Author: Lewis
Everyone’s talking about Target’s new membership program, but no one has said how dumb the name is
Target Circle 360? You’re joking, right? Countdown until they throw up their hands and call it Target Plus starts now.
SoFi issuing $750mm in new debt
Fintech company SoFi is adding to its $5 billion in debt by issuing $750 million more in convertible notes. The stock is taking a 15% haircut on the news that by 2029 there might be further dilution of the stock due to these notes. The company recently had a profitable quarter and with interest rates high, we are left wondering why they are feeling light on cash.
JetBlue officially grounds takeover of Spirit Airlines
This was all but inevitable after a judge ruled against the acquisition last month, but it’s now officially dead. Spirit is now on deathwatch.
Silver spoon Disney heirs “rally” behind Bob Iger
Today in news that shouldn’t be news: eight grandkids of Walt & Roy Disney have come out in support of Bob Iger in his battle with Nelson Peltz. Why does Business Insider care? Who the hell knows, but they’ve given them glowing biographies including quoting Abigail Disney’s spurious claim that “she and her siblings grew up upper middle class before Disney’s stock ...
Closing bell clicks: Feb. 28, 2024
Webull to go public via SPAC <CNBC> Apple abandons electric vehicle project <Semaphor> Wendy’s denies reports that it will implement surge pricing <Reuters> Why are so many CEOs heading for the exit? <Marketplace>
E-commerce company Thrasio gets throttledio
The headline: Thrasio Takes Steps to Strengthen Financial Position The sub-headline: Initiates Pre-Arranged Chapter 11 Process with Support from Lenders to Significantly Reduce Debt and Facilitate Comprehensive Balance Sheet Restructuring The dirty details: this company burned through more than 3.4 billion buying up smaller e-commerce players and selling their inventory on Amazon. https://www.prne...
Internal memo from CEO Sundar about Google’s Gemini
From: Sundar Pichai To: Google — “Hi everyone I want to address the recent issues with problematic text and image responses in the Gemini app (formerly Bard). I know that some of its responses have offended our users and shown bias — to be clear, that’s completely unacceptable and we got it wrong. Our teams have been working around the clock to address these issues. We’re a...
It’s a “Bold New Chapter” at Macy’s (read: they’re laying off employees and closing 150 stores)
Following last month’s announcement that it was showing 2,350 employees the door, the struggling company today announced that it will close 50 “underperforming” stores this year, and 100 in 2025. They are calling it “A Bold New Chapter” in a press release that features all of the typical corporate speak: unlocking shareholder value, challenges status quo, strong ...
Sony laying off 900 PlayStation employees
~8% of their workforce and closing the entire London studio. Here is the internal memo from Sony Interactive’s President & CEO:
Expedia books itself a new CEO and slashes 1,500 jobs
The travel booking site is cutting jobs as part of “an organizational and technological transformation.” This transformation represents 9% of its total headcount. <https://finance.yahoo.com/news/expedia-cut-1-500-jobs-222833758.html>
Closing bell clicks (Feb. 26, 2024)
FTC opens its 30,000th lawsuit against the Kroger-Albertson’s merger <CNBC> The one major tech player the FTC hasn’t sued, Apple, might be facing a justice department lawsuit <WSJ> Kellog’s CEO says to save cash by having cereal for dinner <NYPost>
Fiat luxe
Hopefully this is the most pretentious title that will ever appear on the website, but since it’s the very beginning, it’s appropriate. And what is beginning, exactly? A business site. One that is free of the doublespeak and the press releases that litters the financial news press. It’s too soon to lay out a comprehensive mission statement or vision – those are still being formed...
