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EXPLAINED: 24 | Vintage Vibes

BNP Paribas Exits US Commodities Finance Business: Bloomberg

BNP Paribas (OTC:BNPQY) is set to exit its commodity finance business in the U.S., following previous retreats in other parts of the world, reported Bloomberg. “The decision to exit this business was in line with our approach at EMEA,” the bank stated. “The impact is limited, and BNP Paribas remains deeply committed…

Citigroup Negotiating With Local Bidders For Its Russian Operations: FT

Citigroup Negotiating With Local Bidders For Its Russian Operations: FT

Citigroup Inc (NYSE:C) is in talks with local buyers in Russia over a potential sale of its operations in the country, the Financial Times reported, citing people familiar with the matter. The bank is in negotiations with privately-owned Russian companies, including Expobank and insurance company Reso-Garantia for the divestiture, the report said.…

Walgreens Posts Fall In Q3 Profit On Opioid Settlement, Lower Pharmacy Sales

Walgreens Posts Fall In Q3 Profit On Opioid Settlement, Lower Pharmacy Sales

Walgreens Boots Alliance Inc's (NASDAQ:WBA) Q3 FY22 sales decreased 4.2% Y/Y to $32.6 billion, down 2.8% on a constant currency basis, beating the consensus of $32.06 billion. Adjusted EPS reached $0.96, beating the consensus of $0.92, down 28.9% on a constant currency basis against 93.6% growth a year ago that reflected peak…

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Hyundai, Affiliates Plan To Set Up New Company In US: Reuters

Hyundai Motor Co (OTC:HYMTF) is planning to launch a company along with its two affiliates in the U.S., Reuters reported. Through the move, the company plans to strengthen its presence in the U.S. by exploring business opportunities. In May, Hyundai said it would invest more than $10 billion in the U.S. by…

Ben & Jerry's Disagrees With Unilever Divesting Brand To Israel Local Licensee: FT

Yesterday Unilever plc (NYSE:UL) sold its Ben & Jerry’s business in Israel to Avi Zinger, the current Israel-based licensee. Under the terms of Unilever’s acquisition agreement of Ben & Jerry’s in 2000, Ben & Jerry’s was granted rights to make decisions about its social mission. Still, Unilever reserved primary responsibility for financial and operational…

Read What Telsey Advisory Thinks About Leadership Overhaul At Dollar Tree

Telsey Advisory Group analyst Joseph Feldman was a little surprised to see several executives changes all at once at Dollar Tree Inc (NASDAQ:DLTR). The analyst described the changes as a bold move that should help the company recruit new leaders to fill key roles without the need for secrecy and potential ill-will. The discount variety store…

Walmart Continues To Consolidate Metaverse Presence With Latest Acquisition Of Memomi

Walmart Inc (NYSE: WMT) agreed to acquire Memomi, an augmented reality (AR) optical tech company. The financial terms of the transaction remain undisclosed. Memomi is a leading technology provider for enhancing virtual optical try-on experiences, helping customers virtually "try on" eyewear in real-time for a seamless, easy, and fun omnichannel experience. Since 2019, Memomi…

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Atlantic Equities Upgrades McDonald's For Proving Its Resilience Amid Economic Weakness

Atlantic Equities Upgrades McDonald's For Proving Its Resilience Amid Economic Weakness

Atlantic Equities analyst Edward Lewis upgraded McDonald's Corp (NYSE:MCD) from Neutral to Overweight and raised the price target from $245 to $278. Lewis noted that the quick-service restaurant proves resilient during periods of economic weakness. He saw MCD delivering resilient system growth as, with the renovation of the US store base now essentially complete, the…

Volkswagen CFO Reasons Why It Seeks To Pursue Porsche IPO Amid Market Volatility

Volkswagen CFO Reasons Why It Seeks To Pursue Porsche IPO Amid Market Volatility

Volkswagen AG (OTC:VWAGY) continues to strive for an initial public offering (IPO) for Porsche in the fourth quarter amid market volatility, Reuters reports. "We are optimistic we can pursue this project in the fourth quarter," CFO Arno Antlitz said at the Reuters Automotive Europe conference in Munich. "Porsche would gain entrepreneurial freedom, we can…

Japanese Semiconductor Firm Bonds With India's Tata Motors For Advanced Chip Solutions

Japanese Semiconductor Firm Bonds With India's Tata Motors For Advanced Chip Solutions

Renesas Electronics Corp (OTC:RNECY), a premier supplier of advanced semiconductor solutions, collaborated with Tata Motors Ltd (NYSE:TTM) and Tejas Networks Ltd. (Tejas), both Tata Group companies. The partnership builds on their longstanding relationship as technology and business partners. Also Read: More Trouble For Semiconductor Industry's Revival as Japanese Chipmakers See Engineers Shortage Renesas, with deep…

Effect Of Roe Vs. Wade Ruling - Pharmacies Ration Contraceptive Pills

Effect Of Roe Vs. Wade Ruling - Pharmacies Ration Contraceptive Pills

Major pharmacies like CVS Health Corp (NYSE:CVS), Walmart Inc (NYSE:WMT), and Rite Aid Corporation (NYSE:RAD) have put a limit on purchases or deliveries of Plan B and other emergency contraceptive pills, writes Wall Street Journal. The move comes as demand for contraceptive pills spiked following the Supreme Court ruling overturning a constitutional right to abortion. These were in…

JetBlue Modifies Spirit Proposal; Urges Spirit Shareholders Vote Against Frontier Offer

JetBlue Modifies Spirit Proposal; Urges Spirit Shareholders Vote Against Frontier Offer

JetBlue Airways (NASDAQ:JBLU) has again modified its proposal to acquire Spirit Airlines Inc (NYSE:SAVE) based on discussions with Spirit shareholders. JetBlue added a ticking fee, increased the reverse breakup fee to $400 million, and accelerated prepayment to $2.50 per share. Related: JetBlue Submits Improved Proposal For Spirit Airlines At $33.50/share The addition of a ticking…

Toshiba Shareholders Vote Activist Investors To Board

Toshiba Shareholders Vote Activist Investors To Board

Toshiba Corp (OTC:TOSBF) (OTC:TOSYY) reported results from the shareholders' meeting, where members from activist hedge funds were elected to the board. Elliott Management's Nabeel Bhanji and Farallon Capital Management's Eijiro Imai were elected as board members, Reuters reported. Akihiro Watanabe, an executive from investment bank Houlihan Lokey, becomes the board chairman. The report added…

Investors Seek More Transparent Tax, Disclosure Norms From Microsoft and Cisco

Investors Seek More Transparent Tax, Disclosure Norms From Microsoft and Cisco

Britain-based proxy advisers Pensions & Investment Research Consultants (PIRC) sought more transparent tax and financial information from Microsoft Corp (NASDAQ:MSFT) and Cisco Systems, Inc (NASDAQ:CSCO), Reuters reports. The resolution urged Microsoft to disclose financial and tax information country-by-country outside the U.S. to help investors assess its fairness and identify any risks posed by tax reforms. It also…

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Analysts Hailed CarMax's Q1 Performance While Highlighting Concerns

Analysts lauded CarMax Inc's (NYSE:KMX) Q1 beat while also pointing out the macro concerns. RBC Capital analyst Steven Shemesh maintained CarMax with an Outperform and raised the price target from $104 to $108 in a note titled, "F1Q'23 Follow-Up – Navigating Volatility Well." KMX's results were broadly in line with expectations, Shemesh noted. He expected the inflationary…

McDonald's Executive Shake-Up: What's On The Cards

McDonald's Corp (NYSE:MCD) CEO Chris Kempczinski announced several executive changes. MCD has appointed Ian Borden, currently President, International, as its next Executive Vice President and Chief Financial Officer, effective September 1. The current CFO, Kevin Ozan, has been promoted to Senior Executive Vice President, Strategic Initiatives, effective August 31. He plans to…

Etsy Shares Drop As Needham Downgrades Stock Citing Near-Term Risks

Needham analyst Anna Andreeva downgraded Etsy, Inc (NASDAQ:ETSY) from Buy to Hold. While shares have lagged and some near-term volatility is arguably in the stock, she views the discretionary nature of the ETSY model as increasingly at risk in the near term. While visibility is low, she thought that consensus GMS and Sales estimates…

United Airlines Pilots Approve Tentative Agreement On 14.5% Pay Hike

United Airlines Holdings Inc (NASDAQ:UAL) pilots have voted to approve a tentative agreement (TA) on modified terms for their collective bargaining agreement. The United Master Executive Council represents 14,000 UAL pilots, as represented by the Air Line Pilots Association, Int’l (ALPA). The tentative agreement highlights three pay rate increases totaling more than 14.5%…

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Stellantis Makes €50M Equity Investment In Lithium Company Vulcan Energy Resources

Stellantis NV (NYSE:STLA) has made a €50 million (A$76 million) equity investment in Vulcan Energy Resources Ltd (OTC:VULNF) and has extended its original binding offtake agreement to ten years. Vulcan is a lithium producer and intends to produce a battery-quality lithium hydroxide chemical product from its combined geothermal energy and lithium resource in Germany. The investment…

Barclays Deepens Hosuing Market Share By Acquiring Mortgage Lender Kensington For ~$2.8B

Barclays PLC (NYSE:BCS) extends its reach in Britain's housing market with the acquisition of specialist lender Kensington Mortgage Company for 2.3 billion pounds ($2.8 billion), reported Reuters. Kensington is being sold by its private equity owners, Blackstone Inc (NYSE: BX) and Sixth Street. The deal would be funded from existing resources and reduce its core capital ratio…

Phillips 66 Under California Watchdog Scrutiny: Reuters

California regulators allege Phillips 66 (NYSE:PSX) improperly began processing renewable diesel in a unit at its Rodeo, California refinery, reported Reuters. In early June, the Bay Area Air Quality Management District (BAAQMD) issued a notice of violation, alleging that the refinery began producing renewable diesel without first amending the existing air permit, which…

Softbank's Masayoshi Son Emphasizes Chances Of US Listing For Arm

Softbank Group Corp (OTC:SFTBY) founder and CEO Masayoshi Son stressed the possibility of British-based chip designer unit Arm Ltd listing on Nasdaq pending a final decision, Reuters reports. "Most of Arm's clients are based in Silicon Valley and ... stock markets in the U.S. would love to have Arm," Son told at the annual…

Toyota Recalls EVs Over Faulty Wheels: WSJ

Toyota Motor Corp (NYSE:TM) recalls 2,700 of its first mass-produced electric vehicles (EVs) on tire safety risks, the Wall Street Journal reported. The auto giant would recall its all-electric 2023 bZ4X SUV after finding fault with bolts that connect the wheels with the vehicle. Related: Toyota Debuts bZ4X SUV Battery Electric Vehicle Toyota…

As the ACLU Recedes From Its Core Mission, FIRE Expands To Fill the Void

The Foundation for Individual Rights and Expression (FIRE) is defending expression on campus and off as the ACLU becomes a progressive advocacy group.

Pilot Shortage Pushes American Airlines To Quit Services In 4 Cities: CNBC

American Airlines Group Inc (NASDAQ:AAL) plans to discontinue service to four U.S. cities from September. The cities will lose scheduled commercial air service entirely, reported CNBC. AAL blamed the service restrictions on a regional pilot shortage. The report further noted American Airlines, United Airlines Holdings Inc (NASDAQ:UAL), and Delta Air Lines, Inc (NYSE:DAL) have reduced service…

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