week. In San Francisco, I'm at Baxter Bloomberg daybreak. Brandon, thank you, another billionaire is making headlines this morning. Bloomberg news has learned Carl icahn began shorting a GameStop during the height of the meme stock frenzy. Sources say icons started building the short when GameStop was trading near its peak of $483 per share, and still holds a large bet against the shares. GameStop has lost more than 70% of its value from a closing high back in January of 2021. Turning to the economy Karen, there is more pressure on central banks to keep raising interest rates. The organization for economic cooperation and development says surging prices are putting a dent on real incomes and creating problems that will only get worse if policy makers fail to act. The OECD also raised its global inflation forecasts for next year and says price increases in 2024 will also remain above target. Meantime, Nathan, two fed officials are reinforcing expectations of Central Bank will slow their pace of interest rate hikes next month even as they stress the need to keep tightening. San Francisco fed president Mary Daly and Cleveland Loretta mester, said during separate remarks that inflation remains too high. Here's daily speaking in California. As we work to bring policy to what we call a sufficiently restrictive stance, which really in simple terms means the level required to bring inflation down and restore price stability. We will need to be mindful. Adjusting too little will leave inflation too high and adjusting too much could lead to an unnecessarily painful downturn. San Francisco fed president Mary Daly says she still expects rates to peak at 5% or above. All right, let's move to China now, Karen, where an increase in COVID cases has led authorities to reintroduce measures like expanding testing and lockdowns. It's now estimated a 5th of the country's economy has been affected despite the central government's call for more targeted, less disruptive COVID zero measures. And in geopolitics, Nathan, the U.S. is pushing China to ease up on Taiwan and we get details from Bloomberg to Amy Morris in our 99 one newsroom in Washington. Defense secretary Lloyd Austin urged his counterpart in China to avoid destabilizing actions toward Taiwan. Now this was Austin's first face to face meeting with China's defense minister way Feng ha, since House speaker Nancy Pelosi visited Taipei in August. The Pentagon says the men also discussed, Russia's war in Ukraine, reiterating opposition to the use of or the threat to use nuclear weapons. Austin asked China to fully enforce UN Security Council resolutions against North Korea's weapons program and called for both sides to maintain open lines of communication. In Washington, I'm Amy Morris Bloomberg daybreak. All right, Amy, thank you. S&P futures right now are up 7 points down futures up 55. NASDAQ futures are higher by 21 points, ten year treasury yield 3.79%. Straight ahead your latest local headlines and to check out sports, this is Bloomberg
"carl icahn" Discussed on Bloomberg Radio New York
"It's all green for equities around the world U.S. stocks are on the rise after Beijing's latest moves to east COVID restrictions Sing a note of optimism in markets that have been rattled for weeks by inflation and rate height concerns we check the markets for you every 15 minutes during the trading day on Bloomberg S&P is up 54 points up 1.3% the Dow is up 320 points a gain of 1% there NASDAQ 100 higher by a 196 points up 1.6% ten year treasuries down 1730 seconds for a yield of 2.99% Nymex screws down three tenths percent or 33 cents at a $118 54 cents a barrel comic scored little change to the downside down 90 cents at 1849 30 announced The Euro 1.0707 against the dollar British pound 1.2545 the N is at one 31 .11 Carl icahn said that a proxy fight focused on the treatment of pregnant pigs at Kroger after he lost a similar battle with McDonald's last month the activist investor told shareholders of both companies to day that he is conceding the fight saying he expects the same outcome at Kroger as at McDonald's due to the grocery chains financial position That is a Bloomberg business flash on Nathan Hager back to Bloomberg markets Paul sweetie and Matt Miller Wild news there from Nathan Hager You know go figure All right we have Rosalind Matheson in our Bloomberg interactive broker studio today she's executive editor for international government for Bloomberg news based in London but we have are here in the states this week We found out in the last hour month that she is Australian from some little news What's the name of that town again rose It's a cold gun bungee Gone bungee It's an indigenous name Wow Go figure I mean I don't know One day me and Ross traveled to a remote town in Austria to interview the former head of the FBI James Comey together Really Was that were we in Austria We would Yeah That was awesome Yeah That was such a cool I mean you know he had just written a book and obviously it was like Comey versus Trump But he's an amazingly fascinating and also really tall dude Extremely tall Yeah Ross explained to us what's happening in London today folks who tell us we need to pay attention to a vote that's going on in parliament What's going on over there Well that's right So it seems like enough of his own lawmakers have had enough of him And so they've submitted letters calling for a leadership vote on his him leading the Tory party which of course means his leadership of the country as a whole that vote will happen in a couple of hours today It goes out It takes about two hours for it to happen I fall into a room one by one and cast their vote yeah or nay and then there's an outcome It looks like at this point he will probably win that vote because they need a 180 toy lawmakers to go against him but the question is what is the damage that's being done simply by having this vote happen in the first place And what is the margin by which he would presumably win this vote It could be quite tight and tighter than he would like And that suggests of course that the knives will be out for him even despite the outcome today potentially But the base case is that he wins right Because his own party is bringing this vote essentially and it's a system that I think a lot of Americans are unfamiliar with They have this committee 1922 It all seems so old and weird But what if they lose they're bringing on an election that they're sure then later to lose Well that is the risk also from this He might win and then he might decide to call an election to try and get a fresh mandate from the public or to get rid of some of these Tory rebels But how could he I mean they're experiencing inflation just like we are and they're doing very little about it just like we are I mean people are a lot of people are being driven into poverty by these high energy prices right Well exactly And all the polling shows that going to an election any time soon would be very self defeating for the Tories because of all the things that you mentioned particularly the state of the economy inflation the idea has not delivered on his promises to bring development to areas in northern England and so on He came in of course in a landslide win In 2019 with a very large majority for a British prime minister and that's all seemingly evaporated At this point But he may decide just to go that because he is a very charismatic politician He's a very charismatic campaign and maybe he thinks somehow if you can call an election and get out there he can somehow rally the faithful and get enough voters back For the Tories but it's a very big ask given what we're seeing at the moment in the polling All right let's switch gears Ros since we have you in studio want to cover broad range here Ukraine boy we're not going into our fourth month I guess over there in Ukraine Is there a consensus amongst the folks that really follow this closely how this might play out here Or is this just going to be a long long slog Well it certainly hitting that kind of grinding war of attrition which we would imagine could go on for an extended period You're seeing Russian troops make incremental gains and then get pushed back again and then further gains There's certainly holding some of the ground that they've.
"carl icahn" Discussed on Bloomberg Radio New York
"Old and kind of curious to know when do you start giving away a whole lot of money Well I mean we just gave another 40 million to Mount Sinai toward the you know we have that Mount Sinai Hospital and then you know we had the icon stadium over the years We've given away and that's sort of interesting They've given away money for these colleges and I can name a few chode and all that they're buildings Princeton and we're getting so we have given away a lot of money And I think they probably like it I don't personally get too involved you know a lot of guys like to go on the boards of these things that go into boards of institutions I mean and honestly speaking the only thing that I'm getting involved is I can help it is assignable rights thing where I think there's a way that I can be really helpful to seeing that happen because I think that's a situation that's just horrible to see You got these companies making all this money in these animals Just suffering for no reason I'm not going to keep eating it So I think that's something that you know I would you know the foundations that we have would be much more involved with this animal rights thing And obviously we have a lot of money so it would be other things and the foundation itself is still I mean there'll be certainly enough money if I get out of the business for any reason IEP will still have I mean it's not going to affect the amount of capital they have today and there's public companies So the money that they have today is not going to be effective why would I want that stock sold I'd like to see that as a legacy to continue and I think if you ask who's the guy that's going to run it I think Bret is learned enough in this is quite fit to do that And I say that the operation would continue very much in the way it is now where I don't really get in Norwood Bret and tell these guys how they should operate the company day to day But hold their feet to the fire if they're not producing unless there's a reason not to I mean if you have a terrible recession you can't blame somebody for not making money So I think that's where it's going Well as always Carl we can't wait to see what you do next because it's always fascinating and clearly Brett will be with you doing that I'll say happy birthday once again It's always a pleasure speaking with you Carl icahn is the chairman of Icahn Enterprises thrilled to have you here on Bloomberg television Bloomberg radio YouTube the Bloomberg terminal Carl I look forward to our next conversation All right of course that was Eric schatzker with Carl icahn turning 86 today Check out that full conversation You can listen.
"carl icahn" Discussed on Bloomberg Radio New York
"We're gonna toss over to our TV colleagues we're getting ready for a sit down with Carly on You're watching Bloomberg I'm Eric schatzker and I want to welcome our viewers and listeners worldwide to this global simulcast on Bloomberg television Bloomberg radio and YouTube as well Carl icahn the billionaire investor and shareholder activist has a storing role in a new HBO documentary icon the restless billionaire It examines his extraordinary career and it also showcases the campaigns that we've been following for years The chairman of Icahn Enterprises is here with us right now Carl icahn Welcome Thank you It's great to see you And it's especially great to see you Carl because I want to tell everybody it's your birthday If I'm not mistaken Carl you're 86 years old today and you are celebrating your birthday with us with us which we're undoubtedly quite happy about Thank you Thank you In honor to be doing an hour Carl you like to get into it So that's what I'm going to do You predicted months ago that fed stimulus would metastasize into inflation And fast become a problem for policy makers for the economy and of course for investors as well This is a movie that you've seen before You've seen it several times before Carl how does the movie end It doesn't end happily And I've seen God knows how many bear markets and it should in one way it's a sad thing And a lot of people lose a great deal of capital and I am not predicting though Eric I'm not predicting that we're in a bear market I'm not predicting that this is going to end So this euphoric atmosphere but I am predicting this That it's not much of a prediction I guess But sooner or later a situation like this is going to end relatively badly Some less badly some more But you can't keep printing up money and printed it up and printing it up because you get what you have now that you can't control The government can't control inflation It controls it only what they're doing what volca had to do You don't bring interest rates up to 18% I remember those days It was unbelievable So I think that's going to happen But I'm not here to discuss I'm not a macroeconomics oro and I just look at simple facts That's what I do Simple facts and simple fact here is the tension between inflation and printed out money Can't continue to exist without You say Carl that you're not predicting a bear market but this is going to end in an ugly way What's the difference Okay well I'm not predicting a near term bear market Nobody can predict what's going to happen next week next month maybe even next year or two You really can't predict it Too many variables Too many variables the whole political scene the whole question of the presidency but on a big picture methodology you can look at it and say it's simple You can't I think it's economics one O one in high school You can't just keep pushing out money You can't just keep giving away money and give it away money giving away money Because that money will definitely lose its worth Like anything else If you make too many widgets then the witches lose their work So here's what's happening We keep putting out money putting out money putting out money to fed he was pushing it out there And that's great for a while I mean that's great It's like makes you happy but and at times it's certainly needed But now you can't that party has to stop And sooner or later what's going to happen is you having it already now the manifestations of it is rampant inflation And it's not there yet But it has to be controlled and it's not something that you can wait to see if it happens As I've seen that in the past you wait too long maybe But I'm not here to say defense do it a bad job In fact I think that that has done a pretty good job over the last few years is sort of saving the economy So that's not the issue But the issue is if you're asking me to predict something I'm always saying and it's not saying very much I guess that over the next three four years and maybe a lot sooner you are going to see this whole thing hit the wall in one way or another and it's not going to be a pretty Apple Carl but I'll go ahead Yeah but I'm not saying it's happening now In fact right now it might be might be a lot of arguments on the bullish side Right now you know these companies are flush with money They may be doing a lot more buybacks The buybacks to this year I think it a $1 trillion to the economy So there could be a lot of bullish things that you could say for the near term Carl is there an icon playbook for inflationary times Are there things that you want to own at times like these and things that you're actively avoiding at times like these Yeah look I mean over the years the paradigm that I find the best for investing in it's obviously most people can't do it is activism And going into companies where the stock is selling cheaply for a number of reasons And if we could get in there and we can do something we can help that company and sometimes we come as uninvited guests but a lot of companies in this country are terribly wrong Just terribly run And by the way in my mind that's the reason for the problems that we have today You have companies that the CEOs will make it ten 15 million a year And many of these guys are not capable of doing the job With many many exceptions I want to say many exceptions many very good CEOs Good CEO is worth his soul And you pay him and if things are going well I don't mind seeing that guy make it a lot of money because he's producing But there's so many bad ones and so many bad boys because the boards aren't doing the one job that paid to do which is make that CEO accountable So those stocks go down things get into a problem We come in And that's that paradigm We try to clean it up and just change a few simple things but maybe what if you simple things And over the years we ended up since even since 2000 if you bought our stock Which is sort of a surrogate for what we do We have other money but that's what you could look at If you put if you put money into a company that bought that stock you made today if you look back you made reinvested the dividends you made 1900% And I think the S&P is only 600% 500% that you made So the proof of the putting through the 80 You did very well by following a doing this What we do There are ups and downs It's a bumpy ride Sometimes we lose for a few years Sometimes second we're changing But the issue I'm trying to make is that the reason we're successful is because you have this very strong problem in our economy today There's no accountability And while I believe maybe I'm jumping ahead but the answer is you are in fact you are jumping ahead And before we come back to activism and we will Carl I want to introduce you to a colleague of mine Taylor Riggs and she has a question for you as well Thank you Eric and Carl It was so fascinating You echoed similar comments when we spoke last May And you talked about waiting for stocks to become cheaper for you to really begin to look at them to begin to enter And I am curious if that process may be already started for you in January And if there were stocks where you looked and they were cheap and we've started to already see some of that volatility or is it still yet to come Yeah you know it's more when you say the stock is cheap it's cheap for us when we think they're hidden value in the company It's not that we're buying it because the market is cheap and the market's good.
"carl icahn" Discussed on Bloomberg Radio New York
"Bloomberg world Hank waters I'm Charlie palette we begin with a number of headlines from the Bloomberg professional service the National Football League is teaming up with Roblox to launch NFL tycoon to expand its metaverse presence Right now we have got shares of Roblox up by 10.4% IFF is nearing a settlement agreement with Carl icahn this according to Dow Jones shares of IFF right now higher by 3.4% IFF international flavors and fragrance Right now we've got stocks advancing S&P extending yesterday's broad based rally tech shares recovering about half of their losses this year The advance gathering pace with the S&P up 62 up by 1.4% the Dow up 300 hire by 9 tenths nez stack up 273 that is a gain of 1.9% Tenders up 6 30 seconds ten year yield 1.93% spot gold up four tenths 1833 the ounce West Texas intermediate crude up 7 tenths of 1% $90 a barrel Repeating our top story Federal Reserve bank of Boston says its next president will be Susan Collins and economists at the University of Michigan who will become the first black woman to lead one of the central banks 12 districts I'm Charlie pellet That is a Bloomberg business flash Thank you so much for that update Charlie pellet It's three 48 on Wall Street The following is an editorial from Bloomberg opinion Four states Connecticut Delaware New Jersey and Oregon have recently announced plans to end mask mandates in K through 12 schools Others may soon follow suit It's about time To be clear there's evidence that masks have been useful in blocking COVID infections in educational settings But there are also worrying signs that they impose costs on children's social development With case numbers dropping it's reasonable to recalculate the balance between the protection masks provide and the difficulties they impose In doing so it pays to remember that school aged children have a relatively low risk of hospitalization and death from COVID especially if their vaccinated For now and unless COVID research is in some new form the potential harm caused by masks seems to outweigh the benefits States and school districts should rethink their policies accordingly This editorial was written by the Bloomberg opinion editorial board I'm David shepley for more Bloomberg opinion Please go to Bloomberg dot com Slash opinion or piano On the Bloomberg terminal These has been Bloomberg opinion Yeah but you let me drive Oh no No no no Honey please I'll do the bride Excuse me I'm not a drive It's a good question This drives us This is the drive to the club On Bloomberg radio Hi everybody We are just about ten and a half minutes away from the closing bell and it's been another busy week for earnings We've got a bunch coming after the close and concluding of course Walt Disney Company That's the big one Uber Sonos Yeah don't forget about supply chain questions when it comes to Sonos and mat and also as people are getting out in the world post pandemic Maybe they're not so into buying sound systems and the like great for their home That's an important question that we're going to ask CEO Patrick Spence tomorrow when we interview him We will indeed All right we're going to break it all down after the closing the meantime Let's get some thoughts from our next guest Our drive to the close guest Eric Jackson back with us founder president of the Toronto based hedge fund EM J capital with us on the phone once again in Toronto Eric good to have you back How are you Hey I'm doing great Carol how are you guys Doing okay doing okay exhausted already here in 2022 But that's where we love this world Hey we've been doing this a lot We've been checking in with managers now that we're in a new year How did 20 21 turn out for you guys in terms of performance We know you were like what up a 100% back in 2020 But curious about how last year played out It was a challenging year for sure I think that the growth and tech stocks in particular probably topped out for 2021 in mid February And so we're really almost coming up on a one year anniversary of that date where you've had a few pockets in those 12 months where things have rally back But it's been a huge traction So I don't know if a year ago basically folks were already anticipating the interest rate discussions that we've been deep into over these last four or 5 6 weeks But growth stocks and small cap stocks the Russell stocks have really had a hard time So it's been challenging for sure It's been a big change from 2020 That's for sure What's so interesting though Eric because about a year ago we had you on the program if my memory serves me right a couple of companies that you talked about one included upstart which finished the year Wow up 271% Also I know you were bullish a year ago on bombardier That had a great year up close to 250% So were you I mean talk about your positioning in those if you can and to what extent that helped performance for you in 2021 Those were big big positives for sure for 2021 Both incredibly sort of tell the tale of the tape of the whole markets because with us you're talking about FinTech that came public in December of 2020 to really no fanfare No one was paying attention to it It's IPO price is $20 Peak that last year just over $400 Then at bottom two and a half weeks ago I think it was like $74 And now as of today it's up to like a 110 last time I looked today So huge moves So I don't have my own bombardier bombardier was more kind of like a company that was sort of left for debt and had a great run last year as the private jet company was not was not going to default on any debt and so it's been a lot less volatile in comparison But positioning wise Tim I mean to go through that kind of a drawdown I mean you have to learn to take profits along the way with some of these big moves But nothing changed operationally and either business or in most growth businesses That's been the funny part of especially the last three four months Nothing's changed operationally for most of these companies But the market's basically freaked out Everything got sold A lot of these names were off 50 to 70% So even today even though some of these stocks have bounced like 20 30% just in the last couple of weeks there's still I would say the majority of growth techniques out there that are still majorly discounted So you have to do your work You have to look into them And don't just trust them so the main narrative that you hear on radio or TV where you have the.
"carl icahn" Discussed on Bloomberg Radio New York
"Pandemic Vaccines and boosters masks and now very importantly a highly effective therapy is really going to make a major major difference Appearing on ABC's this week The White House chief medical adviser said when used with other preventative measures antiviral pills could be what keeps people out of the hospital with serious infection I'm always a man of hope and I believe the best about everybody Tributes are pouring in following the death of Nobel Peace Prize winner Desmond Tutu former president Obama called him a mentor a friend and a moral compass the retired archbishop died in Cape Town this morning at the age of 90 Major cities are toning down or eliminating New Year's Eve celebrations due to the global surge of the amaron variant New York mayor Bill de Blasio says the city's Times Square midnight ball drop event is being scaled back Athens Berlin London Paris Rome and several other cities are canceling large public New Year's Eve celebrations entirely That's the latest I'm dean kodiak You're listening to Bloomberg businessweek with Carol masser and Bloomberg quick takes Tim steine from Bloomberg radio We're bringing you some of our favorite conversations from the past year on this holiday weekend and we're please now to look back on an interview with one of the biggest names in the history of America's tech sector When he first incorporated his company that he founded back in 1984 it was known as Dell computer corporation At the time Michael Dell is just 19 years old I know it's unbelievable And his story is incredible Nearly four decades later he detailed his climb to the top of his industry in a book called play nice but when a CEO's journey from founder to leader In a wide ranging conversation this past fall the billionaire innovator spoke with us about the fight for tech talent the dawn of an era to be dominated by artificial intelligence and the time he tangled with Carl icahn when the activist investor tried to impede Dell from taking his own company private back in 2013 It was very hard You know I didn't really have much experience dealing with somebody who would just go on television and lie That's not something I had experienced very often in my business career But ultimately as I talked about in the book I did go to his house and confront him and really saw that he didn't have any plan whatsoever for the company And to him it was just a big poker game and it turned out to be way more difficult than I thought as was chronicled on Bloomberg television and radio very extensively I remember it It was a story that never ended Until it did And fortunately we were able to accelerate our transformation our shareholders got some of the benefits of our transformation if we were successful which we turned out we were without taking on any of the risk and I learned how to face down Carl icahn So there you go I'm wondering Michael if you missed the days of running a company that's private that doesn't have a report card available to you each and every day Monday through Friday from 9 30 to four every day where you watch the company's stock move because you do talk a little bit in the book about the way that big swings in the company's stock would make you feel and the way that you thought that analysts and investors were missing it Do you miss the days of not running a public company Well I've done both right And the key for us was really putting the company on a different trajectory And back in 2012 and 2013 the markets really didn't give us permission to go invest in those new areas Now I think we're in a different spot New capabilities new growth rate and new trajectory And we also reignited that entrepreneurial spirit which was the formation of the company and very much kept that alive even as we transitioned back to being public again Well you know it's interesting too and we've really leaned on I think even more so during the pandemic are our leaders right Of companies to help us get it through I think about Black Lives Matter And one of the things we wanted to ask you and it feels like from reading your book you don't play around too much or carefully around politics and I can understand that for CEOs But your home state of Texas I have a lot of family in Texas You seem to be you know you really love that state And you write a lot about it in your book How do you feel about things like the abortion law and the voting rights want Would you have spoken out about Yeah I have spoken out about voting rights and certainly we've communicated with our team members about some of the recent laws Look I would much rather see our policymakers focus on education and infrastructure and broadband and the things that will help the state continue to be successful And as we've communicated to our team members our belief is that they should have more access to healthcare not less Do you worry though about some of these issues that it'll hurt Dell's ability to track talent especially in Austin Or generally speaking Haven't seen that problem yet We'll see how it plays out And again our company will go where the talent is And let's see also how the courts rule on these things and I think there's still a lot that we don't know about how this plays out Hey Mike I want to stick on talent because we have spoken to executives in recent months who've said hey the labor crunch that we're seeing is really across the spectrum from hourly employees all the way up to executives If you had to raise wages to attract and retain talent well you're always adjusting compensation and benefits A pretty pleased with our attrition our data says we're in the lower quartile of attrition So haven't really had an enormous challenge there as I know many companies have And look our job is to create an inspiring and passionate environment where people can do their very best work And we attracted a.
"carl icahn" Discussed on Bloomberg Radio New York
"Dinner with Carl icahn Love this part This is Bloomberg When was the last business finance and the latest news evicting world markets Powered by more than 2700 journalists and analysts And over a 120 countries This is Bloomberg radio Now a global news update Travelers are finding more flight delays and cancellations on Christmas Day according to flight aware U.S. airlines have canceled or delayed more than 2100 flights already today More than 5900 have been delayed or scrubbed nationwide no major U.S. airports are reporting operational issues However thousands of flights were canceled on Christmas Eve as workers called in sick due to the amaran COVID virus A carnival cruise ship is denied entry into Aruba over COVID-19 concerns yesterday the company said it's carnival freedom ship was denied entry to Doc at the ports of both Aruba and bonaire located near the northern coast of Venezuela The company says some on board the freedom without specifying how many are in isolation after testing positive for COVID-19 President Biden is wishing the nation a Merry Christmas in a tweet posted this morning Biden also wished that time with loved ones be filled with warmth comfort and joy this holiday season I'm Chris courage You're listening to Bloomberg businessweek with Carol masser and Bloomberg quick takes Tim steno V from Bloomberg radio.
"carl icahn" Discussed on Bloomberg Radio New York
"Some of our favorite conversations from the past year on this holiday weekend and we're please now to look back on an interview with one of the biggest names in the history of America's tech sector When he first incorporated his company that he founded back in 1984 it was known as Dell computer corporation At the time Michael Dell was just 19 years old I know it's unbelievable in his story is incredible Nearly four decades later he detailed his climb to the top of his industry in a book called play nice but when a CEO's journey from founder to leader In a wide ranging conversation this past fall the billionaire innovator spoke with us about the fight for tech talent the dawn of an era to be dominated by artificial intelligence and the time he tangled with Carl icahn when the activist investor tried to impede Dell from taking his own company private back in 2013 It was very hard You know I didn't really have much experience dealing with somebody who would just go on television and lie That's not something I had experienced very often in my business career But ultimately as I talked about in the book I did go to his house and confront him and really saw that he didn't have any plan whatsoever for the company And to him it was just a big poker game and it turned out to be way more difficult than I thought as was chronicled on Bloomberg television and radio very extensively I remember it It was a story that never ended Until it did And fortunately we were able to accelerate our transformation our shareholders got some of the benefits of our transformation if we were successful which would turn out we were without taking on any of the risk And I've learned how to face down Carl icahn So there you go Yeah I'm wondering Michael if you missed the days of running a company that's private that doesn't have a report card available to you each and every day Monday through Friday from 9 30 to four every day where you watch the company's stock move Because you do talk a little bit in the book about the way that big swings in the company's stock would make you feel and the way that you thought that analysts and investors were missing it Do you miss the days of not running a public company Well I've done both right And the key for us was really putting the company on a different trajectory And back in 2012 to 2013 the markets really didn't give us permission to go invest in those new areas Now I think we're in a different spot new capabilities new growth rate and new trajectory And we also reignited that entrepreneurial spirit which was the formation of the company and very much kept that alive even as we've transitioned back to being public again Well you know it's interesting too and we've really leaned on I think even more so during the pandemic are our leaders right Of companies to help us get it through I think about Black Lives Matter And one of the things we wanted to ask you And it feels like from reading your book you don't play around too much or carefully around politics And I can understand that for CEOs But your home state of Texas I have a lot of family in Texas You seem to be you know you really love that state And you write a lot about it in your book How do you feel about things like the abortion law and the voting rights one Would you have spoken out about Yeah I have spoken out about voting rights and certainly we've communicated with our team members about some of the recent laws Look I would much rather see our policymakers focus on education and infrastructure and broadband and the things that will help the state continue to be successful And as we've communicated to our team members our belief is that you know they should have more access to healthcare not less Do you worry though about some of these issues that it'll hurt Dell's ability to track talent especially in Austin Or generally speaking Haven't seen that problem yet We'll see how it plays out And again our company will go where the talent is And let's see also how the courts rule on these things and I think there's still a lot that we don't know about how this plays out Hey I want to stick on talent because we have spoken to executives in recent months who've said hey the labor crunch that we're seeing is really across the spectrum from hourly employees all the way up to executives If you had to raise wages to attract and retain talent well you're always adjusting compensation and benefits A pretty pleased with our attrition our data says we're in the lower quartile of attrition So I haven't really had an enormous challenge there as I know many companies have And look our job is to create an inspiring and passionate environment where people can do their very best work And we attracted a lot of young people into our company giving them those opportunities I think if we keep doing that we'll be just fine EMC It is a company that we know We've all talked about it The king of growing storage device market We know cloud computing is changing all of this A former we were talking to some of our colleagues a former AMC executive telling them that EMC was once the last or was the last great storage companies they'll never be another one So what is the future of that market in your view And how do you think Dell specifically can benefit from that Well the interesting thing is if you peel back the.
"carl icahn" Discussed on Bloomberg Radio New York
"It's a company with a market cap in excess of $25 billion in late last month You might remember piper Sandler came out saying it was a top pick heading into the fourth quarter We're talking about the infrastructure software and data platform company Splunk where Teresa Carlson serves as president and chief growth officer Her background is pretty impressive She previously led Amazon Web Services public sector business for more than a decade And in just 6 months at her new company she says her work with clients to access use and secure data more important than ever There's no literally customers that I talk to people where I came here that didn't tell me that their use of black citizen is mission critical for their business And I think it's demonstrated through the tax of customers We work with which are really the fortune 100 90 plus of the fortune 100 customers work with us But it's going really well We are amazing to the clouds very quickly and that's one of the reasons I came over here to continue to have our customers move to the cloud and take full advantage of quant cloud How much was that move to the cloud accelerated during the pandemic And again I know you've only been there for 6 months but I know that you know about what's been happening there over the last 18 months during the pandemic I know that you have 93 of the 100 fortune 100 companies using the product How much of that how much was that accelerated during the pandemic and how much more room is there to grow Well we grew our annual cloud revenue over 70% for the tenth straight quarter And so it just continues to show you the acceleration of the cloud And I will share some my previous experience that AWS has given this because I ran our public sector business and industry's groups at AWS and during COVID we saw acceleration within our customers like two years to three years of acceleration to the cloud during the pandemic because they could not get into their data centers They could not give in and take advantage of their application So many of them had to port or rebuild those applications very quickly So especially if you're talking in mission critical areas like government and healthcare financial services telco areas that really the world can not do without They have to keep going So we had to figure out how they got use of their technology when many of their employees could not go into the data centers So you saw the growth of cloud computing really moving fast and I heard so many customers say it was such a differentiator for them in their business and their mission during that time And it also accelerated the use of cloud skills And of course one of the primary things that is as a data company the customers need to be able to take advantage of news or data as a result of that customers really started banking themselves How do I make that move more rapidly You guys think too And you have such a great perspective Theresa because you were leading the Amazon Web Services public sector business for more than a decade And then you of course are now at Splunk but I am curious about data democratization Is that truly achievable And what there always be some entities or parties or countries China for example that will have access to more and better data And so there will always be some kind of imbalance and power plays or power powerful components when it comes to the data universe Well I don't know about better data but efficiency of these to that data And there's still no company that drives innovation more rapidly than U.S. companies I mean if you look at the youth and the growth of cloud tools you know AWS that kind of started from scratch They are data They are web services from day one when nobody really even knew what cloud was And then you have Google you have Microsoft And you have this explosion of startups as a result of cloud computing And the company's in the U.S. and around the world that are developing as a result of cloud computing the access and lead that they have with data is quite amazing But I would say the most important is the ability to take advantage and use your data And one of the big key trends that's happening is open-source data that's out there can be utilized in massive ways to actually understand a problem set And you saw this as an example happening during COVID where you saw crowdsourcing going on So people could solve the problems faster or what was going on and have deeper understanding Right In terms of the data elements itself I would just say if you look at all the company like talent to your confluent and others have gone public you're seeing companies that are truly data driven and they have slices of the way they use their data and tag it that allows these companies to really do things that they never thought of doing Now I can throw their data in somewhere and it gets organized I don't have to put it in all these tables That's Teresa Carlson president and chief growth officer at the publicly traded software maker and data company Splunk You're listening to Bloomberg businessweek coming up next We pick up on our conversation from last week with the founder chairman and CEO of Dell Technologies None other than Michael Dell including his thoughts on the next big technological breakthrough and facing down Carl icahn Gotta say in the book he talks about having dinner at Carl icahn's house and misses icon cooked for them It's a great read And that's another addition of Bloomberg businessweek talks.
"carl icahn" Discussed on Bloomberg Radio New York
"Businessweek with Carol matter and Bloomberg quick takes Tim stiff from Bloomberg radio So last week we featured a little bit of our conversation with Michael Dell It was when he talked about the near term outlook for Dell Technologies and really the broader technology sector There's so much going on certainly in the financial markets when it comes to tech stocks and really just broader in terms of some macro themes Well in part two of our conversation we're going to dive deeper into the billionaire innovators origins We also got his thoughts on the labor crunch taking place across the U.S. and also what he thinks is the next big technological breakthrough Here's a hint AI is going to play a big role That's a pretty big hint too Yeah this is just going to say Unfortunately this interview is featured in this week's double issue It's part of our Bloomberg business we talk series And we start off with a story from Dell's new book it's entitled play nice but when a CEO's journey from founder to leader and it's about facing down activist investor Carl icon when he bought a stake in the company in Dell and tried to block Michael Dell's move to take the company private It was very hard You know I didn't really have much experience dealing with somebody who would just go on television and lie You know that's not something I had experienced very often in my business career But ultimately as I talked about in the book I did go to his house and confront him and really saw that he didn't have any plan Whatsoever for the company And to him it was just a big poker game and it turned out to be way more difficult than I thought as was chronicled on Bloomberg television and radio very extensively I remember it It was a story that never ended Until it did And fortunately we were able to accelerate our transformation our shareholders got some of the benefits of our transformation if we were successful which would turn out we were without taking on any of the risk And you know I learned how to face down Carl icahn So there you go I'm wondering Michael if you missed the days of running a company that's private that doesn't have a report card available to you Each and every day Monday through Friday from 9 30 to four every day where you watch the company's stock move because you do talk a little bit in the book about the way that big swings in the company's stock would make you feel and the way that you thought that analysts and investors were missing it Do you miss the days of not running a public company Well I've done both right And the key for us was really putting the company on a different trajectory And back in 2012 and 2013 the markets really didn't give us permission to go invest in those new areas Now I think we're in a different spot new capabilities new growth rate and new trajectory And we also reignited that entrepreneurial spirit which was the formation of the company and very much kept that alive Even as we transitioned back to being public again Well you know it's interesting too and we've really leaned on I think even more so during the pandemic are our leaders right Of companies to help us get it through I think about Black Lives Matter And one of the things we wanted to ask you and it feels like from reading your book you don't play around too much or carefully around politics And I can understand that for CEOs But your home state of Texas you know I have a lot of family in Texas You seem to be you know you really love that state And you write a lot about it in your book How do you feel about things like the abortion law and the voting rights one Would you have spoken out about Yeah I have spoken out about voting rights and certainly we've communicated with our team members about some of the recent laws Look I would much rather see our policymakers focus on education and infrastructure and broadband and the things that will help the state continue to be successful And as we've communicated to our team members our belief is that you know they should have more access to healthcare not less Do you worry though about some of these issues that it'll hurt Dell's ability to track talent especially in Austin Or generally speaking Haven't seen that problem yet We'll see how it plays out And again our company will go where the talent is and let's see also how the courts rule on these things and I think there's still a lot that we don't know about how this plays out You're like I want to stick on talent because we have spoken to executives in recent months who've said hey the labor crunch that we're seeing is really across the spectrum from hourly employees all the way up to executives If you had to raise wages to attract and retain talent well you're always adjusting compensation and benefits A pretty pleased with our attrition our data says we're in the lower quartile of attrition So haven't really had an enormous challenge there as I know many companies have And look you know our job is to create an inspiring and passionate environment where people can do their very best work And we attract a lot of young people into our company give them those opportunities I think if we keep doing that we'll be just fine It is a company that we know we've all talked about it you know the king of growing storage device market We know cloud computing is changing all of this A former we were talking to some of our colleagues a former AMC executive telling them that EMC was once the last or was the last great storage company they'll never be another one So what is the future of that market in your view And how do you think Dale specifically can benefit from that Well the interesting thing is if you peel back the onion on just about anything that's going on you were talking about crypto earlier Finance autonomous vehicles you know just pick your new thing that's happening behind all of that is an enormous amount of data And it turns out you need a lot of cloud infrastructure no matter where it is And you need a lot of data to make all these things happen And so as the number one company in the world that provides all of that we're seeing some really nice growth in those areas So I think the world's kind of figuring out yeah public cloud is a thing but it's not just the public cloud It's multi cloud It's also the edge and there's enormous growth going on as everything in the world becomes intelligent and connected and now with 5G the distributed computing world is even more distributed All that creates enormous opportunities for us Have to say that you know we want to talk a little bit about innovation We've got a few minutes left Mike Bloomberg stopped by my desk I was working I have a huge pile of books and he's like do you read all of these And I'm like I try I said but one book I'm reading right now is Michael Dell's new book And he's like I know Michael And he goes really smart guy really innovative guy And it was just kind of interesting And he talked about you know how you reinvented your company When it comes to innovation reinvention what are the technologies that you think we should be focusing on What gets you excited Is it crypto Is it AI Is it something is it the metaverse What do you think is interesting Because reading your book I mean you've been involved in the tech space that you were a kid And I just wonder what really catches your attention now Yeah you know the power of AI to again use all this data to upend and reinvent every part of our world and society is incredible I think they're going to be incredible innovations in the intersection of the biological and computational sciences in all the areas you talked about it's hard to predict exactly how all these things are going to evolve but when you have these powerful ingredient technologies coming together and look you have an enormous amount of risk capital right now that's going after these problems and even harder hard tech problems I think the future is super bright for humankind That's still technologies founder chairman and CEO Michael Dell of the next big tech breakthrough Check out his new book play nice but win a CEO's journey from founder to say Tim it's a fun read It's a really fun read We get a lot of books.
"carl icahn" Discussed on Bloomberg Radio New York
"Your company Now one of the things that came up recently at an investor day is what you expect in terms of further M and a for the company and also some rumors of maybe taking it private again Is that a possibility Don't have any plans to do that Okay We need to talk about our capital allocation Now that a couple of days ago we got a double notch upgrade by S&P to investment grade We're doing a large share buyback issued dividend starting in the first quarter And we paid down enormous amount of debt and feel really great about how the company's position going forward And look what we said is that don't hold your breath for massive M and a like the kind that we did when we did the largest acquisition merger ever ever in tech It'll be on a lot smaller scale Well what are the areas of interest that pique your interest What are the areas of tech right now where you think there is an opportunity to expand to So we have an enormous business in a huge Tam in cloud infrastructure and all things end user computing and software defined data centers and really enabling our customers to accelerate their digital transformation Multi cloud security edge 5G these are all new multi-billion dollar businesses that we're building And we'll do that organically We'll do it with partnerships and we'll do it with selected acquisitions to help us accelerate Hey Michael I want to get back to the book and talk a little bit about it as Carol mentioned It is a great read The title really struck me Play nice but when The idea of playing nice is something I think a lot of parents tell their kids But your parents said play nice But wind How'd that stick to you Yeah it's one of my first memories as a child And this is what my parents told told me and my two brothers when we would go out in the street and play ball and yeah it's been a relatively straightforward and kind of unifying principle that we've talked about Adele a lot and look I think dealing for rightly with integrity and honesty and building a reputation over time matters and pays dividends over time And look winning is a part of this It's who we are and you've got to balance the two and do it successfully I think I've been able to do that for the most part The book talks about all of that and many occasions when it didn't exactly go the way I planned but we learned from it along the way And you know that's what life is all about So was it always easy to play nice when you were dealing with the likes of someone like Carl icahn I mean it's really kind of fun the passages in the book to be quite honest and dinner at his house and it was really interesting to hear the exchange where you were like you know what are you going to do with the company What's your strategy But was it hard to deal with someone like that Or what was that experience like It was very hard you know I didn't really have much experience dealing with somebody who would just go on television and lie You know that's not something I had experienced very often in my business career But ultimately as I talked about in the book I did go to his house and confront him and really saw that he didn't have any plan whatsoever for the company That's Dell Technologies founder chairman and CEO Michael Dell on the tech sector and of course his new book Check it out It's just out Play nice but when a CEO's.
"carl icahn" Discussed on Bloomberg Radio New York
"Right now it looks like it's going to finish the day higher by about 1.2% The NASDAQ 100 up about 1.4% here So not quite recouping all of yesterday's losses but definitely a respectable rally to be sure The S&P 500 up about a percent on the day 45 points of Dow Jones Industrial Average up about 9 tenths of a percent not high enough where we were quoted in Dow points but 9 tenths of a percent if you're counting there Now let's take a look at the Russell 2000 because I think this is interesting Carol did not necessarily see the re embrace of some of those cyclical trades Some of those value names in the same way that you would think you would if you had a true rebound rally going on The Russell 2000 higher by about 5 tenths of a percent year And this was a pretty tepid rally here with regards to the Russell pretty tepid underperformance as well I love the research that was coming in by the dip momentum has failed for U.S. equities We got there from Bank of America today incident coming out and saying S&P 500 tens to end up the week after dips like the one we have just seen So there's tons of research to make every argument that's out there And we'll just have to see what the trend is especially when we get that jobs report Caroline on Friday I think that will help also set the tone All eyes on Friday All eyes on the inflationary pressure as well in the market When it comes to commodities all eyes on them from a sector perspective most of the green on the S&P 500 are already 500 at 1.3% Your leaders well it was beneficial for yields to rise finally the banks get a bit of love So we see the financials doing well up 2.4% insurance companies doing well But then we got the buyback element of this semi semi equipment That was one of your worst performers yesterday but the chip stocks doing well today media looking good as well So we're seeing a strong movement into the only two sectors actually in the red when you're looking at this particular sector or breakdown And it's actually those that usually do well when bonds do well So when Bond sell off real estate goes lower utilities a little bit lower as well All right let's get to some of the gainers today Carl icahn on the proud disclosing a steak a 4.91% stake in Southwest gas holdings That stock was up about 6.6% really pushing for the U.S. company to scrap a potential purchase of a pipeline from Dominion Energy This was reported by The Wall Street Journal so you definitely did see a pop in that name Invesco also among the top and the S&P 500 today up almost 5.4% 25 and change at the close Financial Times coming out and saying investiga state street maybe still apparently talking about plans to merge their asset management operations according to person familiar There's a lot of other particulars They apparently state street as hell talks with other companies So there's a lot of moving factors but nonetheless investigate 5.4% Netflix top in the S&P 500 and the NASDAQ 100 cowan saying it's surveyed 2500 U.S. consumers I was an ass but nonetheless had surveyed suggests it is still perceived as having the best content among video platforms Bridgerton anyone All right Netflix up 5.2% Kevin by the way raise the stock in outperform Price target of 6 50 Netflix closing at 6 34 in change Tim This is a wide breadth of content It feels to everybody That's what Cowen certainly saw Let's take a look at some of the notable decliners that we saw today The real estate or the data center red I should say Equinox finish the day down lower by more than 3% It was under pressure Credit Suisse downgraded it to neutral from outperform cutting its price target to $731 from $941 The reason folks supply chain pressures disrupting Credit Suisse says Equinox equinix is supply chain disruption will impact its customer's.
PayPal Will Let Customers Withdraw Crypto
"Pal to allow withdrawals. Here's one thing that's great to see become normalized. When many of the first set of traditional fintech apps and services got into bitcoin crypto. They blocked the ability for users. To withdraw their crypto is of course pretty directly contradicts. The self sovereign does that drive this market. This has now started to shift robinhood reasonably made the switch to allow users to withdraw and yesterday pay pal committed to this as well speaking consensus yesterday. A pay pal exact said quote we want to make it as open as possible and we wanna give choice to our consumers something that will let them pay in any way they want to pay. They wanna bring their crypto to us so they can use it in commerce and we want them to be able to take the crypto. They acquired with us and take it to the destination of their choice to me. This is a clear example of community values and social pressures shaping. The nature of services. So big win for the home team here.
"carl icahn" Discussed on KTOK
"Hours left to do that job, and he's still working on something. President Trump is expected to issue between around 50 and 100 commutations and pardons before he leaves office, according to multiple people familiar with this list, But he is not expected to issue a protective pardon for himself or for members of his family, as some mainstream media outlets have reported that he was considering doing boxes. Kristin Fisher, the first lady Melania Trump is already said goodbye because being the greatest honor of my life, Mrs Trump also calls the last four years unforgettable from the public servants who've greeted her in the president to her signature cause the Children even as they find difficulty illnesses. Or face challenges. They bring such a joy to everyone they meet. She urged common sense safety during the pandemic, and when it comes to how we interact with one another focus on what unites us To raise above what divides us an expression of gratitude. Among her final words to all the people of this country, you will be in my heart forever. Goodall Scott Fox knew a change of plans in the final days for an old Trump casino, The former Trump Plaza Casino in Atlantic City, New Jersey, has fallen into a state of disrepair. It's been scheduled for demolition. One auction house attempted to take advantage of President Trump's polarizing public persona and solicit bids to press the button and take down the former casino. The effort was intended to raise money for the Boys and Girls Club, but organizers have been sent a cease and assist letter from conservative billionaire and building owner Carl Icahn instead of an auction. Now his organization will just donate $175,000. To the Boys and Girls Club. Tom Graham Fox News on Wall Street the We could start with the rally after a long.
"carl icahn" Discussed on Bloomberg Radio New York
"Greg Jared's well. It may come as no surprise given how the indices a rallying today that the Russell 2000 is also higher by 1.6% and Dave Olsen is here to explain to us why exactly all of the groups in the Russell 2000 higher being led by energy up 7.7% today. He's keeping pace with larger ones, which would explain the extent of the Russell 2000 games because you know you mentioned the 1.6% advance in the S and P 500 is also up 1.6% at this point, so definitely a broad based rally we're seeing here now. The rest of sharpest game belongs to three D systems, whose ticker is d D D, the maker of three dimensional printers has jumped 63, a half percent preliminary fourth quarter revenue beat analysts average estimate of Bloomberg's Survey by more than 20% Plug power ticker Plug has climbed 31 a half percent. The fuel cell maker will receive a one half billion dollar investment from South Korea's SK Group as part of a joint venture in Tana Co ticker T. E. N is risen. 11% activist investor Carl Icahn increases voting stake in the auto parts maker about 15%. By converting nonvoting shares. Now, the Russell steepest drop belongs to Mag Night, Ticker MG. And I think online advertising company has declined 15% after becoming the target of a critical report by short sellers, Spruce Point Capital and Bed bath and beyond Take her. B b B Y is full on 10.5%, the home furnishing retailers, earnings and sales for the fiscal third quarter. 12 estimates. Limericks dockside under Dave Wilson. Thank you so much. We appreciate that. While many observers obviously are calling yesterday's What happened in Washington, D. C yesterday as a historic event of the Highest degree for this country yet Markets traded right through it, and they continue trade right through it. Today, Let's get an overview of how the markets are digesting what we've seen over last 24 to 48 hours. We do that with Cameron Price. Macro strategists also contributed to the markets Live, blogged Bloomberg News Joining us on the phone from Westport, Connecticut. So, Cameron, help us put into context if you will. I'm gonna call the last 48 hours, including kind of what we learned coming out of, uh, Georgia. And then, of course, what happened in Washington D c yesterday. Yeah, I think the question I asked him and that seconds Which of these events is more likely to shape the way that policy on economy? We're gonna look for the next 3 to 6 months. I think they're the end. To be clear. It's the you know, taking the Senate but by the Democrats, which paves the way for perhaps a more aggressive fiscal approach. I've be five penetration. Certainly the images from Wednesday were Shocking. Um, but given the ongoing likelihood of the power will be transferred. Uh, shocking is it is Stephen Yeah. Hold out into any sort of question, you know, and so far as by will assume the presidency in in in a couple weeks time. Um You know the events the we just observed well, unfortunate, to say the least, don't necessarily have any impact on the economy and nuts on market. So common, you know? You've been writing very, very insightful Lee on why there's common. The markets maybe even a little bit off optimism. But will this at some point give way to some pessimism? If we start seeing after the stimulus checks go out, and so on. Talk of higher taxes told of you know, fiscal profligacy and so on. No the best way possible. Although I think the world all through Draconian tax hikes is probably fairly little so far as majority in the Senate is only a tiebreaker. 50 50 On. Obviously, there's uh, Joe mentioned. Virginia governor eyes not sounded particularly enthusiastic. Shall we say about Ratcheting up ratcheting up taxes, so that might be difficult. T O steer through the Senate and that's difficult temperament. Cameron, You're one of the parts of the market that's really caught People's eyes. Obviously the Treasury market with the 10 year breaking above 1% now about 1.8%. What do you make of that kind of have you have you thinking about the next Several months and in it in the rates market. Well, you know, In a sense, the Treasury markets been living in sort of cloud Cuckoo land for some time because real interest rates whether you look at Yield on most part of the treasure curve relative to spot inflation or real. Yale's available in the tips market had been negative for most for the last nine months, meaning that you're essentially guaranteed To under perform inflation over any tender from a year out the 30 years old. I mean, that's that's a horrible proposition for a fixed income investor on obviously Markets have been driven to these extremes. Bye bye, Montri policy and abetted, I think by young going slack in the economy and shortfalls inflation, however, In so far as we are seeing more stimulus passed last month, the prospect for further stimulus Fiscal stimulus with the Biden administration and importantly, the potential normalization driven by vaccines there. Certainly the prospect that nominal Activity. Nominal growth can can return to prior peaks. Certainly earlier than may have seen the case. 69 months ago on but the same time you know, you've got this sort of, you know, almost a perfect storm of increasing demand from the government. Pent up demand for services from the private sector and arguably some supply constraints. Uh, you know, certainly in the small business side, unfortunately, number of small businesses gone by the wayside, so they used to have four places in your time to get your hair cut. Now there's only one. Well, what's that? What's that remaining hairdresser are going to do with the price. They're obviously they're going. They're going to go up on deck so we could be in a situation where inflation actually Comes up further much faster than the Fed is expecting, and that's gonna lead this some interesting questions, maybe a few months on one. All right, Cameron, thank you, And I would urge everybody to read Cameron's writings. He's micro strategist here in New York for us on M life. You convey you them and also a Bloomberg dot com m l I v Coming ties there joining us So now we want to return to Washington, D. C. Figure out exactly what is going on this morning and become.
"carl icahn" Discussed on Bloomberg Radio New York
"The nutritional supplement seller, agreed to buy back about a $600 million of stock from activist investor Carl Icahn, who will give up his five board seats. Then you may remember I can put into her life and 2013 and for another activist Bill Ackman bet against the company called it a pyramid scheme. And finally Jen work financial down 31 half percent mortgage insurer and would be by a China Ocean wide didn't extend of December 31st deadline for $2.7 billion takeover. This still has been in the works for more than four years, Jen work said. It's now focusing on a contingency plan. So my David Wilson, thank you so much for a first day to check. Of the your pulse. Really? There's that red headline on inflation, Breakevens. I mean, that's a huge theme here. Financial, isn't it? It is Tom. I think you know, people are looking for potentially some modest inflation as we head into this year, but you know, but not too much. So it's we'll have to see how that plays out over the next several months. This is a joy pulse Mini in time King with you. We welcome all of you across this nation and worldwide Ian Bremmer. Provides and I, you know, I hate the word thought leaders folks, Steve Bremer, so smart. He's not thought leader, but he provides what I'll call thought leadership with Eurasia Group's top risks of 2021. They've done it this year. With a brutally concise set of top risks. And of course, I knew Paul Sweeney is way too young to know that if you have an asterisk next to a number that goes back back to Roger Meris And the dreaded New York Yankees of other time and place in Bremer. Good morning, and Mr Maris had the Asterix which everybody agrees was a colossal mistake's and you're putting. Ah, Asterix next to Joe Biden, aren't you? Yeah. I mean, yeah, I am a little younger than you. So I was thinking, Maura. Roger Clemens, Right? Don't go there, but still, um, yeah, This is the way we have to recognize. We have to kick off 2021 understanding. Just how dysfunctional this election has been. And it doesn't end with January 20th. You know the fact that almost half of the population will believe that the election has been stolen that Biden is not legitimate on the level of vision. At a time that we really need leadership in the United States and globally certainly have to talk to them with some wonderful conversations this morning, folks look for those across Bloomberg, Digital and, of course, Eurasia Group of their great Twitter feed, really, really smart set of conversations on all sorts of themes. We did not get to Dr Bremer. What I've called. It's my phrase, you could steal it in The pandemic partition. And we have in America that's again endemic partition, and you've got it in a chart on the top 1%, But it's beneath the haves where the partition seems new, indifferent. Yeah, I couldn't agree more. So it's a great way of putting it, Tom because in the United States and Europe, you know, in 2020, at least there was very strong capacity to get economic support to people in 2021. It's gonna be a lot harder. So even as the health care crisis is reduced as people get vaccines, the economic crisis where the bottom 50% in the developed world is really gonna bite. That's when you're going to see the evictions. That's when you're gonna see the unemployment. That's when you're gonna see the homelessness. And of course, there's another point here, too, which is the divide between the developing world. The developed world. With emerging markets having so much less capacity T dig themselves out of this hole. And vaccines not coming to those countries is quickly is that coming to the U. S and Europe? For both reasons. The shadow of covert economically is going to extend well into this year. So in a given that backdrop, it seems like the world is in need of some leadership. Here is the U. S going. Do you believe under abide Administration, The U. S. Will try to re engage The world as as a leader end will the rest of the world whether it's you know, the European Union or our friends and Asia. Will they accept the U. S. After what's happened after last four years, we're gonna try. There's no question that President elect Biden wants Bring the United States back on. But certainly he's going to rejoin the Paris climate accord is going to join the Intermediate Nuclear Forces Agreement. I'm in lots of places will try to get the Iranian nuclear deal redone, though that's gonna be pretty hard. But even though there's going to be a bit of a honeymoon, even though most American allies will prefer anyone but Trump Trump and Biden is anyone but Trump. They're watching what's happening in the United States right now and their willingness to believe that the US is back. It's just not there. The U. S is enormously powerful. We haven't lost that power. But our leadership and our credibility as global leaders has eroded significantly and that that goes well deeper. In just the Trump administration. I worry about that very significantly on day again at a time when the world as you said, it needs leadership. It's not coming from here. Just look at the biggest multilateral trade deal that's been signed. No, the rcep in Asia and then more recently between China and the U. United States is in part of any of that. And that was despite already knowing that Biden was coming in in the United States, there's a lot of hedging going on here. So you mentioned China here. What do you think President elect? Biden should do Visa VI China over the next several years. He should try to get many other countries on board with the United States coordinate trade policy technology policy. Policy on human rights and the rest. He should try to do that. And there are a number of countries around the world that will be aligned with that, because mistrust of China is legion and well beyond the United States. He should also be willing to continue to push hard in areas where the Chinese truly are at at at different outcomes. And preferences to that of the United States. I mean, when you look at the way the Chinese increasingly think about their technology, said, whether it's five G or Finn Tak The fact that we haven't heard from Jack Ma in months Now, these are areas where the Americans don't have access and where Western corporations don't we want a global marketplace. We're going to have to fight for it. We're really going to fight for it. Into short visit, but again thank you for your commitment to Bloomberg surveillance to get.
Nike, ServiceNow and SAP CEOs play a game of musical chairs
"Soon because Tuesday morning under armor announced Kevin Plank is stepping down as CEO in January and then later in the day on Tuesday sort of late after a new Nike announced that CEO Mark Parker also stepping down in January he's going to be replaced by John Donahoe who is a Ward member at Nike he is also the CEO of Software Company called service now so he'll be he's been CEO there for nearly three years he's going to be leaving and and Bill McDermott who a couple of weeks ago stepped down or was forced out depending on which version of events you decide to believe he left sap after being CEO for nearly a decade he's now going to be the CEO service now so the musical chairs continuous. Let's let's start with Nike and shares down a little bit on the news and probably not a surprise when you consider Parker's been running this company since two thousand six and if you're a shareholder her under his tenure you have done very very well Oh yeah you're you're quite happy so parker was the second CEO at at Nike following tonight and he took over in two thousand six but there's probably been some I know there have been rumors at least that CEO succession at Nike is Being Thought About for instance three years ago after China chief Michael Sperling was promoted to President Product Marketing and that was his fifth promotion in ninety here so he's moving up the ranks pretty quickly people were wondering Oh is he being groomed as as the next successor but there was also C. C. O. exp Bronx and Brand President Trevor Edwards and the latter man gentleman especially with seen as as the primary contender but then a couple of years ago Edwards was forced out in March of two thousand eighteen amid amid allegations of inappropriate behavior and will leave it at that so Parker's a comment yes Yesterday during an interview that hey this has been months in the planning you don't do this just a couple of weeks is probably true but I'm I'm kind of wondering what the timing has to do with I mean under armor announces a plank stepping down and he says Oh maybe we want to get on that news to or is it more related to the drug doping thing that's I've been coming out and whether Parker knew about it or not and the speculation there or is it just hey today just happen to be the same day that all this other stuff was coming up yeah and and the drug doping thing that you mentioned that's a relief to Alberta Salazar coach ty did Nike over the last few weeks some stories have come out about that and then and then and the extent to which Parker knew about that so some some questions around that I find the timing fascinating because I just thought there's no way or you're going to have a very our time convincing me that this is a coincidence I mean all things being equal because Nike has been the clear leader in the category for so long and even plank has been very clear in his time at under armor you know running the company he was gunning for Nike the whole time right in most situations I would believe that under armor maybe got wind of this and they moved up their announcement and actually think in this situation I think it's the reverse I think that Nike may have just decided you know what we're gonNA announce this later this week or maybe we're we're going to tie to our earnings report you know what let's just do this right now so maybe when plank says okay I'm out in Percocet yes score column win column there we go so let's talk about Donohoe for a second I don't know a ton about him what I do We know is that his experience as an executive is very much in the tech space as I may have service now software company he was an executive at Ebay who is the CEO of EIB. Yeah the chief executive for years and made a bunch of acquisitions onto there so I think if you are a Nike shareholder again it's only down a couple of percentage points I don't think that's necessarily a knock on Donohoe I think that's more just Parker's done such a great job it's it's it's natural to see a trump a little bit but I think if you're if you're looking at the elevations donohoe it's it's with an eye towards his tech experience and Nike increasingly relying on technology to move product right and and and I think again the narrative is that that's why the White was named he has been a director for a couple of years at Nike who was the CEO of Ebay for seven eight years until Twenty fifteen is been the chairman pal he oversaw the spinoff of pay pal from Ebay but that was kind of forced upon him and Ebay by Carl ICAHN activision activision active what what's the word activism activism thank you but he's expected to come into Nike and use his tech savvy to probably continue the digital transformation that has really been driving some good results for Nike They've got their Nike plus membership they're getting being able to get more personalized in their advertising for that and they're seeing some big up responses to that and along with that awesome product tracking and inventory management a lot a lot of good things are happening with Nike from a Tech Perspective and I think Donna who's GonNa continue that maybe a better indicator Keke shareholders is what's happening with shares of service now because that's down about ten percent since it was announced go the donnas leaving let's move on to another great quarter for AAA same store sales such a crucial metric for any restaurant out there up eleven percent rent nearly two percentage points higher than expected the stock is down close to five percent today is that just because of the run that it has had to this point because it's been on an amazing tear it could be that well let me hit some of the points and then connect to that there were other numbers so cops I think that was the big I number and really kind of surprised eleven percent is huge when your restaurant seven and a half percent of that was on transactions that's more people buy more stuff three and a half percent was on average check with about two and a half of that coming from price increases last year but the fact that they're getting more digital orders and digital orders tend to be larger sized checks for that and that's the the present com is higher than what they've had all year q one ten percent Kutu now eleven present Q. Three though this little certainly make next to your harder harder to beat but that aside the digital thing is really going up they sought eighty eight percent increase in sales of digital orders and now there's like eighteen percent of total sales so that's pretty good and the rewards club is is really beginning to play into that and so they also said they're going to Open some more of there drive through and literally that's drive through you don't stop to order you just try to go and pick up pick up the stuff and that's tied into their didn't digital sales as well but why are the shares down five percent maybe it's well the the the the company's shares have had a fantastic runner up twenty percent since the any of June maybe investors saying hey that was a great quarter thank you very much and could take some money off the table maybe it's a bunch of the analyst not raising their their expectations AH bunch of analysts came out with higher price targets but nobody actually moved there from hold to outperform or market perform. to overweight or whatever the languages but you look at the job that Brian Nickel has done as CEO and Yeah quarter after quarter Cipolla has delivered under his leadership and it may be that the stock has entered that territory that we see from time to time when businesses have a great the three year run and it's essentially this was a phenomenal quarter but it wasn't perfect because now because we're greedy we wanna see you beating on everything and Radi race and guidance headed almost did meet on everything but actually I think I know why the shares were down it was announced that they're limited time Carne Asada meat product it is going to run off November so everyone's disappointed angry and where do you think and again let me just catch Thanks I don't think there's any pressure whatsoever on Brian Nichols given the job that he's done but I'm curious where you think the growth for AAA comes over the next three years because there was a point in this business history when they were doing so well with the namesake concept that people were looking to the shop house Asian cuisine concept as that's where future growth is gonNA come from we're not going to get as many locations as we have AAA but we're going to get you know a few hundred those have essentially been closed down so do they begin to resurrect some of those ideas or do you think it's just more digital more locations and finding ways to bump up the average ticket price I don't think they're going to go into other concepts quite yet of given their experience they're probably a little gun shy right there that might come down that might come to pass down the road I think they're going to push more into digital and get more people ordering in so they can just walk in and walk out and pick up their stuff that as well as the drive through what they call chip Elaine get terrible name right actually it's kind of funny but I mean reaction it's it's it's it's no worse than the estimate forces on us getting the name aside I think that's going to be a really good driver for the company and that means they can open a second product line of just fulfilling orders through that go through more digital sales and as well as having more customers come through the doors so I think that's where the growth is going to be trial various things Carne Asada apparently did very well well are they going to bring in some breakfast at some point probably so I think they're going to continue expanding what they're working on focusing on their cordial police thing and then maybe a few years down the road might start thinking about other concept's
Harrah, Carl Icahn And Six Billion Dollars discussed on Houston's Morning News
"Eldorado resorts is buying caesars entertainment for about eight point six billion dollars caesar's which also operates under the harrah's brand has been pushed to consider a sale by billionaire activist investor carl icahn who is its biggest shareholder now when the merger is completed the combined companies will operate in sixteen
Eldorado Resorts clinches $18 billion cash and stock deal for Caesars: sources
"Bloomberg has learned Eldorado resorts is buying Caesars entertainment Corp in eighteen billion dollar cash and stock transaction. The deal is developed Caesar's at close to thirteen dollars a share about a forty four percent premium to Caesar's clues on Friday and would value Caesar's at about eight point seven billion dollars. The source said the combined entity will be split almost equally between shareholders of both companies Caesar's had been pushed by activists billionaire. Carl Icahn to consider a sale icon is the biggest shareholder in Caesar's. According to data compiled by
Carl Icahn, Dow and Wayne discussed on Garret Lewis
"Four percent launch last week. That's just worst week since March, but a strong rebound Intech on Friday was encouraging with began the new week with the marketing. Laura tech stocks continue to lag we do begin to see quarterly earnings reports this weekend, they are expected to be strong. The now open down forty point quickly jumped to a forty point gain about an hour. In tech is once again, Wayne on the market, the Dow is down sixteen s and p five hundred downtown, but the NASDAQ is down seventy three that's a full one percent oil thirty cents lower seventy one dollars and gold up eleven bucks to twelve thirty three. Incorporate new shares of Bank of Eric edge higher at the open after the banking giant reported revenue and income for the most recent quarterback expectation, but the stock has since turned negative. Dow technology judge higher at the open after activist investor. Carl Icahn issued a letter
Erdogan says Turkey economy under attack as Trump doubles tariffs
"Turkish president, regiment have aired a one is showing. No. Signs, of backing down in a standoff with the US that has rattled markets as investors worry about Turkey's leading toward a full, blown financial crisis the big question now is how far the pain. May spread, everyone said today during a rally in the Black Sea port of or do that the US was quote trading strategic NATO ally for a pastor he was referring to, the US decision to sanction Turkey for its imprisonment of an, American priests while the trigger? For the debacle, was new US sanctions on Turkey many investors, say, the nine hundred. Billion dollar Turkish economy was already headed toward
Federal budget deficit increases 79% in July
"The federal government racked up seventy six point nine billion dollar deficit in July with increased government spending and tax cuts keeping the country on. Track to record its biggest annual deficit and six years the treasury department is reporting, that in the first ten months of this budget year the deficit, totaled six hundred eighty four billion dollars up, twenty point eight percent from the. Same period last year the government has sharply revised upward its deficit estimates projecting annual deficits will once again top. One trillion dollars
The West Hollywood City Council wants to remove Trump's Walk of Fame star
"Carl Icahn as urging Cigna shareholders to reject the health insurers attempted multibillion-dollar takeover of, Express, Scripts, icon says it's paying too much for a company with a shaky future the billionaire activist investor. Warned that Express Scripts a pharmacy benefit manager could face substantial regulatory risks. And intense competition from Amazon Cigna said back in March it would pay fifty two. Billion dollars for Express, Scripts a deal on what shareholders will vote August twenty fourth. Wagner reporting children's advocates what the. American psychological association to condemned the tech industries practice of using persuasive, psychological techniques to keep kids glued to their screens the advocate citing research that links excessive use of social media and video games with depression academe troubles says. It's unethical for psychologists to be involved in. Tactics that risk harming kids wellbeing This is townhall dot com After Donald. Trump's Hollywood star is act the city council is. Seeking to get it removed the West Hollywood city council would like to see Donald Trump star removed, from the walk of fame but he doesn't have. The authority to do it the council passed a resolution asking Los Angeles and the Hollywood chamber of commerce to remove the star after it was destroyed last, month for the second time man accused of shattering it with a pick ax, faces a charge of vandalism but the chamber does not remove stars once they're planted come notoriety were vandalism chamber presently on Google earth. Told the Los Angeles Times stars are, considered part. Of the, walks historic fabric once they're they're Trump got. His in two thousand, seven I'm. Warren Levinson authority say Florida Atlantic university has cancelled a graduation. Ceremony following a credible threat the book, retired university announced cancellation Tuesday just minutes before the five PM commencement ceremony was set to began officials wouldn't say what the threat was or these. Stories at townhall dot com Patrick fos.
Yum Brands comparable sales miss as Pizza Hut disappoint
"Mix News Radio. Seven hundred wwl w okay Patrice. Sakaria. Promised us jobless numbers yeah and what happens when, I promise I deliver right. I got. Him in yet go ahead Applications for unemployment benefits little changed last. Week down one thousand that's all offering closely five decade low highlighting the tight labor. Market initial claims last, month fell to their, lowest level, since December of sixty nine. They've been hovering there had been. Trending. Down the tenth year of this economic expansion how, about that gas the world. Of yum A surprise dip here on the part of what restaurant chain Pizza Hut. Yum brands owns Taco, Bell KFC Pizza Hut They did pretty well they beat everything profit revenue in the second quarter better than expected but then it comes. To same store sales and they missed it was a surprise drop. At Pizza Hut that dragged down the, overall results the. Parent company here has been working to revitalize the pizza. Brand it's. Getting some stiff competition from. Rivals Domino's and Papa John's wonder how much competition is still. Coming from. Papa John's though that's kind of interesting Papa John's yomas Louisville based, Papa John's. Stadium. In the same city. That's right were All right. Now Ends at Cigna right earnings are into looking, good and Dan their earnings and revenue were looking good for the latest quarter signal also raised its its earnings forecast. For, the year now the, health insurance, says it's fifty four billion dollar takeover pharmacy benefit manager Express Scripts will help, the business grow but that statement comes after reports. That activist investor, Carl, Icahn says no he opposes the deal and he's taken a stake in the health insurer and he is going to fight. It All right, so overall, our futures weren't looking so bright and then they're still pretty damn right now, SNP down fifteen points NASDAQ down fifty to the. Dow down one, hundred, sixty points worries about a trade war from the Bloomberg news remind Patrice Sikora on.
Icahn, with sizable stake in Cigna, to oppose Express Scripts acquisition
"Purpose Movers and, shakers the cost named Greg Bloomberg market movers and shakers with Carol. Massar and Jason Kelly on Bloomberg radio I'm Pimm FOX along with Bob, everywhere in for Carol Massar and Jason Kelly taking a look at the s. and p. five hundred one hundred and fifty three issues advance three hundred and forty seven decline and five remain unchanged Bob every. Let's, start, with your movers and shakers well. Tim I gotta go with the underwear we've got the Hanes brands that is no longer going to, be selling its exclusive line of champion active wear at target stores and that stock is. Down of it's what happened. To it it's down by twenty percent I think it was like nineteen percent and it's it's a ridiculous amount that showing how I. Think that investors are kind of fickle when. It comes to the, big box stores on the one, hand they punish the the shopping malls, but on the other They give it a lot of a lot of. Weight when it comes to retailers selling their wares there let me just, tell you about the shares of trip advisor down today by about a half a percent moving a little bit lower in after hours trading after reporting second quarter earnings of forty one cents a share estimates. Were, for, forty cents but revenue missed analysts. Estimates four hundred and thirty three million for the quarter estimates were for four thirty five we'll bring, you an update on trip advisor and it's guidance right now shares down eleven percent after. Revenue MRs Wall Street estimates. Sets trip advisor and yes trip adviser is of course based in Needham home to Bloomberg one zero six one Boston newburyport at thirteen. Thirty in metro west and the south short. We love our listeners, all over the glass Red Sox, nation yes it is I'm going to give you a positive today feeling good it is. Miller Coors the ticker is t. a. p. Molson course did. I, say Miller The old one I now it's Molson thank. You okay Molson, Coors Brewing company is having, a joint venture with hydro Pathak Kerry Corp in Canada to develop a non alcoholic cannabis infused beverage so. You're combining I guess it's not alcoholic but there's only it's. Only a matter of time till they get wise and start putting alcohol in it you're getting two of. My favorite things their business and pleasure I'm, not even gonna talk about that shares of Express Scripts down about six and a quarter percent. Today this comes after disclosure that the activist investor Carl Icahn has built a pretty sizable, stake in Cigna and that plans to oppose the fifty four, billion dollar takeover of Express Scripts is according to people familiar with the matter now the. Exact, size of Carl Icahn stay couldn't immediately be, learned but. It's below that five. Percent threshold that would have required him to. Disclose his holdings nevertheless The shares of Express Scripts responding to that news down more than six and a quarter. Percent Sticking with the underwear of motif yes they have here under armor is down today under armor is I'm not quite sure why been searching the Bloomberg terminal for, why under or maybe it's just one of those, things where if you have Hanes brands down you have the leak over to all the other Underwear Underwear Elastic on out of the. Underwear I want listeners to know that I made Pimm FOX laugh on it is not an easy thing to. Do, well let me tell you about MGM that's not a laughing matter for shareholders m. g. m. resort the stock down more than nine. Percent in today's, trading this of course has to do with the revenue going to accelerate beyond the trough of tough rather a tough second. Quarter I beg your pardon. Bob I'm just trying to do two things at once and at the. Tesla second quarter adjusted loss of three. Dollars six cents estimate was for a two dollar and ninety cent. Loss so worse-than-expected for for, tesla and they've, been you, know they've been criticized for burning cash and not making any profit You know most people would love to see a an electric car company. Succeed boys tesla having a. Hard time yeah they're burden through a lot of money let me just. Tell you what happened with the Vicks. Today we'll get the tesla in just a second the vix moved. Higher today it was up, three percent adding, zero point, four zero to the vix settling at thirteen point twenty three Dave My name is. Dave You're doing.
Dow, S&P 500 end lower; energy, industrials drop
"Bloomberg business app junk on Twitter This is a Bloomberg business, flash Bloomberg world headquarters I'm Charlie, Pellett fed, Wednesday stocks mix let's head, right. Over the. First word breaking news desk for today's afternoon call areas Bill Maloney and good afternoon Charlie that's right US stocks are trading mixed right now the Dow down seventy. Four points SOB strapped three and NASDAQ is higher by twenty seven fewest ten yield at three percent small caps are down, two points and five, of. The main eleven SMU sectors are trading higher led by. Gains in technology real estate and telecom energy industrials and utilities led to the downside Nazar biotechs gain Twenty-one transports dropped sixty nine semi's declined by four and the vix is higher by two percent leaders in the Dow apple. Intel and j. p. Morgan while Caterpillar three, m n, Walgreens led to, the downside, in other news the asset managers fell in today on reports fidelity plans zero expense ratio index funds and Rex plunge injured. A report that Carl Icahn has his Cigna and may oppose the Express Scripts deal after earnings apple jumped five. Percent to a record canes brands.
The Morning Risk Report: Barclays Case Highlights Challenge for Boards - Risk & Compliance Journal.
"Thirty from the fox business network xerox is backing out of a merger deal with fujifilm the wall street journal says it also will replace its chief executive and change its board activist shareholders carl icahn in darwin decent oppose the deal saying it undervalued xerox ford says it could resume production of its f one fifty trucks as early as friday it pause production last week because of a fire at parts supplier meridian ford is working with meridian to produce the parts elsewhere nissan reported a stronger start to the year but it attributes its upbeat earnings to a one time benefit from the new tax law nissan says it is paying more for raw materials to buy its cars the dow was up ninety one on friday the nasdaq dropped two points the sp was a four with the fox business report i'm jimmy co solo.
Xerox Ends $6.1 Billion Fujifilm Deal In Icahn Settlement
"That the company terminates its proposed takeover by fuji film and interested in new deal with activist investor carl icahn darwin decent sources also tell us that several members of the board are likely to follow cups and out of the door icon decent happened fighting the proposed six billion dollar deal that would hand control of xerox fuji film goldman sachs is planning to double its headcount that saudi arabian has approached an unidentified state owned entity about a multibillion dollar deal staffing move would build on increases of the past two years and seal lloyd blankfein told the conference in riyadh at the trend will continue the banks regional boss was seen you nonsense goldman aims to deport principal capital through both credit and equity is warning investors to prepare for market downshift saying it's the end of easing strategist andrews sheets writes that the tailwinds off the last nine years are a bathing and policy tightening means the opposite now applies he says equities have a limited twelve months upside with rolling tops this year for credit yields and stocks bank says us and asian corporate is the tractor that was your bloomberg business flash let's get back to some of the big interviews we've been showing you this time the ceo of oil giant ad knock he's told bloomberg about plans to invest forty five billion dollars to expand its refining.
Icahn Enterprises, President and Chairman discussed on Bloomberg Best
"It could at any time it's the feeling among experts watching developments at hawaii's kill away of all keno among them meteorologist tom sater we've had a lot of earthquakes and tremors in the region they continue most around the summit but then on the east rift and that's where we're seeing the pressure just can't handle it anymore and the lava that has been going from the chamber underground for that twenty twenty five miles is finding its way to the surface of ventures infinity war remains strong at the box office disney marvel superhero film earned another sixty nine million dollars in its third week of release i'm rich johnson and i'm bryan curtis in hong kong let's get you this hour's top business stories and the markets xerox has called off a six point one billion dollar takeover by fujifilm holdings it will enter into a new settlement with activist investors carl icahn and darwin diesen instead ceo jeff jacobson is stepping down as part of the new settlement john vison is expected to take over as ceo or keith causa the ceo of icahn enterprises will become chairman president trump has tweeted that the.
EPA Grants ‘Hardship Waiver’ to Billionaire Icahn
"Is granted a financial hardship waiver to an oil refinery owned by billionaire carl icahn a former advisor to president trump exempting the oklahoma facility from requirements under a federal biofuels law the waiver enables icons cpr energy to avoid tens of millions of dollars in costs related to the us renewable fuel standard program which is meant to cut air pollution forget the upscale offerings.
Gina Cervetti, Carl Icahn and Newell discussed on
"Gina cervetti bloomberg radio newell brands has reached an agreement to end a proxy fight with activist investor starboard value the maker of crock pots will add three directors one of them from a slate put forth by starboard meanwhile investor carl icahn will support the deal he won board representation at newell last month coming up a look at the republican congressional agenda leading up to midterm elections i'm pat carroll this is bloomberg asset ever wonder why weddings to so expensive why brexit was really all about china did you know that in economics professor uses broadway musicals to illustrate his lectures the bloomberg benchmark podcast is about all that and much more.
Supreme Court rejects GOP attempt to block Pennsylvania district map
"In the attacks that will look into whether there's some kind of ideology motivating them the supreme court has turned down a request from republican leaders to put pennsylvania's new congress or congressional map on hold means a map that's friendlier to democrats will be in effect when the party tries to retake the house in november pennsylvania supreme court established a new map after throwing out the republican one that was crafted in twenty eleven it was generally considered one of the most gerrymandered in the country global news powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries this is bloomberg thinks nathan now with our other top stories i'm joe schneider at and t begins squaring off in court today against the justice department the trump administration will make the case against the telecom giants planned eighty five billion dollar takeover of time warner the acquisition is critical to at and t's plans to better compete with amazon and netflix in the media sector officials in the us and europe are demanding answers from facebook's mark zuckerberg over a massive data breach we get details from bloomberg's ed corry report says that cambridge analytic retained information about tens of millions of facebook users without their consent cambridge's the political ad firm that helped donald trump win the election lawmakers on both sides of the atlantic wanna questions berg facebook is already testified about how it's platform was used by russian propagandists ahead of the two thousand sixteen election but the company never put sucker berg himself in the spotlight with government leaders ed corry bloomberg radio oh twitter is the latest big tag companies target crypto currencies a person familiar with the matter tells bloomberg law the company plans to ban online ads that promote digital money or initial coin offerings it joins other silicon valley giants like facebook which banned crypto currency ads in january and google which will discontinue ads in june newell brands is teaming up with carl icahn to take on an activist investor we get more from bloomberg's patrice cora newell has enlisted the support of billionaire carl icahn and we'll go ahead with its plan sale of assets a move that may help it fend off fierce opposition from activist investor starboard value newell agreed to immediately named four icon designates to its board one of whom will serve as chairman meanwhile.
Newell Brands cuts board deal with Icahn, snubbing Starboard
"Of the treasury department's federal insurance office under president obama from twenty eleven to two thousand seventeen advising the treasury secretary on matters related to that industry it was previously director of the department of ensure courtney dunho bloomberg radio officials in the us and europe are demanding answers from facebook's mark sucker berg over a massive data breach a report says cambridge analytica retained information on tens of millions of facebook users without their consent cambridge is the firm that helped donald trump win the election lawmakers on both sides of the atlantic while the questions occur burke newell brands has teamed up with carl icahn to help fend off activist investor starboard value newell will immediately named four of icons designates to the board one of them will serve as chairman meanwhile newell will go ahead with plans to sell some assets which starboard opposes safety regulators in the us are investigating flawed airbags in certain kia and hyundai vehicles that are linked to four deaths we get that story from bloomberg's steve potisk as many as four hundred twenty five thousand cars made by the south korean companies may be affected officials say the airbags failed to deploy in frontal collisions the us national highway traffic safety administration says the crashes were reported in the past six years and involved hyundai sonatas sonata hybrids made in two thousand eleven and kia forte and kia forte coops made in two thousand twelve and two thousand thirteen last month hyundai recalled almost one hundred fifty five thousand sonatas after determining that an electrical over failed to inflate the airbags during collisions steve potisk of bloomberg radio coming up an obama era the dushi airy.