Pharmaceutical company Bristol-Myers Squibb kicked off 2019 by announcing a $74 billion plan to buy biotech giant Celgene. But the bold move bought BMY stock no love from shareholders. BMY stock slipped 2.4% in the first nine months of 2019. Activist shareholders opposed Bristol-Myers' Celgene takeover plan in very public letters to investors.
For the first Executive Decision segment of "Mad Money" Tuesday, Jim Cramer spoke with Brian Goldner, chairman and CEO of toymaker Hasbro Inc. , which saw its shares plunge nearly 17% Tuesday after reporting a brutal third quarter that was hurt by tariffs. Goldner said Hasbro continues on its plan to return to profitable growth in 2019 and this past quarter's weakness was a direct result of fears over tariffs. Hasbro then struggled to supply enough inventory to its supply chain to meet the increased demand.
Amid a roller-coaster year for Bethesda-based EagleBank — one that saw founder and longtime CEO Ron Paul abruptly step down in March for health reasons and the bank disclose ongoing government investigations in July — it has also seen a number of senior-level departures in recent months. That includes the departures of Chief Marketing Officer Becky Smith, who had stepped down from that post by May, and at least five senior vice presidents, according to Washington Business Journal research. Two senior vice presidents of commercial lending left in July: Len Rann, who had served more than eight years, and Matt Leydig who had served more than 12 years.
Chipmaking giant Intel has been battered by product missteps, rising competition, executive turmoil and a downswing in chip demand. The company is taking steps to right its ship and boost INTC stock. Samsung dethroned Intel to become the world's top chipmaker by revenue in 2017.
Rancho Cordova-based Cesca Therapeutics Inc. says it's launching a joint venture to create a blood bank-style service for immune cells. Cesca (NASDAQ: KOOL) announced its joint venture with Irvine-based HealthBanks Biotech USA Inc. on Tuesday. Both companies are affiliated with Boyalife Group Inc., a Chinese group of stem cell companies.
The solar energy industry has been on fire this year, with that group gaining a collective 30% year to date as measured by the Invesco Solar ETF, TAN. Jason Bloom, Senior Director of Global Macro Strategy at Invesco, discusses the ins and outs of the hot group and why solar stocks could be positioned for an even bigger move.
A happy, healthy retirement is most everyone's dream. According to Northwestern Mutual's Planning & Progress Study 2019, only 16% of the adults surveyed had saved $200,000 or more for retirement. Add to those sobering statistics of under-saving is the fact that most Americans have unrealistic expectations about their standard of living in retirement.
The company plans to use proceeds from the upcoming funding round as a bridge to an initial public offering, Chief Executive Officer Carsten Breitfeld said in a phone interview. Faraday, which is less than six months removed from securing $225 million of financing, will select a lead investor for the upcoming round by the end of this year, and both new and existing backers will participate, Breitfeld said. The company's capital needs mean an IPO “cannot be in the too far future” while acknowledging that conditions for an offering aren't ideal.
Exxon Mobil Corp on Tuesday will face trial in a lawsuit by New York's attorney general accusing it of misleading investors about the risks of climate change regulations to its business. The trial, expected to begin before Justice Barry Ostrager in Manhattan Supreme Court and last up to three weeks, could feature testimony from Rex Tillerson, who was Exxon's chief executive before serving as U.S. Secretary of State. It is the first of several lawsuits currently pending against major oil companies related to climate change to go to trial.
SoftBank has reached a deal to take control of WeWork. The office-sharing company announced Tuesday evening that the Japanese tech giant SoftBank will provide $5 billion in financing and a tender offer of up to $3 billion for existing shareholders. SoftBank will accelerate an existing $1.5 billion funding commitment.
Swiss industrial robot maker (ABBN) reported better-than-expected earnings, news that sent the stock more than 3% higher in overseas trading. “The Group delivered a solid result in electrification and motion while holding up against strong headwinds in robotics and discrete automation,” said CFO Timo Ihamuotila in the company's news release. ABB (ticker: ABB) makes equipment for electricity generation and transmission as well as parts to automate industrial processes—products that fall under the electrification and motion umbrellas, respectively.
The enormous increase in valuation of the largest U.S. tech stocks is unlikely to continue, according to Rob Arnott, partner and chairman of the board of Research Affiliates, with the extreme concentration of assets in just a handful of companies flagged as a major threat to the bull market. (FB) Apple, Netflix, (MSFT) Amazon and Alphabet (the parent company of Google) have a combined market capitalization of about $4.2 trillion, said Arnott. “Will these stocks produce such impressive growth that they will justify their current market cap, or are these implausible growth expectations?
Rival fast-food chains in the United States have challenged its dominance with value meals and new menu items, including plant-based burgers and meat substitutes launched by rivals including Restaurant Brands International Inc's Burger King and Yum Brands Inc's KFC. McDonald's is seen late in reintroducing chicken sandwiches and rival Wendys Co has started serving breakfast. In the face of declining customer traffic, McDonald's has been remodeling its 14,000 U.S. restaurants to include digital ordering kiosks, mobile ordering as well as pay-and-pickup services, while partnering with app-based delivery services GrubHub Inc , Uber Eats and DoorDash.
Dozens of employees expressed indignation in interviews and messages to colleagues on company Slack channels that were relayed to Bloomberg. WeWork's board agreed Tuesday to take a bailout from SoftBank Group Corp., which will secure an 80% stake. SoftBank will also buy as much as $3 billion in stock from shareholders at the lowest price since 2015.
Boeing earnings fell short of third-quarter estimates while revenue beat. Boeing stock rose as the company backed its forecast for the 737 Max's return to service. Estimates: Analysts saw Boeing earnings tumbling 43% to $2.04 a share, excluding any new 737 Max charges. Revenue is seen falling 23% to $19.34 billion.
Douglas Young, co-founder and chief executive officer of Goods of Desire, or G.O.D., a lifestyle and fashion store-chain operator in Hong Kong, discusses how the protests are affecting his business. Financial Secretary Paul Chan unveiled a range of relief measures worth about HK$2 billion ($255 million) targeting tourism and the transportation industry in a renewed effort to help businesses grappling with the economic fallout of ongoing turmoil. Young speaks on "Bloomberg Markets: Asia."
Shares of Fannie Mae (FNMA) and Freddie Mac (FMCC) have tripled in value this year as shareholders eagerly welcomed the Trump administration's interest in ending the two mortgage firms' conservatorship. But a side comment made by a regulator during a congressional hearing Tuesday shows how little is settled when it comes to the fates of the two companies that underpin much of the housing finance market in the United States. If the circumstances present itself to where we have to wipe out the shareholders, we will,” Federal Housing Finance Agency director Mark Calabria said during a hearing before the House Financial Service Committee, referring to Fannie Mae and Freddie Mac's shareholders.
SPG is on track to finish 2019 with its highest funds from operations (FFO) ever while also paying the largest dividend in history to its shareholders. Clearly Simon Property is a top-quality name. From 2011 through 2019 funds from operations, the preferred metric used to evaluate REITs, are up 80%.
The capital and public markets for the burgeoning cannabis industry have hit a lull as of late, but it won't be long until they're red-hot once again. That was the opinion of four marijuana investment experts at Benzinga's Cannabis Capital Conference on Tuesday in Chicago. Led by CNBC correspondent Tim Seymour, the CIO of Seymour Asset Management, the panel featured Michael Boniello, managing director of Poseidon Asset Management; Codie Sanchez, managing director of Cresco Capital Partners; and Roderick Stephan, Partner at Altitude Investment Management.
The company is introducing new truck models and trying to improve profit margins, all while global auto sales are falling. Analysts and investors will want an update on those issues when Ford reports third quarter numbers after the close of trading on Wednesday. Wall Street expects Ford to earn 26 cents a share from $36.9 billion in sales, down about 10% and 2%, respectively.
Caterpillar, a bellwether for the global economy, reported third-quarter earnings Wednesday that badly missed Wall Street's modest expectations. The Dow Jones stock initially tumbled before the open, but then pared losses. Caterpillar Earnings Estimates: Analysts expected Caterpillar earnings per share to slip 2% to $2.82, according to Zacks Investment Research.
When a whole market knows something is overvalued, when the shorts AND the longs agree that a stock is too high, recognize that when a lock-up is cracked before its expiration, run, don't walk, away from that stock. Have you seen the stock of Beyond Meat since the pricing of its secondary announced back on July 29 when the stock was at $222? The company, especially the CEO, wanted everyone to win on the impromptu insider sale -- and that's a big reason why the secondary was priced at $160, about $60 below where the stock was trading.
In the family of financial planning products, the Roth IRA or 401(k) sometimes looks like the cool younger brother of traditional retirement accounts. Indeed, the Roth version, first introduced in 1998, offers a number of attractive features that its standard siblings lack: the absence of required minimum distributions (RMDs), the flexibility to withdraw money prior to retirement without penalties, and the ability to make contributions past the age of 70½. A Roth indeed makes sense at certain points in your life.
Curaleaf Holdings Inc. shares (curlf)(ca:cura) fell 2.1% Tuesday, after a report highlighted difficulties facing the company in the Florida market. MKM analyst Bill Kirk said the number of dispensary locations in the Sunshine State are growing faster than the number of patients and that's bad news for Massachusetts-based Curaleaf because it generates about 59% of its retail sales there. What's more, "it appears Curaleaf is having a flower supply issue: Curaleaf ounces of flower sold were just 795oz the week of October 17, down from 1,780oz and 2,362oz in the preceding weeks," Kirk wrote in a note to clients.
Boeing on Tuesday fired Kevin McAllister as president and CEO of Boeing Commercial Airplanes, the jet maker's unit that produces the 737 Max. McAllister was immediately replaced by longtime Boeing executive Stan Deal, who's led the launch of the Boeing General Services unit over the past two years. "Stan brings extensive operational experience at commercial airplanes and trusted relationships with our airline customers and industry partners," Boeing President and CEO Dennis Muilenburg said in a statement. McAllister's ouster as the head of the Renton-headquartered Boeing Commercial Airplanes (BCA) unit comes after less than three years on the job and a day after Boeing's board of directors met in Texas.