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Carson Block, muddy waters research founder, talks morality shorts and the opioid crisis
Carson Block, muddy waters research founder, talks morality shorts and the opioid crisis
(Bloomberg) -- GlaxoSmithKline Plc’s management defended the company’s strategy as the pharmaceutical giant comes under growing pressure to revive its fortunes after activist investor Elliott Management Corp. took a stake.Speaking at Glaxo’s annual general meeting Wednesday, Chairman Jonathan Symonds said he understood investor skepticism, but said the company was now “doing the right things” and asked shareholders to judge it on the results. Glaxo is preparing to split in two next year, spinning off its consumer unit and leaving the remaining company focused on biopharma and vaccines.“We recognize there is much still to do,” Symonds said at the virtual AGM. We “understand skepticism given promises made in the past. But be in no doubt that we -- this board and this management team -- are determined to deliver.”Glaxo is in the middle of a turnaround effort led by Chief Executive Officer Emma Walmsley, who has been in post since 2017. The company has lagged behind competitors, notably fellow British drugmaker AstraZeneca Plc, after it moved away from lucrative areas like oncology, which Walmsley has been trying to rebuild. Pressure on Glaxo to demonstrate successful change stepped up in recent weeks because of Elliott’s move to build a stake.While the activist hedge fund’s plans are unknown, investors and analysts have speculated it may push Glaxo to execute its split and strategy faster. The company is planning to set out the blueprint for the new business in June. Symonds reiterated Thursday that the dividend for the two new companies will be lower than the longstanding annual payout of 80 pence a share.The company has also come under fire for its absence on the Covid-19 vaccine effort. Glaxo decided early on to use its adjuvant technology -- substances used to enhance the immune response to vaccines -- to partner with other drugmakers in developing a shot, rather than creating its own. Symonds acknowledged at the meeting that it was “disappointing” its main partnership with Sanofi hasn’t moved as quickly as planned.Glaxo is still working with a number of companies to develop coronavirus shots that could be available later this year. The company is also awaiting emergency approval from U.S. regulators for its Covid-19 antibody treatment with Vir Biotechnology Inc.It was “disappointing that the largest of those partnerships -- Sanofi -- was delayed,” Symonds said. “We intend to be competitive across a range of vaccine technologies, including mRNA, and we are well-placed to do this.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Ahead of Thursday’s key vote, in which any shareholder of any size can participate, IPO Edge and The Palm Beach Hedge Fund Association hosted live fireside chat with Momentus and special purpose acquisition company Stable Road Acquisition Corp. (Nasdaq: SRAC). The live event featured Momentus CEO Dawn Harms, Momentus CTO Rob Schwarz, and Stable Road Acquisition […]
Momentus CEO Dawn Harms, Momentus CTO Rob Schwarz, and Stable Road Acquisition Corp. Chairman and CEO Brian Kabot With the planet beginning its recovery from the upending changes of the last year, don’t forget about that most crucial final frontier that spells so much for the future prospects of humanity: space. Momentus, a space infrastructure […]
GM saw big gains in the first quarter despite an industry-wide chip shortage, but dealers have to get creative to keep customers happy.
Wall Street begins weighing in on Peloton's tread recall.
General Motors Co and Chief Executive Mary Barra were forced by the semiconductor supply-chain crunch to slash production and sell fewer vehicles at higher prices. The result: Fatter margins, far stronger than expected first-quarter profit and a healthy boost for GM shares. Last week officials at Daimler AG and Ford Motor Co made similar comments.
The 30-year fixed rate hasn’t been this low since February.
Cathie Wood's ARK Innovation exchange-traded fund is significantly oversold and due for a bounce, but if it doesn't come the popular fund risks suffering a “waterfall” decline, says one chart watcher.
A year into the pandemic, some homeowners say loan servicers aren't giving them clear information about mortgage forbearance.
The direction of the NZD/USD on Wednesday is likely to be determined by trader reaction to .7204.
It appears that Shark Tank investor Kevin O’Leary no longer thinks bitcoin is “garbage.” The chairman of O’Shares ETF told Yahoo Finance Live that he’s allocated 3% of his portfolio to the world’s largest cryptocurrency after his native Canada, and a handful of other countries, eased restrictions on institutional buying of the asset.
(Bloomberg) -- Actress Jessica Alba cemented her claim to one of the most lucrative side gigs in Hollywood after shares of her beauty business, the Honest Co., soared 44% in its market debut.The “clean” beauty- and baby-products maker’s stock closed at $23 Wednesday after it priced the shares at $16 in its initial public offering. Alba’s roughly 5% stake is valued at $98 million, according to the Bloomberg Billionaires Index. She also has exercisable options valued at about $24 million.Read more: Alba’s Honest Co. Set for Opening Bell After $413 Million IPO“I feel like I’m in a dream, to be honest. Wow. Is this really happening?” Alba said in an interview with Bloomberg TV. “I’m so grateful to our very loyal community. Thank you for bringing us into your home. Thank you for trusting us with you most precious people, your little people.”Alba, 40, founded the business in 2011, motivated by the dearth of baby products that were free of harsh chemicals. The carbon-neutral company makes diapers, wipes, shampoo and lotions it bills as “clean and natural,” and targets a customer base of parents who are eco-conscious, aspirational and relatively affluent. Honest Co. had revenue of about $301 million in 2020, a 28% jump from a year earlier, and an operating loss of $13.5 million.The Los Angeles-based company is now valued at almost $2.1 billion, or $2.45 billion when fully diluted to include employee stock options and restricted stock units. That’s significantly more than its $860 million implied valuation in a 2017 funding round, according to Pitchbook. Honest has been dogged in the past by product recalls and controversy over its claims to use only natural ingredients. Prior to those issues, it was valued at $1.7 billion in a 2015 funding round.Rare ExampleThe IPO marks an almost 260% return for L Catterton, the private equity firm backed by billionaire Bernard Arnault that invested $200 million in 2018. The company sold about half its stake in the offering.The actress is a rare example of someone successfully bridging a career between Hollywood and Wall Street. While many celebrities strike licensing deals for fashion lines or products such as perfume or vodka, few have gone on to found publicly traded companies.Alba, whose official title is chief creative officer, continues to work as an actor, most recently starring in the crime television series, “L.A.’s Finest.”“I was born into a hardworking Mexican-American family. My parents worked multiple jobs, doing whatever it took to get by,” Alba wrote in a letter included in the company’s prospectus, describing a childhood marked by poor health and hospital stays. “By the time I was ten, I became aware of how wellness can define your whole life. That’s never left me.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Jeff Bezos sold about $2.5 billion of Amazon.com Inc. stock, his first big disposal this year after offloading more than $10 billion worth of shares in 2020.Bezos sold around 739,000 shares this week under a pre-arranged trading plan, according to U.S. Securities and Exchange Commission filings. He plans to sell as many as 2 million shares, according to a separate filing.The world’s richest person continues to hold more than 10% of Amazon.com, the primary source of his $191.3 billion fortune, according to the Bloomberg Billionaires Index.In the 15 years after Amazon.com went public in 1997, Bezos sold about a fifth of the online retailer for roughly $2 billion. The value of his stake has ballooned in recent years to such an extent that he can now sell relatively small amounts for billions of dollars.Amazon stock is little changed this year after rallying 76% in 2020 as the Covid-19 pandemic kept people away from physical stores and encouraged online shopping.The Amazon founder has used stock sales to fund rocket company Blue Origin, while he’s committed $10 billion to the “Bezos Earth Fund” to help counter the effects of climate change.The rocket maker said Wednesday it has set July 20 for its first mission carrying people to space and plans to auction off one seat on its New Shepard rocket.Bezos would be far richer if it weren’t for his divorce from MacKenzie Scott. She received a 4% stake in Amazon as part of the split and quickly became one of the world’s most important philanthropists.(Updates with Blue Origin plans in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Mitsui & Co. is exploring a deal to take Malaysian hospital group IHH Healthcare Bhd. private, according to people with knowledge of the matter.Some private equity firms have approached the Japanese trading house to team up on the potential transaction to buy out IHH’s other shareholders, said one of the people, who asked not to be named as the information is private. Mitsui has reached out to Khazanah Nasional Bhd., IHH’s second largest shareholder, to pick up its stake, another person said.IHH, which is listed on the stock exchanges of Malaysia and Singapore, has a market value of 49 billion ringgit ($12 billion). Shares in Kuala Lumpur closed up 7.7% following the Bloomberg News report, their biggest intraday move since March 2020.Discussions are still in the early stages and there is no certainty that Mitsui would proceed with an offer, said the people. Representatives for IHH and Mitsui declined to comment. A representative for Khazanah didn’t immediately respond to requests for comment.Mitsui raised its stake in IHH in 2018 to 32.9%, after buying additional shares in the hospital operator from Malaysian sovereign wealth fund Khazanah. The Japanese firm is now the single biggest shareholder in the company, followed by the Kuala Lumpur-based state investment firm with 26%, according to data compiled by Bloomberg.IHH, which employs over 65,000 people across 80 hospitals in 10 countries, offers health-care services ranging from primary care to acute medical treatment, according to its website. It manages a portfolio of health-care brands such as Acibadem, Fortis and Gleneagles in markets including Malaysia, Singapore, Turkey and India.The company is considering selling its medical education arm, International Medical University, in a deal that could fetch about $300 million, Bloomberg News has reported.(Updates with share price move in third paragraph and company comment in the fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The cryptocurrency that no one was meant to take seriously spiked to just under 70¢ before losing a little ground.
Wealthy investor Mike Novogratz says that the run-up in dogecoin is a reflection of the disenchantment of younger investors in the current state of financial markets and the economy and cautioned that trying to bet on the parody coin at these current levels is dangerous.
Since January, the price of Bitcoin has surged 89%. But another major cryptocurrency has posted even larger returns.
In an interview with Fortune, Alba talked about taking her “fourth baby” (a.k.a. her company) public.
Trader reaction to 1.2038 will set the tone into the close.
More returns need additional review due to things like the recovery rebate credit.