Activist Irenic Capital Management has announced its support for Starboard Value's initiative to eliminate News Corp's dual-class share structure, which grants the Murdoch family significant control. This move comes ahead of a key shareholder meeting, as both firms aim to unlock value and potentially split off the company's online real estate business. Proxy advisory firms ISS and Glass Lewis are also backing this effort, despite a previous failed attempt to dissolve the structure nearly a decade ago, which was favored by 90% of non-Murdoch shareholders.
Pfizer CEO Albert Bourla expressed openness to ideas from activist investor Starboard Value, acknowledging the company's poor shareholder returns due to a significant drop last year. Despite pressure from Starboard, which holds a $1 billion stake, Bourla highlighted Pfizer's recent earnings beat and positive changes, including cost cuts and new board members. He also denied claims of discouraging former executives from joining Starboard's efforts.
Starboard Value's Jeff Smith believes Salesforce has significant potential for increased profitability, following a 98% share price surge in 2023 after the company improved its adjusted operating margin. Starboard, which holds a $432 million stake, argues Salesforce can enhance efficiency and aims to adhere to the rule of 50 by fiscal 2028. The firm highlighted that Salesforce's spending on sales and marketing could be optimized compared to peers like Adobe and Microsoft.
The Dow snapped a three-day win streak as Kenvue shares surged 5.5% amid investor support for Starboard. GE Aerospace and GM are set to report, with GM up 86% from a post-strike low. Lockheed Martin and RTX also near recent highs, while several new IPOs are expected on Wall Street.
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