Mason Morfit, a Salesforce board member and co-CEO of activist investor ValueAct, has significantly increased his stake in Marc Benioff’s software firm to nearly $1 billion. Earlier this week, Morfit acquired $99 million worth of Salesforce shares, just days after the company experienced its first revenue miss since 2006. This move was disclosed in a… Continue reading ValueAct increases Salesforce stake to nearly $1 billion, sending shares up

Dollar Tree announced on Wednesday its consideration of selling its more grocery-focused Family Dollar brand, amid ongoing efforts to revamp the struggling business. The company plans to close nearly 1,000 Family Dollar stores, having already shut down over 500 locations in the fiscal first quarter. This strategic move is part of an initiative to streamline… Continue reading Dollar Tree is exploring a sale of its Family Dollar brand

Barry Sternlicht, chairman and CEO of Starwood Capital Group, defended his decision to limit investor withdrawals from his real estate fund amidst significant losses and redemption requests. Speaking on CNBC’s “Squawk Box,” Sternlicht explained that the move was necessary due to media-driven panic, with many investors wanting to exit and re-enter the fund when conditions… Continue reading Sternlicht defends gating Starwood REIT withdrawals, hopes it will be a ‘six-month thing’ as rates fall

Paramount Global’s leadership team, known as the “Office of the CEO,” presented a strategic plan to shareholders in case a potential sale of the company falls through. This plan prioritizes cost-cutting, debt reduction, and content creation. The presentation comes despite Paramount already agreeing to a merger framework with an investor group. However, the deal hinges… Continue reading Paramount leadership team outlines job cuts, streaming JV plans at annual meeting

Keith Gill, the Reddit user known as “DeepF——Value” who rose to fame during the GameStop short squeeze in 2021, has seen his net worth balloon to over $289 million. Gill, who initially invested $53,000 in GameStop, has held onto his position through its wild swings, and a recent post showed he still owns 5 million… Continue reading How Roaring Kitty’s wealth went from $53,000 to nearly $300 million — and could one day top $1 billion

Paramount Global (formerly ViacomCBS) and Skydance Media are on the verge of merging after their special committees reached an agreement on the deal’s terms. This comes after weeks of negotiations and a competing offer from Sony Pictures and Apollo Global Management. The proposed deal, valued at $8 billion, involves several key aspects. First, Shari Redstone,… Continue reading Paramount and Skydance agree to terms of a merger deal

GameStop’s stock surged on Monday following speculation that Keith Gill, the influential figure behind the 2021 short squeeze, may hold a substantial position in the company. Shares of GameStop soared by about 30% to approximately $30.26, with trading briefly halted due to volatility. The rally was sparked by Gill, known as DeepF——Value on Reddit and… Continue reading GameStop shares jump 30% after ‘Roaring Kitty’ trader posts account showing $116 million position

In April, inflation rose about as expected, leaving markets uncertain about when interest rates might start decreasing, according to a closely watched measure released on Friday by the Commerce Department. The personal consumption expenditures (PCE) price index, excluding food and energy costs, increased by 0.2% for the period, aligning with the Dow Jones estimate. On… Continue reading The Fed’s preferred inflation measure rose 0.2% in April, as expected

Billionaire investor Bill Ackman is selling a 10% stake in his investment firm, Pershing Square, as part of a strategic move to eventually take the firm public. This sale is part of a $1.05 billion funding round, which values the firm at $10.5 billion. The investors involved in this transaction are primarily institutional and family… Continue reading Bill Ackman selling stake in Pershing Square at $10.5 billion valuation, aiming for IPO one day

Kohl’s shares dropped by 25% on Thursday following an unexpected loss per share, significantly missing Wall Street’s expectation for a slight profit. This decline represents the stock’s largest single-day percentage fall in history. CEO Tom Kingsbury attributed the slower sales to challenging comparisons, noting that the previous year’s higher-than-usual clearance levels had temporarily boosted sales.… Continue reading Kohl’s stock plummets 25% after massive earnings miss

Foot Locker’s turnaround efforts are beginning to yield positive results. The sneaker retailer reported a 1.8% decline in comparable sales during its fiscal first quarter, significantly better than the 3.1% drop analysts had anticipated, as per StreetAccount. Additionally, Foot Locker reaffirmed its fiscal year guidance, projecting sales to range between a 1% decline and a… Continue reading Foot Locker stock surges 30% as turnaround shows signs of life

Abercrombie & Fitch has reported its strongest first quarter ever, continuing its trend of outperforming market expectations. The retailer’s sales surged by 22% compared to the same period last year, while profits increased nearly sevenfold, significantly surpassing Wall Street estimates. Specifically, Abercrombie earned $2.14 per share against the expected $1.74 and generated $1.02 billion in… Continue reading Abercrombie & Fitch shares jump more than 15% as retailer’s torrid growth continues