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Investopedia
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Shares of Cava (CAVA) fell over 5% Tuesday after records showed a major shareholder and several executives sold shares.
Cava CEO Brett Schulman sold 201,504 shares worth $24.9 million, according to a filing with the U.S. Securities and Exchange Commission. CFO Tricia Toliver and a trust associated with board member David Bosserman each shed 5,000 shares.
Luxembourg-based Artal International S.C.A., Cava’s largest investor, also sold 6 million shares valued at $732 million. It continues to hold about 114 million shares.
The moves came after Cava Group shares surged on the company's better-than-expected second-quarter results. Schulman said at the time that gains were boosted by demand for the chain’s new grilled steak dish.
Shares of Cava Group closed at an all-time high Monday before turning lower Tuesday. Shares were down nearly 6% at $118.80 in intraday trading Tuesday, though even with Tuesday's losses, they were up over 175% from the start of the year.
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Instablog9ja
1 h
14
A man has revealed the easiest way to get women.
As funny as it sounds the easiest way to get women is by having a girlfriend. It’s why married men always have squad depth.
Investopedia
1 h
14
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Apple (AAPL) announced a CFO change on Monday, just ahead of an iPhone 16 launch that could spur a new era of growth for the company. While the C-suite change could feed some investors' worries, many analysts expect a "seamless" transition.
Luca Maestri will step down as CFO at the end of the year with Kevan Parekh, Apple’s vice president of financial planning and analysis, set to take over the role.
Maestri has been Apple's CFO for over a decade. During this time the company's revenue more than doubled and services segment revenue grew more than five times, Apple said in its announcement. He will continue to lead the Corporate Services teams, reporting to CEO Tim Cook.
As CFO, Maestri presided over some big changes to how the tech giant discloses financial information. During Apple's fourth-quarter earnings call in 2018, Maestri announced changes to the way the company reported financials for its services business but more importantly that it was doing away with disclosing how many iPhones and iPads it sold every quarter going forward.
"The number of units sold in any 90-day period is not necessarily representative of the underlying strength of our business," Maestri said on that call, adding, "furthermore a unit of sale is less relevant for us today than it was in the past given the breadth of our portfolio and the wider sales price dispersion within any given product line."
The company continues to report revenue figures from sales of major device categories.
Maestri said he has "enormous confidence" in his successor. Parekh has been with Apple for 11 years after holding senior leadership roles at Thomson Reuters (TRI) and General Motors (GM).
Citi analysts said Maestri's departure from the CFO role is "a bit negative" for Apple given the company's margin expansion during his tenure. Wedbush and Bank of America analysts said they expect a smooth CFO transition with minimal impact on investors or the company.
Melius Research analysts said the change represents an example of "good succession planning" as they expect the new CEO to maintain the pillars of the investment thesis.
Apple shares were up about 0.5% in recent trading Tuesday. The stock has gained roughly 20% this year.
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Instablog9ja
2 hrs
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Popular singer Solidstar has celebrated his partner for being loyal to him for over 10 years despite causing her p+in, t£ars, and heartbreak.
He said for over ten years all she got from me was pains, t£ars and heart breaks. But she never gave up on him.
Investopedia
2 hrs
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Market participants breathed a sigh of relief when Federal Reserve Chair Jerome Powell signaled during a speech on Friday that interest rate cuts are coming. The question now is: Will the central bank be as aggressive in its easing as investors expect?
Markets have been anticipating the Fed’s pivot for most of this year, and have tended to overestimate how quickly the central bank would cut rates. At the start of the year, markets were pricing in the likelihood that the Fed would trim as much as one-and-a-half percentage points from its benchmark fed funds rate by the end of 2024, with cuts starting in March. Several months later, the influential rate remains exactly where it's been for over a year, at its highest level since 2001.
In his eagerly anticipated remarks Friday at the Jackson Hole Economic Policy Symposium, Powell said the "time has come for policy to adjust" as inflation has eased and the labor market has cooled, though he stopped short of promising that a rate cut would be made at the Fed's next policy meeting in September. “The direction of the travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” he said.
On Wall Street, however, the speech was taken as effectively a guarantee that rates will be lowered next month.
“Chair Powell’s Jackson Hole speech confirmed that the Fed is now at the point of paring,” wrote Bank of Montreal (BMO) analysts on Friday. “Indeed, we judge we’re also now at the point where the data no longer have to the Fed to cut policy rates.”
Markets are currently pricing in about a 75% chance that the Fed will cut the benchmark rate by at least a full percentage point from its current range of 5.25%-5.50% by the end of the year, according to the CME Group’s FedWatch tool, which forecasts rate movements based on fed funds futures trading data. If the Fed follows that script, it would need to cut the rate by half a percentage point, or 50 basis points, at one of its three remaining monetary policy meetings in 2024.
Powell’s speech shored up “expectations for an already priced in 25-bps rate cut in September while his cautious tone about the health of the labor market left the prospects of 50 bps on the table,” wrote market analysts Tom Essaye and Tyler Richey in a report Monday.
BMO analysts, meanwhile, don’t expect the data to justify larger cuts. “Signs of an economic slowdown are becoming more visible now, but fears that the Fed needs to make bigger-than-usual 50 basis point cuts to avoid a recession are also not strongly supported by the data,” Chief U.S. Economist Scott Anderson wrote on Friday.
Traders are holding out hope, though. As of early Tuesday afternoon, fed fund futures trading data implied a 36% chance of a 50 basis point cut in September, up from less than a 30% likelihood priced in a week ago.
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Investopedia
3 hrs
15
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Shares of Hims & Hers Health (HIMS) sank in intraday trading Tuesday on new competition for lower-priced weight-loss drugs from Eli Lilly (LLY).
Lilly announced that it would be selling the two lowest doses of its popular injectable obesity drug Zepbound in single-use vials that patients would measure themselves.
Lilly said those would be priced at half the cost of the pre-filled vials currently prescribed. In addition, the medicine would be sent through the company's LillyDirect self-pay channel, helping those not eligible for Zepbound's savings program or without insurance coverage to afford it.
That was bad news for Hims & Hers Health, which offers direct-to-consumer copycat versions of prescription drugs at reduced prices. In May, it began selling an injectable with the same key ingredient that's in Novo Nordisk's (NVO) popular weight-loss treatments Wegovy and Ozempic. Hims & Hers also said in its recent earnings call that it planned to have one similar to Zepbound "in the near future."
Hims & Hers Health shares sank 7% to $15.08 as of 11:15 a.m. ET Tuesday but remain nearly 70% higher year-to-date.
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