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Japan’s Buyback Bonanza – InsideArbitrage Friday Wrap

  • May 19, 2023

FRIDAY WRAP

Thank you!

We rolled out our first survey earlier this week and I wanted to thank all of you that took the time to respond and share your feedback.

We received a total of 137 responses. For the question:

“How likely are you to recommend the InsideArbitrage service to friends or colleagues? (0 – Not likely, 10 – Extremely likely)”

132 of you or 96.35% rated us an 8 or higher with 5 responses or 3.65% rating us at 7 or below. 

I’ve reached out individually to most of the folks who provided specific actionable feedback and also had an enjoyable conversation via a  Zoom call with one subscriber earlier today. The results of the survey are very encouraging and give us positive energy to continue building InsideArbitrage to provide value to our subscribers.

Our list of curated tweets for the current week

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Special Situations

The EU officially approved Microsoft's $68.7 billion acquisition of Activision Blizzard.


Regency Centers $REG - the second largest strip center REIT - announced a $1.4B all-stock deal to acquire Urstadt Biddle Properties$UBP at $20.40/share, a roughly 33% premium to UBP's last closing price.


If the FTC decides to block $AMGN / $HZNP, it will be because it wants to test their new theories of harm.


$HZNP: There are no antitrust concerns given no overlap and do not have plans to bundle


I think the FTC has run its course into a dead end with that Horizon/Amgen complaint.


In response to the Enforcement Bureau's suggestion Standard General quickly attempt to resolve remaining concerns to allow the $TGNA Tegna transaction to move forward


Newmont has agreed to buy Newcrest for $17.5B in what would be the largest-ever gold M&A deal.


Sheikh Jassim makes new Man Utd bid


Private-equity firms Francisco Partners and TPG are working together on a $5 billion-plus bid to acquire software company New Relic.


I don't focus much on micro cap companies but tracking insider transactions unearths some of the strangest companies.


$J announced it’s spinning off its Critical Mission Solutions business.


The Vitesse Energy $VTS position is on account of the spin-off from Jefferies $JEF


The SEC found that insider selling shot up right after buyback announcements, allowing executives to profit personally from the share price pop. Such selling smacks of self-dealing.


ServiceNow Announces Plans to Initiate First-Ever Share Repurchase Program


SAP Updates Mid-Term Financial Ambition 2025 and Announces Share Repurchase Program of up to €5 Billion


$BRKR Bruker Announces New Two-Year Share Repurchase Authorization of up to $500 Million


Japan's Buyback Bonanza!


CEO-Chair of WeWork Inc., Sandeep Mathrani, is leaving $WE in ten days


Investment

Read 500 pages every week. That's how knowledge works. It builds up, like compound interest.


Carl Icahn admits bearish bet that cost $9bn was a mistake


More than 230 American companies have filed for bankruptcy through April


Berkshire Hathaway sells out of $RH


It hasn't exactly been a happy time for Paramount Global of late, but $PARA bulls got two pieces of good news this week.


Peconic Partners has filed its 13F for Q1.


Michael Burry no more THE BIG SHORT but the BIG SHLONG.


Earnings

Recession? Corporate America’s Earnings Say It’s Already Arrived


The US market paid out 63% of their operating cash flows, while Europe paid out 41% to return cash to shareholders.


Consumer discretionary companies just reported a 40% contraction in earnings relative to the same quarter a year ago.


Unity $U back to pre-earning


An awkward fact about corporate earnings


The last 2 paragraphs sum up the nonsense of earnings thus far.


Cannot believe $SE drama from this switch to single-ply toilet paper


Walmart Inc., the world’s largest retailer raised full year guidance as earnings beat estimates due in part to an increase in the grocery business.


The first-quarter results that have come in so far indicate that people are cutting back their discretionary spending, particularly for pricier items.


China’s tech giants report mixed earnings as the economy struggles to recover and the sector begins a transformation after years of breakneck growth


U.S. Economy

Paul Tudor Jones on the Fed: "I definitely think they are done...They could probably declare victory now because if you look at CPI, it’s been declining 12 straight months...That’s never happened before in history."