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5:32 a.m. Nov. 11, 2021 - By Steve Gelsi
Goldman discloses 19% stake in marketing company StagwellGoldman Sachs Group Inc. disclosed an ownership stake of about 20.95 million shares or 18.5% of marketing services company Stagwell Inc. , according to filings on Wednesday. The holding is valued at about $210 million based on Stagwell's stock price of $10.05 a share on Thursday. Stagwell announced on Sept. 23 that it would convert Series 6 and Series 8 preferred stock as part of an effort to streamline and simplify its capital structure, but it did not name the entity receiving the stock. A spokesperson for the company said Goldman had held the convertible stock as part of a prior investment in the company. Mark Penn, the ex-Microsoft Corp. executive known for popularizing the term "soccer mom," founded Stagwell in 2015 to invest in advertising, research, data analytics, public relations and online marketing companies. The firm raised $250 million in funding and drew in loans and other financing, including backing from Microsoft co-founder Steve Ballmer.
5:20 a.m. Sept. 2, 2021 - By Tomi Kilgore
Alibaba stock extends corrective bounce after pledge to spend $15.5 billion for 'common prosperity' amid regulatory scrutinyShares of Alibaba Group Holding Ltd. rose 0.8% in morning trading Thursday, to put them on track for a fourth straight gain, even as the China-based e-commerce giant continued to face regulatory scrutiny. The stock has rallied 9.6% over the past four sessions, and has corrected 10.6% since closing at a 2-year low of $157.96 on Aug. 20. Many on Wall Street view a rise, or fall, of at least 10% to up to 20% from a significant low or high as a correction, while moves of 20% or more are considered new bull or bear markets. Chinese regulators , for using false promotions and making use of unqualified drivers and cars, according to a notice posted on the Ministry of Transportation's social media account, according to a Dow Jones Newswires report. Separately on Thursday, Alibaba vowed to spend RMB100 billion, or about $15.5 billion, by 2025 for the government's "common prosperity" drive, , at a time that regulators were clamping down on technology giants for contributing to social divides. Alibaba's stock has dropped 20.4% over the past three months, while the iShares MSCI China ETF has lost 13.5% and the S&P 500 has gained 7.8%.
3:16 a.m. Aug. 20, 2021 - By Tomi Kilgore
LumiraDx, SPAC CA Healthcare slash value of merger deal by $2 billionLumiraDx Ltd. and special purpose acquisition company (SPAC) CA Healthcare Acquisition Corp. said Friday the value of to take LumiraDx public has been cut by 40%, citing "various considerations," including recent market environment for publicly traded diagnostic companies and declines in COVID-19 testing volumes. The new deal terms lowers the pro forma enterprise value of the combined company to $3 billion from $5 billion, while the combined group is still expected to receive about $115 million in trust. The original deal terms were announced in early April. "LumiraDx has a clear strategy for addressing the large and underpenetrated testing market to increase next-generation POC market share," said CA Healthcare Chief Executive Larry Neiterman. "We believe these qualities and the recent business progress, combined with an adjusted valuation, support a highly compelling investment thesis on an absolute and relative basis."
2:48 a.m. April 20, 2021 - By Ciara Linnane
UPDATE: Cannabis stocks rally premarket after House passes SAFE Banking ActCannabis stocks rallied across the board in premarket trade Tuesday, with the Cannabis ETF up 4.6%, after the that do business with companies in states that have legalized the plant for medicinal or recreational purposes from federal enforcement action. The so-called SAFE Banking Act -- SAFE stands for Secure and Fair Enforcement -- aims to open up the federally insured banking system to cannabis companies, that have been starved of capital and forced to do much of their business in cash. The bill would exempt cannabis business transactions from being considered proceeds from illegal activity and subject to anti-money-laundering laws. It would also prohibit banking regulators from asking banks to terminate a customer account unless there was a valid reason aside from reputation risk. The bill last passed the House in 2019, only to die in the Senate. Its fate this time around in the Senate now under Democratic control is still unclear. Premarket gainers were mostly Canadian companies, even though with the exception of Canopy Growth Corp. , they are not expected to immediately benefit from U.S. cannabis law reforms. Tilray Inc. was up 3.8%, Aphria Inc. , with which it is merging, was up 2.2%. Canopy was up 1.6% and Cronos Group Inc. was up 1.2%. Shares of U.S. multistate operators were not yet active.
1:56 a.m. Feb. 24, 2021 - By Tomi Kilgore
Bausch Health stock surges toward 5-year high after agreement with activist investor Carl IcahnShares of Bausch Health Companies Inc. surged 2.9% toward a five-year high in premarket trading Wednesday, after the pharmaceuticals and medical devices company said it reached an agreement with billionaire activist investor Carl Icahn, and will add two of his nominees to its board of directors. The . The company said it will appoint Brett Icahn and Steven Miller, portfolio managers at Icahn Capital LP, to its board as new independent directors. "Our new colleagues bring a wealth of transaction experience to our Board, which will serve us well as we continue to execute on our strategic priorities, including our previously announced intention to spin off our leading eye health business," said Bausch Health Chief Executive Joseph Papa. The stock, on track to open at the highest price seen during regular-session hours since May 2016, has run up 64.1% over the past three months through Tuesday, while the S&P 500 has gained 6.8%.
7:09 a.m. Jan. 6, 2021 - By Nicole Lyn Pesce
5 reasons musicians like Bob Dylan, Neil Young and Stevie Nicks are selling their song catalogs right now Young just sold half his songbook, and Dylan recently sold his entire catalog for a reported $300 millionYoung just sold half his songbook, and Dylan recently sold his entire catalog for a reported $300 million
4:06 a.m. Dec. 19, 2020 - By Lawrence A. Cunningham
Trust is the secret sauce that Warren Buffett and others value highly in companies Trust-based corporate cultures promote autonomy and accountabilityTrust-based corporate cultures promote autonomy and accountability, writes Lawrence A. Cunningham.
3:19 a.m. Dec. 14, 2020 - By Tomi Kilgore
XPeng's stock surges after bullish call from Deutsche Bank analystShares of XPeng Inc. surged 3.4% in premarket trading Monday, after Deutsche Bank analyst Edison Yu's bullish call on the China-based electric vehicle maker. Yu started coverage of XPeng with a buy rating and $58 stock price target, which is 30.9% above Friday's closing price of $44.31. He said Yu was part of the "Fab Four" China-based EV makers, which also include Nio Inc. , Li Auto Inc. and WM Motor Technology Group Co. Ltd., that represent an emerging class of auto makers backed by large technology companies and local governments looking to disrupt the auto industry. "[W]e believe our thesis has been playing out both on the ground as sales and brand awareness grow, and in the capital markets where all four companies have seen their valuations rise considerably," Yu wrote in a note to clients. "Along with Tesla , we believe these automakers are increasingly destined to conquer the Chinese auto market, supported by an investor base who is eagerly willing to support this endeavor, leading us to expect multiple winners in the new EV world order." XPeng's stock has soared 116.4% over the past three months, while the S&P 500 has gained 8.3%.
4:43 a.m. Dec. 12, 2020 - By Lawrence A. Cunningham
Stockpicking legend Warren Buffett and index champion John Bogle both knew the other was right about investing Active vs. passive is polarized but in fact they each have unique and valuable qualitiesActive vs. passive is polarized but in fact they each have unique and valuable qualities.
9:22 a.m. Dec. 10, 2020 - By Ciara Linnane
U.S. sets record one-day death toll from coronavirus as FDA committee meets to review Pfizer–BioNTech vaccine FDA head says initial assessment is ‘this is a vaccine that does meet our criteria. ... But we do want to hear from the vaccine advisory committee.’The U.S. set fresh records for single-day fatalities from the coronavirus illness COVID-19 and hospitalizations, as a U.S. regulatory advisory committee gathered to offer its verdict on the vaccine developed by Pfizer Inc. and its German partner BioNTech SE.
9:09 a.m. Dec. 8, 2020 - By Mark Hulbert
Why shares of Chinese companies could soon be more expensive Congress approves delisting Chinese companies that flout U.S. accounting rules — and investors pay the priceCongress approves delisting Chinese companies that flout U.S. accounting rules — and investors pay the price.
10:13 a.m. Dec. 7, 2020 - By Eldin Foco
Coronavirus has hurt charitable giving and sent need soaring. Here are some tax-advantaged giving strategies you might not know about Giving is down and need is higher because of COVID-19Giving is down and need is higher because of COVID-19
3:31 a.m. Dec. 5, 2020 - By Ciara Linnane
Aurora leads cannabis sector rally fueled by hopes for reform under President-elect Joe Biden News that Mexico’s senate has approved a cannabis legalization bill offers further boost to battered sectorAurora Cannabis Inc. led a rally in the weed sector Tuesday that was fueled by hopes President-elect Joe Biden, finally cleared to move ahead with his administration’s transition, will push for reforms that will let companies access banks and capital markets.
10:00 a.m. Dec. 4, 2020 - By Ciara Linnane
CDC forecasts up to 19,500 deaths from COVID-19 in week ending Dec. 26 ‘People were less willing to change their behavior than any other day during the pandemic,’ data analyst says of Thanksgiving DayThe U.S. set yet another record for new cases and fatalities in a single day from the coronavirus illness COVID-19 and the nation’s leading public health agency said there could be up to 19,500 deaths in the week ended Dec. 26.
9:10 a.m. Dec. 4, 2020 - By Eldin Foco
How to cut tax bills with smart charitable giving strategies COVID-19 has hurt giving and increased needCOVID-19 has hurt giving and increased need
9:50 a.m. Dec. 1, 2020 - By Ciara Linnane
U.S. is heading for 100,000 COVID-19 patients in hospitals as experts worry about a coming Thanksgiving travel spike ‘What happened during Thanksgiving is a lot like a 100-mile-an-hour wind going into a forest fire,’ says epidemiologist Michael OsterholmThe U.S. set a record for hospitalizations with the coronavirus illness COVID-19 on Tuesday at almost 100,000 patients and health experts worried that the situation will worsen in the coming weeks after millions traveled across the country for the Thanksgiving holiday.
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