LONDON—European bank stocks tumbled again on Monday as more financial firms cut ties with Russia and others braced for further impact from the country’s invasion of Ukraine. Lenders and investors with links to Russia have been cutting ties to the country as Western sanctions have been brought to bear, while others have sought to reassure…
Gannett Launches Share Buyback up to $100 Million; Amends Credit Agreement
Gannett Co Inc.’s board authorized a share buyback of up to $100 million. Gannett’s existing five-year senior secured credit agreement will provide for an incremental term loan not exceeding $50 million and transition the interest rate base from LIBOR to Term SOFR due to regulatory requirements. The existing and incremental loans under the Credit Agreement will now…
Rivian Shares Tumble as Legacy Automakers Rev up EV Targets
Shares of Rivian Automotive Inc. briefly fell below their IPO price on Thursday in a broader selloff among electric vehicle (EV) makers as the race for market share intensifies with legacy companies ramping up EV production. Rivian shares fell as much as 16.5 percent to $75.13, slipping below the debut price of $78 for the…
China Evergrande Shares Halted, Set to Release ‘Inside Information’
January 3, 2022
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HONG KONG—China Evergrande Group shares were suspended from trading on Monday pending the release of “inside information,” the embattled property developer said without elaborating. Evergrande, the world’s most indebted property developer, is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of international market bonds that were deemed to be in…
Cathie Sells Another $22 Million Worth of Shares in Tesla on Tuesday
Cathie Wood’s Ark Investment Management on Tuesday sold 20,446 shares—estimated to be worth $22.3 million—in Tesla Inc. Tesla shares closed 0.5 percent lower at $1,088.47 a share on Tuesday. The stock is up over 49 percent year-to-date though most of that surge has been seen in the past few months. The St. Petersburg, Florida-based Ark…
Adidas Launches New Share Buyback
BERLIN—Adidas plans to buy back up to 4 billion euros ($4.54 billion) of its shares by 2025 and will also return the majority of the cash proceeds from the sale of Reebok, it said on Thursday. The German sportswear company said it will cancel most of the shares repurchased during the program, which would reduce…
Adobe Shares Drop as Q1, FY22 Outlook Trail Estimates
Adobe Inc. FY21 revenue growth of 20 percent year-on-year to $4.11 billion, beating the consensus of $4.09 billion. Revenue for the Digital Media segment was $3.01 billion, up 21 percent Y/Y. Creative revenue grew 19 percent Y/Y to $2.48 billion, while Document Cloud revenue rose 29 percent to $532 million. Digital Experience segment revenue was…
Why Are Cerence Shares Trading Higher Today?
Wells Fargo analyst Colin Langan upgraded Cerence Inc. from Equal-Weight to Overweight and an $85 price target, down from $91, implying a 15 percent upside. Langan noted Cerence is down about 50 percent from its high and 34 percent since reporting FY21 results and guiding below consensus for FY22. On the heels of the cautious FY22 guidance, Cerence announced a sudden change…
Musk’s Potential Tesla Stake Sale Follows Share Surge
NEW YORK—Should Elon Musk decide to unload some of his stake in Tesla Inc, he will be capitalizing on a massive rally that has made the electric-vehicle maker one of the world’s most valuable companies. The Tesla chief asked his Twitter followers on Saturday if he should sell 10 percent of his Tesla stake. Nearly…
Bank of Ireland Share Sale Extended, State Recoups 249 Million Euros
DUBLIN—The Irish government on Friday extended the gradual sell down of its shares in Bank of Ireland to May 2022, having raised 249 million euros ($287.79 million) in the last three months by cutting its stake to 9.3 percent from 13.9 percent. The government announced in late June that it intended to cut its shareholding…
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