Stocks making the biggest moves midday: Korn Ferry, Beyond Meat, Advanced Micro Devices & more

Check out the companies making headlines midday Friday:Korn Ferry — Shares of Korn Ferry sank more than 17% on disappointing fourth-quarter results. Advanced Micro Devices tumbled more than 3%, while Xilinx and Nvidia also fell 2.2% and 1.5%, respectivelyBeyond Meat — Shares of Beyond Meat tumbled more than 8%. Delta Air Lines — Delta Air Lines’ stock rose slightly after the airline company bought a 4.3% stake in Hanjin Kal, the parent company of Korean Air. Chevron — Shares of Chevron rose 0.57


Check out the companies making headlines midday Friday:Korn Ferry — Shares of Korn Ferry sank more than 17% on disappointing fourth-quarter results. Advanced Micro Devices tumbled more than 3%, while Xilinx and Nvidia also fell 2.2% and 1.5%, respectivelyBeyond Meat — Shares of Beyond Meat tumbled more than 8%. Delta Air Lines — Delta Air Lines’ stock rose slightly after the airline company bought a 4.3% stake in Hanjin Kal, the parent company of Korean Air. Chevron — Shares of Chevron rose 0.57
Stocks making the biggest moves midday: Korn Ferry, Beyond Meat, Advanced Micro Devices & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: yun li
Keywords: news, cnbc, companies, biggest, company, moves, shares, air, phillips, stock, making, korn, midday, devices, meat, rose, chevron, slightly, ferry, stocks, sales, micro


Stocks making the biggest moves midday: Korn Ferry, Beyond Meat, Advanced Micro Devices & more

Traders and financial professionals work at the opening bell on the floor of the New York Stock Exchange (NYSE).

Check out the companies making headlines midday Friday:

Korn Ferry — Shares of Korn Ferry sank more than 17% on disappointing fourth-quarter results. The consulting firm reported a revenue of $491 million, below the $500 million Wall Street had expected, according to Refinitiv. The company also dialed back its first-quarter guidance. Its earnings slightly beat estimates.

Kroger — Shares of Kroger dipped nearly 4% after the supermarket chain reported quarterly results that underwhelmed investors. While Kroger’s fiscal first-quarter earnings and sales both beat analysts’ expectations slightly, revenue fell 1.2% to $37.25 billion and same-store sales were flat in the quarter. The company also kept its full-year profit forecast.

Advanced Micro Devices, Nvidia, Xilinx — Shares of semiconductors dropped after the Commerce Department barred five more Chinese entities from buying U.S. components after blacklisting telecom giant Huawei last month. Advanced Micro Devices tumbled more than 3%, while Xilinx and Nvidia also fell 2.2% and 1.5%, respectively

Beyond Meat — Shares of Beyond Meat tumbled more than 8%. Tyson Foods is reportedly ramping up its marketing spending to make a push into the alternative meat market. Also Shake Shack CEO told CNBC Friday that the fast food chain has no intention of adding Beyond Meat to menu right now. Beyond Meat’s stock has had a wild run, surging about 500% from its $25 IPO price to about $152 on Friday. The stock touched $200 a share on Tuesday, hitting a market cap of nearly $10 billion.

UnitedHealth Group — Shares of UnitedHealth Group rose more than 1.8% following a report by the Wall Street Journal that the health insurer has agreed to acquire health-payments firm Equian for about $3.2 billion. Equian is currently owned by private-equity firm New Mountain Capital.

Delta Air Lines — Delta Air Lines’ stock rose slightly after the airline company bought a 4.3% stake in Hanjin Kal, the parent company of Korean Air. Delta said it plans to increase the stake to 10%. The move is an expansion of Delta’s business in Asia after its joint venture with Korean Air which started last year.

Micron Technology — Shares of Micron fell 2.6% after J.P. Morgan cut its year-end price target for the chipmaker to $50 from $64. The bank expects the U.S. restrictions on Chinese telecom giant Huawei would have a negative impact on Micron because Huawei is a major customer, accounting for 13% of its sales in the first half of 2019.

Chevron — Shares of Chevron rose 0.57% after Chevron Phillips Chemical, a joint venture of Chevron and Phillips 66, made a $15 billion acquisition offer for Nova Chemicals, which is currently owned by Abu dhabi’s sovereign wealth fund Mubadala Investment. The acquisition would give Chevron Phillips Chemical the opportunity to expand as Nova Chemicals’s expandable polystyrene and resins are used in various industries from construction to packaging.

— CNBC’s Marc Rod, Elizabeth Myong, Mallika Mitra and Jesse Pound contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: yun li
Keywords: news, cnbc, companies, biggest, company, moves, shares, air, phillips, stock, making, korn, midday, devices, meat, rose, chevron, slightly, ferry, stocks, sales, micro


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Slack shares surge 48% over reference price in market debut

Slack surged 48.5% in its debut Thursday on the New York Stock Exchange in a direct listing rather than an initial public offering. The stock, under the symbol WORK, opened at $38.50, nearly 50% above the reference price of $26 set by the NYSE on Wednesday night. In its last financing round in 2018, Slack said it raised $427 million, which brought its valuation to $7.1 billion. It’s simply a way for existing shareholders to get liquidity by registering their shares for sale on the public market.


Slack surged 48.5% in its debut Thursday on the New York Stock Exchange in a direct listing rather than an initial public offering. The stock, under the symbol WORK, opened at $38.50, nearly 50% above the reference price of $26 set by the NYSE on Wednesday night. In its last financing round in 2018, Slack said it raised $427 million, which brought its valuation to $7.1 billion. It’s simply a way for existing shareholders to get liquidity by registering their shares for sale on the public market.
Slack shares surge 48% over reference price in market debut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: lauren feiner
Keywords: news, cnbc, companies, stock, according, market, tech, debut, slack, surge, 48, price, public, shares, nyse, slacks, million, reference


Slack shares surge 48% over reference price in market debut

Slack surged 48.5% in its debut Thursday on the New York Stock Exchange in a direct listing rather than an initial public offering.

The stock, under the symbol WORK, opened at $38.50, nearly 50% above the reference price of $26 set by the NYSE on Wednesday night.

The pop puts Slack’s market cap at $19.5 billion. As of April, Slack was valued at nearly $17 billion on the secondary market, according to Forge Global, which matches private companies and their employees with investors. In its last financing round in 2018, Slack said it raised $427 million, which brought its valuation to $7.1 billion.

Slack is part of a slew of tech companies to go public this year including Uber, Lyft, Zoom, Pinterest, PagerDuty and CrowdStrike. But it is just the second large tech firm to pursue the unusual direct listing route in the past year and a half. Spotify surprised Wall Street with its decision to list directly onto the New York Stock Exchange last year.

In a direct listing, unlike an IPO, banks do not underwrite the offering, and no new shares are sold, so the company does not receive any additional money for operations. It’s simply a way for existing shareholders to get liquidity by registering their shares for sale on the public market. Plus, Slack doesn’t need to raise more money since it already has more than $800 million in cash on hand. Slack said it engaged Goldman Sachs, Morgan Stanley and Allen & Company as financial advisors and several more firms as associate financial advisors to assist it in the process.

While banks typically help determine pricing in an IPO, the NYSE set the reference price for Slack of $26 Wednesday night. The opening price for Slack’s Class A common stock was determined by the buy and sell orders collected by the NYSE from broker-dealers, according to Slack’s prospectus.

Like many tech companies, Slack debuted with a dual-class structure, with Class B shares holding 10 votes per share to consolidate voting power among its top shareholders. According to Slack’s prospectus, Accel is the company’s largest shareholder at 24%, followed by Andreessen Horowitz with a 13.3% stake and Social Capital at 10.2%. Slack CEO Stewart Butterfield owns an 8.6% stake and SoftBank holds 7.3%.

In an interview with CNBC’s Andrew Ross Sorkin ahead of the stock’s debut, Butterfield said Slack’s success foreshadows a change to email as we know it. Conventional email will be phased out in five to seven years, he said.

“Everyone will choose this,” Butterfield said of Slack, which provides a platform for public and private messaging channels.

Slack reported a net loss of $138.9 million on revenue of $400.55 million for the year ended Jan. 31. As of Jan. 31, Slack said it had over 10 million daily active users and saw its number of paid customers increase 49% year over year. Slack also has seen large growth among its highest-paying customers, those who pay over over $100,000 based on annual recurring revenue. The number of customers in that group was up 93% year over year compared with fiscal 2018, according to the prospectus.

Disclosure: Comcast Ventures, the venture arm of Comcast, is an investor in Slack. Comcast owns CNBC parent company NBCUniversal.

-CNBC’s Jessica Bursztynsky contributed to this report.

Subscribe to CNBC on YouTube.

WATCH: Slack tips and tricks to make you a messaging guru


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: lauren feiner
Keywords: news, cnbc, companies, stock, according, market, tech, debut, slack, surge, 48, price, public, shares, nyse, slacks, million, reference


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Analyst Dick Bove upgrades Goldman Sachs, says investment bank is ‘crushing it’

One of Wall Street’s most vocal and longest critics of Goldman Sachs has changed his tune and now recommends investors buy the company’s stock, saying its investment bank is “crushing it.” Dick Bove, who joined Odeon Capital Group earlier this year, upgraded Goldman equity to buy from hold on Thursday thanks to what he categorized as its dominant presence in corporate dealmaking and an uptick in the firm’s asset management segment. Specifically, the bank analyst cited data showing the Goldman ra


One of Wall Street’s most vocal and longest critics of Goldman Sachs has changed his tune and now recommends investors buy the company’s stock, saying its investment bank is “crushing it.” Dick Bove, who joined Odeon Capital Group earlier this year, upgraded Goldman equity to buy from hold on Thursday thanks to what he categorized as its dominant presence in corporate dealmaking and an uptick in the firm’s asset management segment. Specifically, the bank analyst cited data showing the Goldman ra
Analyst Dick Bove upgrades Goldman Sachs, says investment bank is ‘crushing it’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: thomas franck
Keywords: news, cnbc, companies, dick, stock, buy, wall, sachs, goldman, bove, wrote, vocal, bank, crushing, analyst, investment, upgrades, equity


Analyst Dick Bove upgrades Goldman Sachs, says investment bank is 'crushing it'

One of Wall Street’s most vocal and longest critics of Goldman Sachs has changed his tune and now recommends investors buy the company’s stock, saying its investment bank is “crushing it.”

Dick Bove, who joined Odeon Capital Group earlier this year, upgraded Goldman equity to buy from hold on Thursday thanks to what he categorized as its dominant presence in corporate dealmaking and an uptick in the firm’s asset management segment.

Specifically, the bank analyst cited data showing the Goldman ranks No. 1 in U.S. equity offerings and has completed $12.1 billion in deals year to date. That represents 14.3% market share, 43.3% above the No. 2 competitor.

“This is a new financial industry and this is a new Goldman Sachs,” Bove wrote. “The core reason to buy the stock is not so much what might be a great second quarter. It is that the company is being repositioned to fit its products into the newly formed markets driven by technology.”


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: thomas franck
Keywords: news, cnbc, companies, dick, stock, buy, wall, sachs, goldman, bove, wrote, vocal, bank, crushing, analyst, investment, upgrades, equity


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2 simple ways Warren Buffett decides what to invest in

When it comes to investing, Berkshire Hathaway CEO Warren Buffett doesn’t have a complicated method for choosing what to buy. Here are two ways the Oracle of Omaha decides a business is worth investing in. “Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value,” Buffett wrote in his 1996 letter to shareholders. “You have to learn how to value businesses and know the ones that are within your circle of competence


When it comes to investing, Berkshire Hathaway CEO Warren Buffett doesn’t have a complicated method for choosing what to buy. Here are two ways the Oracle of Omaha decides a business is worth investing in. “Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value,” Buffett wrote in his 1996 letter to shareholders. “You have to learn how to value businesses and know the ones that are within your circle of competence
2 simple ways Warren Buffett decides what to invest in Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: emmie martin
Keywords: news, cnbc, companies, ways, ones, stock, businesses, investing, think, competence, invest, buffett, value, simple, warren, circle, doesnt, decides


2 simple ways Warren Buffett decides what to invest in

It seems like every week there’s a new flashy Silicon Valley start-up announcing its IPO, and it’s tempting to want to get in on the action. But is buying stock in a newly public company the best idea? When it comes to investing, Berkshire Hathaway CEO Warren Buffett doesn’t have a complicated method for choosing what to buy. Instead, he keeps things simple by following a few steadfast guidelines. After all, “the fundamentals won’t change,” he told CNBC’s Becky Quick during an interview on “Squawk Box” in February. “You’re not going to discover anything new about investments in the next 50 or 100 years.” Here are two ways the Oracle of Omaha decides a business is worth investing in.

1. The company has long-term value

Buffett looks for businesses that will continue to have a competitive advantage decades down the line, not just in the moment. “Nobody buys a farm based on whether they think it’s going to rain next year,” he said on “Squawk Box” in 2018. “They buy it because they think it’s a good investment over 10 or 20 years.” For example, he purchased See’s Candies with longtime business partner Charlie Munger in 1972 and spent more than $1 billion on Coca-Cola stock in 1988 — both of which turned out to be good bets he still owns today.

“Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value,” Buffett wrote in his 1996 letter to shareholders. “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”

2. He understands how the business works

Buffett doesn’t put money into anything he doesn’t understand. “You have to learn how to value businesses and know the ones that are within your circle of competence and the ones that are outside,” Buffett told Quick in February. That’s because it’s crucial for investors to be able to confidently assess the businesses they hold. “Intelligent investing is not complex, though that is far from saying that it is easy,” Buffett wrote in his 1996 annual shareholders’ letter. “What an investor needs is the ability to correctly evaluate selected businesses. Note that word ‘selected’: You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. “The size of that circle is not very important; knowing its boundaries, however, is vital.”

You have to learn how to value businesses and know the ones that are within your circle of competence and the ones that are outside. Warren Buffett CEO of Berkshire Hathaway


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: emmie martin
Keywords: news, cnbc, companies, ways, ones, stock, businesses, investing, think, competence, invest, buffett, value, simple, warren, circle, doesnt, decides


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Dow futures sharply higher after Federal Reserve raises rate cut hopes

U.S. stock index futures were sharply higher Thursday morning, after the Federal Reserve signaled possible interest rate cuts later this year. ET, Dow futures rose 115 points, indicating a positive open of more than 130 points. Futures on the S&P and Nasdaq were both seen slightly higher. Market focus is largely attuned to monetary policy settings, after the Fed signaled interest rate cuts beginning as early as July. Canopy Growth and Red Hat are expected to release their latest earnings after m


U.S. stock index futures were sharply higher Thursday morning, after the Federal Reserve signaled possible interest rate cuts later this year. ET, Dow futures rose 115 points, indicating a positive open of more than 130 points. Futures on the S&P and Nasdaq were both seen slightly higher. Market focus is largely attuned to monetary policy settings, after the Fed signaled interest rate cuts beginning as early as July. Canopy Growth and Red Hat are expected to release their latest earnings after m
Dow futures sharply higher after Federal Reserve raises rate cut hopes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: sam meredith
Keywords: news, cnbc, companies, higher, futures, reserve, raises, yield, rate, cut, hopes, points, sharply, fed, federal, stock, signaled, market, latest, dow, slightly


Dow futures sharply higher after Federal Reserve raises rate cut hopes

U.S. stock index futures were sharply higher Thursday morning, after the Federal Reserve signaled possible interest rate cuts later this year.

At around 02:40 a.m. ET, Dow futures rose 115 points, indicating a positive open of more than 130 points. Futures on the S&P and Nasdaq were both seen slightly higher.

Market focus is largely attuned to monetary policy settings, after the Fed signaled interest rate cuts beginning as early as July.

Policymakers at the Fed said Wednesday that they would stand ready to battle growing global and domestic economic risks as they took stock of intensifying trade tensions and growing concerns about inflation.

Most Fed policymakers slashed their rate outlook for the rest of the calendar year by approximately half a percentage point in the previous session, while Chairman Jerome Powell said others agree the case for lower rates is building.

Many market participants viewed the overall tone from the U.S. central bank as more dovish-than-expected, with the U.S. benchmark 10-year Treasury yield falling to 1.974% — its lowest level since November 2016. The yield stood at 2.8% in January.

On the data front, investors are likely to monitor the latest weekly jobless claims figures, first-quarter current account data and the Philadelphia Fed manufacturing survey for June at around 8:30 a.m. ET. Leading index figures for May will follow slightly later in the session.

In corporate news, Darden Restaurants, Kroger and Commercial Metals are among some of the companies scheduled to report their latest quarterly results before the opening bell.

Canopy Growth and Red Hat are expected to release their latest earnings after market close.


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: sam meredith
Keywords: news, cnbc, companies, higher, futures, reserve, raises, yield, rate, cut, hopes, points, sharply, fed, federal, stock, signaled, market, latest, dow, slightly


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Here’s what the stock market liked from the Fed

Andrew Harrer | Bloomberg | Getty ImagesThe Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut. “The market liked it now, but it’s important to keep in mind, rate cuts are not a magic wand. She also noted that the Fed’s interest rate forecast, presented in the so-called ‘dot plot,’ also showed the Fed’s rate forecast falling from 2.6% in 2020 to 2.4%, pricing at least one rate cut. Fed officials’ interest rate forecasts are included ano


Andrew Harrer | Bloomberg | Getty ImagesThe Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut. “The market liked it now, but it’s important to keep in mind, rate cuts are not a magic wand. She also noted that the Fed’s interest rate forecast, presented in the so-called ‘dot plot,’ also showed the Fed’s rate forecast falling from 2.6% in 2020 to 2.4%, pricing at least one rate cut. Fed officials’ interest rate forecasts are included ano
Here’s what the stock market liked from the Fed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: patti domm
Keywords: news, cnbc, companies, liked, statement, stock, rate, cuts, markets, feds, cut, heres, market, fed, officials, interest


Here's what the stock market liked from the Fed

Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., on Wednesday, June 19, 2019. Andrew Harrer | Bloomberg | Getty Images

The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut. “I think they’re fully planning on cutting in July, absent stronger data,” said Ed Keon, QMA chief investment strategist. “The market liked it now, but it’s important to keep in mind, rate cuts are not a magic wand. There is clear evidence of weakening of economic conditions.” The Fed sent a dovish message in its statement, but even more so in its interest rate forecast, released following its two-day meeting Wednesday afternoon. After the statement, stocks and bonds flip-flopped before settling into a pattern, where both markets were bid higher on the prospect of a rate cut. Bond yields, which move opposite price, fell with the biggest decline in the 2-year yield, which closely follows Fed expectations.

The Fed’s rate policy committee left the fed funds target rate range unchanged at 2.25% to 2.50%, while it tweaked some of the language in its statement to suggest it sees more risks to the economy. It also removed the phrasing that it would be “patient,” language it added earlier this year to indicate Fed officials were willing to wait and see more information before making a rate move. Analysts focused on the fact that the Fed’s interest rate projections showed eight of 17 officials are now expecting the Fed will need to cut rates at least once this year. The fed funds futures market Wednesday afternoon moved to price in three quarter-point hikes this year, including 100% odds for a quarter-point hike this summer, according to BMO. “That was the biggest surprise in terms of the dovishness. The market was already heading in fairly dovish and everyone did anticipate them taking out the word ‘patience,'” said Leslie Falconio, senior strategist with UBS Global Wealth Management Chief Investment Office. “It was really the dot plot that came off on the dovish side.” She also noted that the Fed’s interest rate forecast, presented in the so-called ‘dot plot,’ also showed the Fed’s rate forecast falling from 2.6% in 2020 to 2.4%, pricing at least one rate cut. Fed officials’ interest rate forecasts are included anonymously in the dot plot, which literally is a chart. “They’re setting us up for a rate cut, but who knows when,” said Peter Boockvar, chief investment strategist at Bleakley Advisory Group. “If the data weakens, they’ll cut in July. If it stays steady or gets better, they won’t. People should understand if they’re going to cut it’s because the market data got worse. … This is showing the market focus is on the cuts but not on the reason for the cuts.” While the markets took the Fed as dovish and ready to move, some economists stuck with their forecasts for no cuts. “The market reacted dovishly to the June FOMC, in part reacting to 8 dots showing cuts in 2019 and 7 of these indicating 50 [basis points] of cuts,” Citigroup economists wrote. “While the statement and dots keep cuts as early as July squarely on the table, the outcome is very close to our expectations and does not change our base case for no cuts in 2019 — which also remains the base case of a slim majority of Fed officials.” But John Briggs, head of strategy at NatWest Markets, said the Fed should already have cut and that it loses control of the narrative around the rate cut if it waits.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: patti domm
Keywords: news, cnbc, companies, liked, statement, stock, rate, cuts, markets, feds, cut, heres, market, fed, officials, interest


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Slack reference price set at $26 per share: NYSE

The Slack Technologies application is displayed on an Apple iPhone in an arranged photograph taken in Arlington, Virginia on Monday, April 29, 2019. Slack Technologies’ reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening. That does not necessarily mean Slack’s Class A shares will open at $26 when they make their stock market debut on Thursday. A reference price is not an offering price. That number will ultimately be determined by the designated mark


The Slack Technologies application is displayed on an Apple iPhone in an arranged photograph taken in Arlington, Virginia on Monday, April 29, 2019. Slack Technologies’ reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening. That does not necessarily mean Slack’s Class A shares will open at $26 when they make their stock market debut on Thursday. A reference price is not an offering price. That number will ultimately be determined by the designated mark
Slack reference price set at $26 per share: NYSE Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: christine wang
Keywords: news, cnbc, companies, nyse, orders, ultimately, stock, set, reference, price, share, 26, technologies, market, york, virginia, slack


Slack reference price set at $26 per share: NYSE

The Slack Technologies application is displayed on an Apple iPhone in an arranged photograph taken in Arlington, Virginia on Monday, April 29, 2019.

Slack Technologies’ reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.

That does not necessarily mean Slack’s Class A shares will open at $26 when they make their stock market debut on Thursday.

A reference price is not an offering price. It is also not an opening price. That number will ultimately be determined by the designated market maker, based off a calculation of a figure where buy orders can be met with sell orders.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: christine wang
Keywords: news, cnbc, companies, nyse, orders, ultimately, stock, set, reference, price, share, 26, technologies, market, york, virginia, slack


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Papa John’s will spend additional $80 million on franchisee relief and marketing

Papa John’s said Wednesday that the company will invest an additional $80 million in its domestic franchisees and marketing, as the pizza chain’s struggles put pressure on its operators. “The strength of our brand and of our franchisees are both critical to Papa John’s long-term success. We’re pleased to announce that Papa John’s will make a significant investment in the exciting future of our brand,” Steve Ritchie, Papa John’s CEO, said in a statement. The three-year endorsement deal will net h


Papa John’s said Wednesday that the company will invest an additional $80 million in its domestic franchisees and marketing, as the pizza chain’s struggles put pressure on its operators. “The strength of our brand and of our franchisees are both critical to Papa John’s long-term success. We’re pleased to announce that Papa John’s will make a significant investment in the exciting future of our brand,” Steve Ritchie, Papa John’s CEO, said in a statement. The three-year endorsement deal will net h
Papa John’s will spend additional $80 million on franchisee relief and marketing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: amelia lucas lauren hirsch, amelia lucas, lauren hirsch
Keywords: news, cnbc, companies, franchisee, additional, stock, million, franchisees, company, chain, relief, 80, spend, sales, pizza, papa, johns, schnatter, marketing


Papa John's will spend additional $80 million on franchisee relief and marketing

Papa John’s said Wednesday that the company will invest an additional $80 million in its domestic franchisees and marketing, as the pizza chain’s struggles put pressure on its operators.

The financial assistance agreement between the company and U.S. franchisees, which will begin in the fiscal third quarter of 2019 and end in 2020, has the support of Papa John’s elected franchisee group.

“The strength of our brand and of our franchisees are both critical to Papa John’s long-term success. We’re pleased to announce that Papa John’s will make a significant investment in the exciting future of our brand,” Steve Ritchie, Papa John’s CEO, said in a statement.

Papa John’s has faced trouble since the company’s founder John Schnatter blamed lackluster sales on the National Football League’s leadership in November 2017. Sales took a nosedive, though, after a public relations crisis that ensued after it was reported nearly a year ago that Schnatter used the n-word on a conference call. Revenue fell 11.8% to $1.6 billion in 2018 compared to the previous year.

After he was ousted as chairman, Schnatter sued the pizza chain. He settled with the company in March and has started selling off his stake in the company.

To help keep stores afloat, the pizza chain has been reducing short-term royalties, fees and commissary prices for franchisees. Over the last six quarters, Papa John’s has spent $40 million on financial assistance for its operators and increased contributions to the joint marketing fund.

Papa John’s has also brought in former basketball star Shaquille O’Neal as the new face of the brand and as its first African American board member. The three-year endorsement deal will net him $8.25 million, paid half in cash and half in Papa John’s stock. O’Neal has also invested in nine company-owned Papa John’s stores in the Atlanta area.

Starboard Value has invested $250 million in the struggling chain and installed its chief executive, Jeffrey Smith, as chairman.

The chain’s spat with Schnatter continues to weigh on the business. It swung to a loss during its first quarter and sales declined by 11.5%.

However, Papa John’s steps to turn around its business have been reflected in its stock performance so far this year. The stock, which has a market value of $1.5 billion, is up 22% so far this year but still down 5% over the past year.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: amelia lucas lauren hirsch, amelia lucas, lauren hirsch
Keywords: news, cnbc, companies, franchisee, additional, stock, million, franchisees, company, chain, relief, 80, spend, sales, pizza, papa, johns, schnatter, marketing


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After-hours movers: Adobe, US Steel, La-Z-Boy and Jabil

Don’t be too optimistic that trade talks will progress at G-20:…”I do expect our stock market to be hammered if nothing positive comes of this G-20 meeting … the most likely outcome is nothing happens,” Jim Cramer says. Mad Money with Jim Cramerread more


Don’t be too optimistic that trade talks will progress at G-20:…”I do expect our stock market to be hammered if nothing positive comes of this G-20 meeting … the most likely outcome is nothing happens,” Jim Cramer says. Mad Money with Jim Cramerread more
After-hours movers: Adobe, US Steel, La-Z-Boy and Jabil Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: jesse pound, tyler clifford
Keywords: news, cnbc, companies, progress, trade, lazboy, adobe, afterhours, jim, talks, jabil, optimistic, saysmad, movers, stock, outcome, steel, money, positive


After-hours movers: Adobe, US Steel, La-Z-Boy and Jabil

Don’t be too optimistic that trade talks will progress at G-20:…

“I do expect our stock market to be hammered if nothing positive comes of this G-20 meeting … the most likely outcome is nothing happens,” Jim Cramer says.

Mad Money with Jim Cramer

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Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: jesse pound, tyler clifford
Keywords: news, cnbc, companies, progress, trade, lazboy, adobe, afterhours, jim, talks, jabil, optimistic, saysmad, movers, stock, outcome, steel, money, positive


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Stocks making the biggest moves midday: Micron, Nvidia, Boeing & more

Pinterest — Pinterest shares rose 3.4% after Wedbush initiated coverage of the social media company with an outperform rating. Boeing — Boeing shares climbed 5.4% after recording its first orders from the Paris Air Show. Las Vegas Sands — The casino operator’s stock rose 5.7% after multiple reports said a stalemate between New York legislators will prevent legislation to legalize mobile sports gambling from passing. G1 Therapeutics — G1 Therapeutics surged 24% after announcing positive trial res


Pinterest — Pinterest shares rose 3.4% after Wedbush initiated coverage of the social media company with an outperform rating. Boeing — Boeing shares climbed 5.4% after recording its first orders from the Paris Air Show. Las Vegas Sands — The casino operator’s stock rose 5.7% after multiple reports said a stalemate between New York legislators will prevent legislation to legalize mobile sports gambling from passing. G1 Therapeutics — G1 Therapeutics surged 24% after announcing positive trial res
Stocks making the biggest moves midday: Micron, Nvidia, Boeing & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: fred imbert
Keywords: news, cnbc, companies, therapeutics, making, moves, micron, biggest, stocks, boeing, company, social, rose, upgraded, wedbush, nvidia, stock, surged, purchase, shares, midday


Stocks making the biggest moves midday: Micron, Nvidia, Boeing & more

Check out the companies making headlines midday Tuesday:

Micron Technology, Nvidia — Chipmakers surged after President Donald Trump tweeted he and Chinese President Xi Jinping would have an “extended meeting ” at the G-20 summit next week. The tweet boosted hopes that the U.S. and China will reach a trade deal in the near future. Micron and Nvidia were each up more than 5%.

Pinterest — Pinterest shares rose 3.4% after Wedbush initiated coverage of the social media company with an outperform rating. Wedbush said it sees Pinterest as “fundamentally different” from other social media platforms because its users more frequently purchase products and services based on their posts on the platform.

Boeing — Boeing shares climbed 5.4% after recording its first orders from the Paris Air Show. International Airlines Group signed a letter of intent to purchase 200 Boeing 737 Max planes, and Korean Air agreed to buy 20 787 Dreamliners from the airplane maker for $6.3 billion.

Twilio — Twilio rose 1.1% after an analyst at Needham initiated the cloud communications platform provider as a buy. The analyst foresees Twilio’s continued exceptional growth moving forward.

Telephone and Data Systems — Shares of the telecom company surged more than 14.7% after Morgan Stanley upgraded the stock to overweight from equal-weight, citing a compelling valuation relative to its peers.

Las Vegas Sands — The casino operator’s stock rose 5.7% after multiple reports said a stalemate between New York legislators will prevent legislation to legalize mobile sports gambling from passing.

GCP Applied Technologies — Shares of the chemicals company dropped more than 13% after GCP board members said the company’s strategic alternatives review did not produce a “transaction that would provide adequate value to our shareholders.”

G1 Therapeutics — G1 Therapeutics surged 24% after announcing positive trial results for its breast-cancer treatment drug, Trilaciclib. The drug led to a “statistically significant improvement” in the overall survival of women with metastatic triple-negative breast cancer, the company said.

Bank of America — Bank of America shares rose 2.5% after BMO Capital Markets upgraded the bank to outperform from market perform, saying it is undervalued and consensus estimates are too low.

—CNBC’s Mallika Mitra and Marc Rod contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: fred imbert
Keywords: news, cnbc, companies, therapeutics, making, moves, micron, biggest, stocks, boeing, company, social, rose, upgraded, wedbush, nvidia, stock, surged, purchase, shares, midday


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