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JetBlue CFO’s Testimony – InsideArbitrage Friday Wrap

  • November 17, 2023

FRIDAY WRAP

Our list of curated tweets for the current week

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Special Situations

Mergers & Acquisitions

Would assume a large part of this $SAVE move is the market digesting Ursula Hurleys testimony yesterday


$SAVE $JBLU ‘Please be mindful that the state with the most overlaps of the two carriers is overwhelming supportive on the merger’


$ULCC CEO testimony put a dagger through the heart of the DoJ’s case, and half of Fintwit missed it because unfort David couldn’t make it to the courtroom.


$ULCC CEO saying if $JBLU is allowed to buy $SAVE, it’ll be a massive boon to other ULCC carriers which would rush to fill the void. He used the word “frenzy”.


Brookfield Reinsurance acquires $ARGO for $1.1bn


$CCF acquired by KKR at $127.50/share


Methinks this one shocked $OLK too. Don't think I've seen HSR approval before even making a German FCO filing.


$LLY announces US Nuclear Regulatory Commission issued consent for the indirect transfer of control of POINT Bio $PNT radioactive materials license upon the completion of $12.50 tender offer.


The Splunk-Cisco M&A deal is progressing $SPLK $CSCO


Splunk says HSR waiting period for $28B sale to Cisco expired


$SCU - Sculptor Capital shareholder vote for Rithm takeover to proceed


$TMBR Timber Pharma: Calling All Shareholders, Vote Now Or Lose Your Money


$tmbr apparently shareholders prefering bankruptcy than a buyout.

 


Stock Buybacks

Calix Increases Stock Repurchase Authorization by An Additional $100 Million


$ORLY O'Reilly Automotive hikes authorization amount by an additional $2B


$BHF Brighthouse Financial authorizes a $750M share repurchase


Paysafe stock soars after announcing $50M stock buyback program


Charter Communications to Pay $25 Million Penalty for Stock Buyback Controls Violations


Black Swan Street's In-Depth Earnings Coverage


$AZTA announces plans to repurchase an additional $500 million in fiscal 2024 under its existing share repurchase program


$STNE just announced a new share repurchase program of up to R$1 billion


$GFF Griffon increases share repurchase program by $200M


Cisco cash hoard is $23.5 billion. Has $9.7 billion remaining on the share repurchase authorization.


With yesterday's 5M share repurchase from Elliott @ $22.91, $BTU has repurchased 13% of their shares so far in 2023 and has ~$600M (~25% of market cap) of authorization remaining.


Thermo Fisher sets new $4 billion stock buyback program, about 2 weeks after shares hit a 3-year low


Spinoffs

$MDNA Good to see #IL2 space is getting revival


Sanofi is working with an adviser to start preparations for a planned separation of its consumer health division


Chinese e-commerce giant Alibaba has ditched plans to spin off its cloud business and paused the listing of its supermarket unit after fading investor enthusiasm


Management Change

MANCHESTER UNITED PLC ANNOUNCES MANAGEMENT TRANSITION


Goodyear Tire & Rubber Co. $GT Chairman, CEO and President Richard J. Kramer intends to retire in 2024, concluding a 14-year tenure in these roles.


Investing

More than 80% of traditional US IPOs since 2020 are trading below their offering price. That’s bad.


Berkshire Hathaway $BRK.A $BRK.B investing activity in Q3 2023


$AMZN announced Thursday that it will launch online vehicles sales in the U.S., starting in 2024 with sales of Hyundai vehicles.


Barry Diller emails Google exec December 12, 2019


$MELI Altimeter picked up a new stake during the third quarter.


13F szn is where trickle down economics is at its best.

 


Fundsmith 13F for Q3-23 shows interesting new names in Consumer Discretionary, Marriott & small position in McDonalds


$TSEM. Mgmt left a good good impression in earings call today imo. Clear vision.

 


Disney, battling activist investors and struggling to adapt to changes in consumer viewing habits, plans to address employees in a companywide town hall after Thanksgiving


For anyone interested in REITs, esp. distressed ones like Offices and Hotels (like I do 😂), you shall read @HawkinsEntrekin 's work.


The U.S. Economy

Encouraging inflation report


In consecutive days Walmart and Home Depot say the worst of the inflation is behind us.


Another day, another housing market record


MORGAN STANLEY: “We initiated our soft landing call in March 2022, maintained that call for 2023, and are rolling it forward” for 2024. We see core PCE falling to 2.4% in 2024, with the Fed cutting rates beginning in June.


Anecdotes I’m hearing in private credit are nuts. Tremendous ability to kick the can as long as everyone believes the Fed put is in place


The US Consumer Quite surprising given all the headwinds.