![]() JULIE HYMAN: Yeah, we'll see if the changes work. Said current leadership at the company has, quote, "Destroyed billions of dollars in value through its capital allocation decisions," and of course this is what Elliott does and does very effectively for a long time- gets a stake, rattle some cages, make some changes. Saying they're going to nominate new directors for the majority of positions on Crown Castle's board.Īnd Elliott emphasized the stock price, as you noted, really near multi-year lows here. They want to review the fiber business- that's just among other issues. This is his firm, Elliott Management, and they want to see changes. That's according to Elliott managing partner, Jesse Cohen. ![]() And the underperformance that they looked at back in 2020 is only worsened. ![]() We've seen a lot of pain in the REITs, so it's not unusual in that sense, but Elliott says the stock price is near six year lows. It leases out it's actually a REIT- a real estate investment trust, and it leases out its towers to the wireless phone providers- the Verizons and AT&T's of the world here. Those Crown Castle shares are moving higher today. Crown, by the way, Crown Castle issued a statement in response saying it is open to commencing a constructive engagement with Elliott. Let's talk about Crown Castle, too because that company is facing revived pressure from activist investor, Elliott Management, to make executive and board changes. JULIE HYMAN: That's very romantic, Valentine's Day. That is when the Commission, apparently, is going to choose whether to approve the deal with concessions or block it. The date on the calendar, though, is February 14. So maybe this is just some investors getting caught off guards. As we saw a recent Reuters piece that suggested it was going to close. And by the way, those iRobot shares have fallen more than 40% in that period, so that doesn't seem to reflect a lot of optimism that the deal is indeed going to close. This deal was announced back on August 5 of 2022, so this has been a long running situation that Amazon is waiting to get approved. So, now you've got a little bit of a conundrum where one of the regulatory agencies has these concerns that now Amazon has to come back, or the two parties have to come back, and address. First of all, this is in contrast with the British approval of the deal here. What's interesting- there's a couple of interesting things about this. It's a little bit like the airing of grievances. JULIE HYMAN: I kind of love the statement of objections. It was the biggest intraday drop, by the way, in years on that headline. IRobot, as you can see, they're really getting hit hard in today's trades. And two, could strengthen its role in the online marketplace. They have issued what is known over there as a statement of objections, and basically saying one, Amazon's deal could negatively impact the market for making and supplying these robot vacuum cleaners. So, here was the headline, Julie, is the European Commission- they have questions. Stocks under pressure here as the fate of its $1.4 billion deal with Amazon hangs in the balance. First, we're taking a look at shares of iRobot. JOSH LIPTON: And turning now to some of today's trending tickers. Yahoo Finance’s Julie Hyman and Josh Lipton break the reports down.įor more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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