Key Points Philadelphia-based Penn Capital Management acquired 2.7 million shares of Lumen Technologies for an estimated $16.8 million in the third quarter. The position represents 1.3% of 13F reportable assets under management at quarter-end. Though a large purchase, the new stake places Lumen Technologies outside the fund's top five holdings. These 10 stocks could mint the next wave of millionaires › Philadelphia-based Penn Capital Management Company disclosed a new position in Lumen Technologi ...

Argo Blockchain (NasdaqGS:ARBK) Update / Briefing November 19, 2025 11:00 AM ET Company ParticipantsJon Yorke - Retail AdvocateJustin Nolan - CEODavid Robinson - PartnerScott Beech - General CounselModeratorGood afternoon, ladies and gentlemen, and welcome to the Argo Blockchain town hall meeting. Throughout today's meeting, attendees online will be in listening-only mode. Your questions are encouraged; they can be submitted at any time just using the Q&A tab situated on the right-hand corner of your screen ...

Core Points - AYR Wellness Inc. has successfully completed a public foreclosure auction, with the senior noteholders winning the bid to acquire core assets and equity interests in multiple states [1][2][3] - The company plans to sign a Master Purchase Agreement (MPA) to initiate the regulatory approval process for transferring ownership of the assets to a newly formed acquisition vehicle (NewCo) [2][4] - The auction was conducted by Odyssey Trust Company under the direction of senior noteholders, with the auction taking place virtually on November 10, 2025 [3] Company Operations - AYR Wellness operates over 90 licensed retail locations across Florida, Pennsylvania, New Jersey, Ohio, Nevada, and Virginia, focusing on both medical and adult-use cannabis markets [6] - The company cultivates, manufactures, and retails a diverse portfolio of high-quality cannabis products, including brands like Kynd, Haze, and Later Days [6] - AYR intends to continue operating its core assets while seeking necessary regulatory approvals and winding down the existing corporate parent entity [4]

Core Insights - Lucid Motors is undergoing significant executive changes, with the departure of key figures including Chief Engineer Eric Bach and VP of Engineering James Hawkins, amidst a broader shake-up in leadership [1][2][4] Executive Departures - Eric Bach, who has been with Lucid Motors since 2015 and previously worked at Tesla and Volkswagen, is leaving the company [1] - James Hawkins, VP of Engineering, has also departed after a decade with Lucid Motors [2] - Jeri Ford, Vice President of Quality, is retiring and will be succeeded by Marnie Levergood from Scout Motors [2] Leadership Restructuring - Emad Dlala, the current Senior Vice President of Powertrain, is being promoted to oversee all of "Engineering and Digital" [3] - The company has been without a permanent CEO since Peter Rawlinson's resignation in February, with Marc Winterhoff serving as interim CEO [3] Context of Changes - The executive shake-up occurs as Lucid Motors has launched its new luxury SUV, the Gravity, which is expected to outperform the Air sedan in sales [5] - The company is also developing a midsized vehicle priced around $50,000, projected for release in 2026, but may require additional funding [6] Financial Developments - Lucid Motors' majority owner, Saudi Arabia's sovereign wealth fund, has increased the cap of a loan agreement from $750 million to approximately $2 billion, ensuring liquidity until 2027 [6]

Core Viewpoint - Beyond Meat's preliminary third-quarter results indicate stable sales expectations but highlight ongoing profitability challenges and restructuring efforts [1][3]. Group 1: Sales and Revenue - Beyond Meat anticipates approximately $70 million in sales for Q3, aligning with previous guidance of $68 million to $73 million, suggesting stable short-term performance [1][3]. - Analysts project a revenue of $68.87 million for the third quarter, reflecting modest revenue expectations [3]. Group 2: Profitability and Margins - Gross margins are expected to be between 10% to 11%, factoring in $1.7 million in costs related to shutting down operations in China; without these costs, margins could improve to 12% to 13% [2]. - The company is facing continued pressure on profitability due to costs associated with exiting the Chinese market and anticipated non-cash impairments of long-term assets [2][3]. Group 3: Market Reaction - Beyond Meat shares experienced an 8.27% decline, trading at $2.60, although they have seen a 300% increase over the week [4].

Core Viewpoint - First Brands is identified as a "great company" despite having a poor balance sheet, indicating potential for restructuring and improvement [1] Group 1: Company Analysis - Marathon Asset Management LP, led by CEO Bruce Richards, has invested in First Brands by purchasing its term loan at approximately 40 cents on the dollar, reflecting a distressed investment strategy [1] - The CEO expresses confidence in the investment, suggesting that the company's underlying value justifies the restructuring efforts needed to improve its financial health [1]

Core Insights - Starbucks is closing over 400 stores nationwide, including 54 locations in New York City, due to six consecutive quarters of sales declines and a $1 billion restructuring plan [1][2][11] - The closures have caused chaos among employees, city officials, and landlords, with reports of abrupt notifications to landlords without prior communication [3][4] Company Actions - The company identified stores where it could not create the expected physical environment for customers and partners, leading to the decision to close [5] - Starbucks CEO Brian Niccol emphasized the need to shut down locations that do not show a path to financial performance [7] Legal and Labor Issues - The city of New York has warned Starbucks that it may be violating local labor laws by not offering jobs to employees at closing locations, as mandated by the Fair Workweek Law [8] - The Department of Consumer and Worker Protection has given Starbucks a deadline to explain compliance with these labor laws [8] Market Challenges - Starbucks faces increased competition from new entrants and fast-food chains, such as McDonald's, which is testing new beverage concepts [9] - The company is also dealing with rising coffee prices due to new tariff policies, contributing to its struggles with sales trends [11]

Core Viewpoint - Starbucks is implementing a significant restructuring plan that includes closing over 100 cafes and laying off 900 non-retail staff to address declining sales and improve store performance [1][2][6]. Group 1: Restructuring Plans - The company plans to close more than 100 locations in North America and the UK, although the total number of closures has not been disclosed [2]. - The restructuring is expected to cost around $1 billion (£750 million) and aims to enhance the atmosphere of existing stores [4]. - Starbucks intends to open 80 new stores in the UK this year, despite some existing locations closing [5]. Group 2: Financial Performance - Starbucks reported a 2% decline in global sales for the three months ending June 29 [6]. - The British arm of the company saw sales decrease from £548 million to £526 million for the year ending September 29, 2024, and posted a pre-tax loss of £36.2 million [5]. - Under CEO Brian Niccol, shares have fallen by approximately 12% since his appointment [4]. Group 3: Leadership and Challenges - Brian Niccol, who previously led Chipotle, was brought in to improve Starbucks' performance with a compensation package worth up to $113 million [3][4]. - The company has faced criticism for high prices and has been under pressure from activist investors and boycotts related to its perceived stance on the Israel-Gaza conflict [6].

Core Insights - Starbucks is closing underperforming stores in North America, including its Seattle roastery, as part of a restructuring effort led by CEO Brian Niccol, which is expected to cost $1 billion to revive sales [1][2] - The overall store count in the U.S. and Canada is projected to decrease by 1%, equating to several hundred stores, by the end of the 2025 fiscal year [2] - The closures include a flagship unionized location in Seattle and a unionized store in Chicago, amidst ongoing contract negotiation disputes with the Workers United union [2][3][4] Union Relations - Talks between Starbucks and the Workers United union, representing over 12,000 baristas, have stalled since April, with strikes occurring during the peak holiday season [3] - The union criticized the closures, emphasizing the need for union support for baristas and plans to negotiate for affected workers to be transferred to other stores [5] - Starbucks stated that the union status of stores did not influence the decision to close them [5] Restructuring Strategy - CEO Niccol's strategy focuses on investing in stores to reduce service times and restore a coffeehouse atmosphere while streamlining management [6] - The company has experienced a series of quarterly sales declines in the U.S. due to changing consumer preferences and increased competition [6]

Group 1 - Kering SA's Gucci label has undergone a leadership shuffle with Francesca Bellettini appointed as CEO and Jean-Marc Duplaix remaining as group COO, as part of efforts to revive the struggling fashion group [1][2] - Luca de Meo, the new CEO, aims to implement tough and fast decisions to address the decline in luxury goods demand, with Gucci's sales dropping by 25% in the first half of the year and profit measures falling by over 50% [2] - The previous structure of having deputy CEOs was criticized for adding unnecessary management layers, which has now been eliminated with the new appointments [3] Group 2 - Former CEO Francois-Henri Pinault stepped down but retains the role of chairman, with his family holding approximately 42% of Kering's shares and 59% of voting rights [4] - Bellettini will collaborate closely with artistic director Demna Gvasalia, who joined from Balenciaga, despite initial market skepticism regarding his appointment [4]