Hedge fund Third Point buys stake in Shell, urges breakup
(Reuters) -Hedge fund Third Point has built a large stake in Royal Dutch Shell and called on the oil major to split into multiple companies to increase its performance and market value. Billionaire investor Daniel Loeb’s New York-based firm, which has successfully pushed for strategy changes at other companies, owns roughly $750 million in Shell, according to a person familiar with the matter. Shell’s market value is nearly $190 billion.
Royal Dutch Shell Earnings Missed the Mark. The Stock Is Falling.
U.S.-listed shares of Royal Dutch Shell were falling more than 4% in premarket trading Thursday after the oil major missed third-quarter profit forecasts, citing damage caused by Hurricane Ida in the U.S. The U.K.-listed company, which is under pressure from activist investor Daniel Loeb’s Third Point to break itself up, had flagged earlier this month it would take a $400 million hit to earnings because of the prolonged outage. Shell also set itself tougher emissions targets.
FTSE 100 Live: Budget reaction, Royal Dutch Shell and Lloyds Banking Group post results
Lloyds posted a much-improved statutory profit of £5.9 billion in the year to date while it also enhanced its guidance for the rest of 2021, a move mirroring the improved economic picture given by Rishi Sunak in his Budget speech. Royal Dutch Shell has posted third quarter figures but the main focus is on how it responds to calls made by New York hedge fund Third Point to break itself up.
Shell Sets Bigger CO2-Reduction Target as Profit Falls Short
(Bloomberg) — Royal Dutch Shell Plc responded to external pressure by setting a more ambitious target for cutting greenhouse gas emissions from its operations, while reporting an increase in third-quarter profit that fell short of expectations. Most Read from BloombergA Deep Dive Into Squid Game’s World of InequalityMeet Six People Fighting Water Scarcity Across the GlobeHamburg Is at the Heart of Germany’s Growing Dilemma Over ChinaLike its peers, Shell has been lifted by the surge in oil and
Bristol Myers reports 10% quarterly sales growth as cancer drugs rebound
Bristol Myers Squibb Co on Wednesday said its third-quarter sales rose 10% and reported higher-than-expected earnings as its core cancer business regained momentum after a decline earlier this year. Bristol Myers raised the low end of its full-year adjusted profit forecast by 5 cents and now expects to earn $7.40 to $7.55 per share. Bristol Myers had missed analysts’ estimates in the first quarter, largely due to a decline in sales of its growth driver, the cancer immunotherapy Opdivo.
Activist Investor Loeb Takes Shell Stake, Pushes to Break Up Company
(Bloomberg) — Activist investor Dan Loeb has built a position in Royal Dutch Shell Plc and is pushing for a breakup of the energy giant as it embraces renewable energy while continuing to pump oil and gas.Most Read from BloombergA Deep Dive Into Squid Game’s World of InequalityMeet Six People Fighting Water Scarcity Across the GlobeHamburg Is at the Heart of Germany’s Growing Dilemma Over ChinaLoeb’s Third Point LLC has taken a $750 million stake, according to a person familiar with the matter,
Stocks Plunge in India on RBI Plan to Drain Cash, Morgan Stanley Downgrade
(Bloomberg) — Indian stocks slumped the most in six months as a rating downgrade by Morgan Stanley and a central bank plan to drain liquidity soured sentiment in the world’s best-performing major market.Most Read from BloombergA Deep Dive Into Squid Game’s World of InequalityMeet Six People Fighting Water Scarcity Across the GlobeHamburg Is at the Heart of Germany’s Growing Dilemma Over ChinaThe S&P BSE Sensex slid 1.9% in its biggest loss since April 30, with heavyweight bank shares being the
Luckin Coffee in $175 million class action settlement over accounting fraud
Luckin Coffee Inc reached a $175 million settlement of shareholder class-action claims that the Chinese rival to Starbucks fraudulently inflated its share price by falsifying revenue. Lawyers for the shareholders called the all-cash settlement, filed on Monday night, an “excellent result,” citing Luckin’s liquidation proceeding in the Cayman Islands and its related filing for protection under the U.S. Bankruptcy Code. The accord also covers Luckin officials, and underwriters of the Xiamen, China-based company’s $645 million initial public offering in 2019 and a later offering of American depositary shares.
2 ‘Strong Buy’ EV Stocks Under $10 With Massive Upside Potential
The automotive industry is in the midst of a sea change. A combination of pressures – social, environmental, and political – are pushing the industry faster and faster toward electrification. The political tailwind may be the most prominent, at least for now. The Biden Administration is pushing to make half of all new car sales in the US electric by 2030. This includes electric battery powered vehicles, fuel-cell electric vehicles, and plug-in hybrids – with the last category offering a potentia
Democratic ‘billionaires tax’ proposal likely to face legal challenges
(Reuters) -The proposal by U.S. Senate Democrats to tax billionaires https://www.reuters.com/world/us/us-senate-democrat-unveils-billionaires-tax-biden-agenda-2021-10-27′ tradeable assets to help finance President Joe Biden’s social spending agenda will almost certainly face lawsuits, tax experts said. White House Press Secretary Jen Psaki said on Wednesday that Biden supports the so-called “billionaires’ tax” and believes it is legal. The following explains how the proposal might be challenged and how supporters could defend it.