Apr 28, 2017

Time Inc. stock tanks on dead sale process

Time Inc. shares fell more than 20% in early trading Friday, after the magazine publisher announced that it is removing itself from the auction block.

Data: Money.net; Chart: Andrew Witherspoon / Axios

What happened: Time stock had been slowly sinking since the company was spun out of Time Warner in mid-2014, but spiked last November after reports of a takeover offer led by former Warner Music CEO Edgar Bronfman Jr. But Time Inc. rejected Bronfman's overtures, and instead launched a wider sale process.

What went wrong: The company's board (and many traders) seemingly believed Bronfman's bid of around $18 per share set a new floor, and that subsequent bids would come in at $20 per share or higher. It was a bad bet, and fairly predictable.

What now: Time Inc. says it plans to pursue its own strategic plan, which includes a continued emphasis on digital over print. It also will pursue "elective portfolio rationalization," which is another term for product sales or shutdowns.

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Tesla short sellers wish Elon Musk had funding secured at $420

Data: Money.net; Chart: Axios Visuals

Tesla has been among the most derided companies in the world, but CEO Elon Musk has been getting revenge against hated short sellers since the electric car company's June swoon.

Why it matters: Many probably wish Musk had taken the company private at $420 a share, as he said he would in an August 2018 tweet in which he claimed to have "funding secured" for the move.

Go deeperArrowJan 14, 2020

Retail's rough post-holiday ride

Data: FactSet; Chart: Axios Visuals

The U.S. stock market rose broadly on Thursday, but a number of retail stocks went south after companies revealed distressing news about their holiday sales.

What happened: J.C. Penney and Kohl’s reported lower sales during the critical months of November and December, and Macy's announced poor holiday sales and the closure of several stores.

Go deeperArrowJan 10, 2020

Uber's pre-IPO holders cash in

Illustration: Eniola Odetunde/Axios

During his time as Uber's CEO, Travis Kalanick never sold any of his shares. It was one of the few unambiguously noble things he did, in an age in which many other CEOs were cashing in big on secondaries.

Driving the news: While we were on break, Kalanick sold his entire remaining stake in the company and resigned from its board of directors. His windfall was in the billions, even though Uber is valued well below where it went public (let alone its valuation when Kalanick was last in charge).

Go deeperArrowJan 8, 2020