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1 hour ago
Office Depot/OfficeMax parent falls post-market as activist steps down from board
ODP Corporation, the parent company of Office Depot and OfficeMax, announced that its contract with hedge fund HG Vola expired in January 2021 and that HG partner Marcus Dunlop will be joining ODP’s board of directors on December 31, 2023. Following his resignation, the stock fell 5% after the market.
HG Vora, which owns 3 million ODP shares representing approximately 8%, “continues to support the board’s continued efforts to execute our long-term strategy and shareholder-focused capital allocation plan,” Dunlop said. he said.
According to a 13D filing with the SEC, on December 18th, HG Vola disclosed an 18.5% stake in Penn Entertainment, discussed with management and the board of directors to increase shareholder value, and provided a He said he had requested a representative.
— Scott Schnipper
1 hour ago
AI is different from previous internet and VR bubbles, says Bank of America
Tech stocks rose in 2024 due to the proliferation of artificial intelligence applications.
However, some investors are questioning the viability of the AI trend, according to Bank of America’s Robert Cheng, adding that previous innovations such as the 1999s Internet bubble and the 2020s VR bubble have led some investors to question the viability of the AI trend. Compared to short-lived themes.
However, analysts disagree with these concerns.
“We believe that AI is different because the key players are global CSPs. [cloud service providers] “In the era of the Internet and VR bubble, most startups focused on the consumer market. ,” he wrote.
— Lisa Kailai Han
1 hour ago
Bloomin’ Brands soars 4% with two board appointments
Outback Steakhouse owner Bloomin’ Brands has appointed two directors to its board of directors as part of an agreement with activist investor Starboard Value, which owns about 10% of the company. It rose 4%.
Dave George, former chief operating officer of Darden Restaurants, and John Sagal, a partner at Starboard, will both join the company’s board of directors.
Bloomin also announced that it will create a steering committee on its board of directors tasked with identifying potential areas for improvement.
See chart…
Bloomin’ Brands soars as company appoints two new directors
1 hour ago
Stock futures trading remains largely unchanged
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