Boeing Posts $6 Billion Loss Ahead of Strike Vote <WSJ>
North Dakota voters could end property taxes — and pour ‘gas on the spark’ of a growing tax revolt <Marketwatch>
U.S. Dollar Dominates Global Payment Network SWIFT <Statista>
Restaurant Bankruptcies Piling Up, TGI Fridays May Be Next <ZeroHedge>
Sponsoring every podcast in existence must not be what it used to be. Shares of meal kit delivery service HelloFresh have shed 42% of their value on a weak 2024 forecast and the retraction of its 2025 targets. Deutsche Bank calls the report “disappointing” while UBS bemoans that the guidance is “far worse” than anticipated.
This caps off a disastrous two-year period where the share price has fallen from €90 to €6.70 today.
Source: CNBC
Sargento recalls nearly a dozen brands of shredded cheese over listeria fears <CBS News>
Someone’s buying votes in Disney’s ugly proxy fight <Morning Brew>
Voyager 1 may have died… <NY Times>
Why Costco is selling gold bars and silver coins <CNN>
Podcast advertising mainstay, Harry’s Inc. has filed for an IPO <Yahoo>
I’m judging a book by its cover, and wouldn’t be caught dead with the hardcover.
But the reviews are unsurprisingly glowing:
Kara Swisher takes on the “boy-kings” of big tech in “Burn Book” <Axios>
Kara Swisher once again punctures the puffed-up egos of Silicon Valley <Washington Post>
… except for the NY Times which calls it “underwhelming.”
Crotchless panties anyone? Apparently not as Victoria’s Secret is in freefall after projecting lower revenues next year. This coming off a year where same-store sales already saw a 6% drop so with over $3 billion in debt, we can understand why the street is hitting the panic button.
But hey, maybe AI will turn things around!
The embattled “news organization” was holding a town hall where chief content officer Cory Haik was giving an update on a recent round of layoffs when the angry “thumbs down” emotes started flooding the stream from disgruntled employees.
That’s when CEO Bruce Dixon cut in–while Haik was still talking–to say “It’s impossible to ignore the emojis from our side. And I think we’re going to organize this in a way where we can actually give the information to people who want to receive it in the way it’s meant,” he continued. “Thank you for your time and your presence in terms of trying to explain that. I think let’s progress with our own town halls on this. Thank you for all the questions we have received, we’ll do our best to answer those in a forum that makes sense for this company.”
The news on NYCB just keeps coming today, and it appears as if it’s fundraising round was successful. The cash-strapped bank has just issued a press release and it appears Steve Mnuchin and a consortium consisting of Liberty Strategic Capital, Hudson Bay Capital and Reverence Capital Partners has come to the rescue with a $1bil cash infusion.
Some terms of the deal include:
Shares have rebounded and are now up ~5% on the day, which has to help offset some of Jenny Harrington’s losses on the stock.
Jenny Van Leeuwen Harrington, CEO of Gilman Hill Asset Management and frequent CNBC contributor, owns up to holding on to her NYCB stock, which is in free-fall today and down ~60% over the last week.
Here’s the video:
She calls the management team “arrogant” and excoriates regulators on allowing the merger with Signature Bank.
She claims that she’s reduced it to a small position, but as recently as January, she was calling it “oversold” on social media and acknowledging that her followers had jumped into the position on her recommendation:
Another Tweet the next day saw her sticking by the position and begging “plssss don’t let me regret that statement!”
BowFlex is filing for bankruptcy with $140mm in assets and $125.9mm in debt. The home workout equipment maker has said that it has a bid of $37.5 million from Johnson Health Tech which will enable it to continue operating in the interim.
The WSJ is reporting that New York Community Bancorp (NYCB) is on a desperate quest for equity capital as it battles to regain investor confidence amidst a backdrop of escalating troubles. The once-reliable regional bank is now grappling with a mix of challenges, including real-estate loan losses, and a drastic 70% fall in its stock price since January.
The crisis at NYCB took center stage when it acknowledged problems in its commercial real-estate portfolio earlier this year, resulting in a fourth-quarter loss and a dividend cut. Matters worsened last week as the bank disclosed “material weaknesses” in its loan assessment and monitoring processes, prompting a series of credit downgrades and a new Executive Chairman, Thomas Cangemi.