Billionaire Nelson Peltz’s Trian Fund Management has sold its entire stake in Walt Disney after a boardroom battle with the media giant, CNBC News reported on Wednesday, citing a person familiar with the matter.The hedge fund was Disney’s fifth-biggest shareholder with a 1.77% stake as of March 31, according to LSEG data. It sold the stake at close to $120 per share, CNBC reported, adding that Peltz made about $1 billion.The stock closed at $100.88 per share on Wednesday. Trian declined to comment and Disne ...

American Airlines CEO Robert Isom on Wednesday promised a reset of the carrier’s sales and distribution strategy after the carrier cut its earnings forecast for the current quarter despite robust demand for travel.The downbeat outlook led to a 15% drop in American’s shares, dragging down the broader the NYSE Arca Airline index.Isom blamed the changes to the airline’s sales strategy for softer customer bookings, dding American was evaluating its strategy “holistically and piece by piece.”CEO Robert Isom blam ...

JPMorgan Chase CEO Jamie Dimon said Wednesday that the split between chairman and CEO roles in the bank are overstated while adding that he and the board will do the right thing on succession.Dimon told investors that the bank has an extraordinary management team and reiterated that the timeline was less than five years while adding that it could be anywhere from 4.5 years to 2.5 years and it is up to the board to make that decision.Jamie Dimon told investors that the bank has an extraordinary management te ...

Meta boss Mark Zuckerberg faces a potential revolt at the company’s annual meeting on Wednesday as shareholders push the Big Tech firm to step up transparency regarding its efforts to protect kids online.A group led by Lisette Cooper, vice chair of the Franklin Templeton subsidiary Fiduciary Trust International and the parent of a child sex abuse survivor, is backing a non-binding resolution urging Meta’s board to publish an annual report tracking the company’s performance on child safety and protecting you ...

Nvidia’s shares rallied around 6% to hit a record high on Tuesday, leaving the AI chipmaker’s stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall Street’s biggest players.Last trading at $1,128, Nvidia’s market capitalization reached $2.8 trillion, compared to a market value of $2.9 trillion for Apple, which is Wall Street’s second-most valuable company after Microsoft.Its stock surged as much as 8% to $1,149.39 during the session, an intra-day record high. Apple’s ...

T-Mobile is buying U.S. Cellular’s wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry.T-Mobile would get more than 4 million new customers and control of U.S. Cellular’s wireless operations and about 30% of spectrum assets across several spectrum bands. T-Mobile will also enter into a new master license agreement on more than 2,000 towers and extend the lease term for the approximately 600 towers where T-Mobile is already a tenant.T-Mobil ...

Group 1 - Amazon is reducing grocery prices by up to 30% to attract customers affected by inflation, following similar actions by Target and Walmart [1][3] - The price cuts will affect 4,000 items at Amazon Fresh, including discounts on meat, seafood, frozen food, dairy, beverages, snacks, and pastas [1][3] - Amazon Prime members will receive an additional 10% discount on the already reduced items at Amazon Fresh [3] Group 2 - Target has announced price cuts on at least 5,000 frequently bought items, including meat, milk, and fruits, as part of its pricing strategy [5] - Walmart has also committed to lowering prices on various grocery items, including eggs and apples, in response to a "deflationary environment" [5] - Food inflation has significantly impacted consumers, with grocery prices rising over 21% since January 2021, and a 10% increase in barbecue costs compared to last year [7]

Core Viewpoint - Proxy advisory firm Glass Lewis has recommended Tesla shareholders reject a proposed $56 billion pay package for CEO Elon Musk, citing concerns over its excessive size and potential dilution effects [1][2]. Group 1: Pay Package Details - The proposed pay package would be the largest for a CEO in corporate America, with no salary or cash bonus, and rewards tied to Tesla's market value reaching up to $650 billion over a 10-year period starting from 2018 [1]. - Tesla's current market valuation is approximately $571.6 billion, according to LSEG data [1]. Group 2: Criticism and Concerns - Glass Lewis criticized the pay package for its "excessive size" and the concentration of ownership, as well as Musk's involvement in multiple time-consuming projects, including his acquisition of Twitter [1]. - The advisory firm also expressed concerns regarding Tesla's proposed move of incorporation from Delaware to Texas, labeling it as offering "uncertain benefits and additional risk" to shareholders [2]. Group 3: Company Performance and Board Dynamics - Since Musk became CEO in 2008, Tesla has significantly improved its financial performance, achieving a profit of $15 billion compared to a $2.2 billion loss in 2018, and increasing vehicle production sevenfold [4]. - The Tesla board has faced scrutiny for its close ties to Musk, with Glass Lewis recommending shareholders vote against the reelection of board member Kimbal Musk, while supporting the reelection of James Murdoch [4].

Citigroup has asked its 600 US employees, who are eligible to work remotely, to return to office full time, it said Friday as regulatory requirements make it hard for Wall Street banks to allow offsite work for roles such as trading.Regulators had eased some of the stringent requirements to allow traders the flexibility of remote work during the pandemic.But in the coming weeks, the primary watchdog for US brokerage firms and exchange markets, the Financial Industry Regulatory Authority (FINRA), is set to b ...

NEW YORK — A group of cancer victims sued Johnson & Johnson JNJ.N on Wednesday, accusing the healthcare company of committing fraud through repeated and continued efforts to use a shell company’s bankruptcy to resolve tens of thousands of lawsuits alleging its talc products contained asbestos and caused cancer.Five plaintiffs who seek to represent over 50,000 people who have sued J&J over its talc products filed the proposed class action in New Jersey federal court. 3 J&J has said that its baby powder an ...