The technology giant's shares have fallen 13% this year, badly trailing the broader market. The company is grappling with weak sales in China and a Justice Department suit accusing Apple of violating antitrust laws, taking aim at its lucrative services business. Shares edged higher on Thursday.
Trian may still be able to claim a financial win at Disney, given that the company's shares have gained nearly 50% since early October when Peltz said he was planning a fresh push for seats. Over the last few months, Disney unveiled a string of changes as it sought to win back investors' confidence, including a splashy investment in "Fortnite" maker Epic Games and plans to launch an ESPN streaming service in 2025. It also refreshed its board with two new members.
The American suit, filed on Thursday in the New Jersey federal court, accuses Apple of blocking rivals from accessing hardware and software features on its popular devices. The potential investigations in Europe, which also target some of Apple's rivals, will focus on the firm's new fees, terms and conditions for app store developers.
While Reddit still relies on advertising for the vast majority of its revenue, it touted AI in its IPO marketing roadshow as an area of growth. It also disclosed last week that the U.S. Federal Trade Commission is looking into its AI data licensing deals.
Tencent's core gaming business suffered a notable slowdown in the fourth quarter. Gaming revenue in China declined 3% to 27 billion yuan, while international gaming revenue increased only 1% to 13.9 billion yuan, or declined by 1% when excluding currency fluctuations.
At the top of that range, Reddit - whose users helped create the meme stock frenzy of 2021 - would have a market value of $5.4 billion, based on an expected nearly 159 million shares outstanding. Fully diluted to include employee stock options and restricted share units, its valuation would be about $6.4 billion, the filing with the US SEC shows.
"The company is having notable success in the federal sector while signing more multi-year subscription agreements that trend similarly to consumption revenue behavior," said D.A. Davidson analyst Gil Luria.
After the latest transaction, Artisan Partners' shareholding in Indus Towers declined to 0.47% stake from 1.71%.
If Bezos follows through with the plan, it would mark the first time he has sold Amazon stock since 2021. He did buy a single share of the company in May, his first recorded purchase in records going back to 2002, though without explanation.
The record is the latest milestone in a lengthy recovery for the stock. Shares nearly tripled in 2023, outperforming even in a positive year for megacaps as investors embraced the company’s focus on efficiency and cost cutting. It is up more than 300% off the low hit in 2022.
Shares of Nvidia and Advanced Micro Devices (AMD) jumped on Tuesday as investor optimism over the prospects of higher demand for artificial intelligence (AI)-powered chips prompted Wall Street analysts to hike their price targets for the semiconductor giants.
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