By Davit Kirakosyan
Investing.com -- In immense C-suite news, Netflix's Reed Hastings gave up his co-CEO title final week. And right here is your fat weekly roundup of the most tasty news out of hedge funds and company high brass, all first covered on InvestingPro.
Shakeup at Netflix
Netflix (NASDAQ:NFLX) announced that Reed Hastings stepped down as a co-CEO to take on the role of executive chairman. Greg Peters has stepped up from COO to change into Ted Sarandos' co-CEO and a member of the Netflix board.
Netflix shares surged extra than 8% on Friday as the company's world streaming paid win additions grew 7.66 million in Q4, effectively forward of its 4.5M estimate, attributable to each and every strong acquisition and retention, pushed primarily by the success of its Q4 issue material slate.
This precipitated a entire lot of Wall Side road corporations, along with Evercore ISI and JPMorgan, to rob their sign targets on the inventory. JPMorgan raised its target from $330 to $390 affirming its Chubby ranking and Evercore ISI raised its target from $340 to $400 affirming its Outperform ranking. Each and every corporations talked about the aptitude for accelerating earnings. Shares climbed 3.8% for the week.
A trio of immense management adjustments
Texas Instruments Incorporated (NASDAQ:TXN) announced on Thursday that its board of administrators appointed fresh COO Haviv Ilan the company's next CEO, efficient April 1. Ilan, who spent 24 years at the company, succeeds fresh CEO Rich Templeton, who will transition out of these roles over the next two months nonetheless will cease on as chairman. Shares slipped 2.3% for the week.
Peloton Interactive (NASDAQ:PTON) announced on Tuesday the appointment of Leslie Berland, Twitter's primitive high marketer, as Peloton's CMO, efficient final Wednesday. This comes amid a parade of sleek executive appointments at Peloton and attempts to decrease prices amid the submit-COVID return to gyms, which possess undermined patrons' ask for its dwelling-reveal instruments and effect the company within the crimson. Shares rose 1.6% for the week.
Kinder Morgan (NYSE:KMI) announced on Wednesday that its CEO Steve Kean will step down from his leadership place efficient August 1. Kean, who served as CEO since 2015, will in all probability be succeeded by President Kim Dang.
The corporate's shares rose extra than 2% on Wednesday after the company reported a Q4 earnings omit. The corporate also announced a $1 billion assemble bigger in its fragment repurchase program.
Ryan Cohen's immense Alibaba wager
Turning to hedge funds, activist investor Ryan Cohen has accrued a stake in Alibaba (NYSE:BABA) within the 2nd half of 2022, in accordance to the report by Wall Side road Journal. Cohen, whose stake is value a entire bunch of millions of bucks, believes the company may per chance well reach double-digit sales development and nearly about 20% free money go with the stream development over the arriving 5 years.
While Alibaba raised the dimensions of its fragment repurchase program to $40B in November, Cohen suggested the company elevate it to $60B, in accordance to folks mindful of the topic. Shares were up 4.5% for the week.
Rounding up the week's immense hedge fund news
Tenet Healthcare (NYSE:THC) acknowledged David Einhorn's Greenlight Capital took a medium-sized long place within the company for the length of Q4.
And hedge fund ValueAct Capital known as on Seven & i (OTC:SVNDY) shareholders on Thursday to lend a hand a budge-off of the company's 7-Eleven convenience store chain, arguing that the go would bring essentially intensive advantages to shareholders. ValueAct Capital, which owns a 4.4% stake within the Japanese company, and has been pushing for adjustments for over a yr, argued that a budge-off may per chance well also merely be done by technique of a list on the Tokyo Stock Alternate within a yr.
Seven & i is currently conducting a strategic overview and has pledged to bid its choices by early March. ADR shares were down 1.4% for the week.
Must you may per chance well presumably also very effectively be attracted to upgrading your perceive sleek investing solutions, test out InvestingPro.