Tag Archives: dis

After Hours: Allergan, Tesla Motors, Walt Disney Shares Fall

Allergan ( AGN ) tumbled on new tax inversion rules, Tesla Motors ( TSLA ) skidded on weak Q1 deliveries and Walt Disney ( DIS ) retreated as a key executive exited, raising doubts about who might be the eventual successor to CEO Bob Iger. Allergan stock fell 21% after the Treasury Department issued new rules to curb so-called tax inversions. That includes steps to curb earnings stripping, a method used to reduce taxes after an inversion. Pfizer ( PFE ) and Ireland-based plan to merge, with Pfizer’s takeover structured to reduce U.S. tax liability. Pfizer stock edged higher late after closing up 2.3%. Allergan had closed 3.5% higher. Tesla Motors said that it delivered 14,820 vehicles in Q1, up nearly 50% vs. a year earlier but below the company’s February forecast for 16,000. Tesla blamed “severe” parts shortages for the Model X crossover — and its own “hubris.” Tesla shares fell 4% late, erasing nearly all its 4% regular-session gain on huge preorders for the Model 3.  The Model 3 is supposed to go into production by late 2017, with total vehicle production hitting 500,000 by 2020. Walt Disney said after the close that COO Thomas Staggs, who was seen as a possible successor to CEO Bob Iger, is leaving May 6. Staggs will serve as a special advisor to Iger. Disney stock fell 2% after closing down 0.4%. Meanwhile, Salesforce.com ( CRM ) agreed to buy artificial intelligence startup MetaMind for undisclosed terms, the latest big tech to step up AI takeovers and investments. Salesforce CEO Marc Benioff invested in MetMind back in December 2014. Salesforce stock was little changed late.

Yahoo Senior VP Sandy Gould Latest Executive To Leave The Company

Yahoo ( YHOO ) has confirmed that Senior Vice President of Talent Acquisition and Development Sandy Gould will become the latest high-profile executive to leave the struggling Internet firm helmed by CEO Marissa Mayer. Yahoo has recently implemented layoffs and begun the process of selling itself and spinning off its hefty stake in China’s Alibaba Group ( BABA ), while it’s also in the midst of a proxy fight seeking to oust its entire board. “I have decided to leave Yahoo. It’s time to take a break and decide my next adventure,” said Gould in a statement sent to IBD on Friday. “I have had an amazing experience working for Yahoo. It has been transformational, and I have loved the learning, mission, people, and the opportunity to work with Marissa. The recruiting team and community at Yahoo are incredible. I have loved building and unleashing the superpowers of Yahoo employees. The stories I will proudly tell will be of amazing experiences, loyal devotion, of a brilliant CEO and an incredible and passionate leadership team! Leaving Yahoo is the hardest leaving I have ever done. Yahoo will always be in my heart.” Gould joined Yahoo three years ago after stints at Disney ( DIS )/ABC Television Group, Linden Labs/Second Life and RealNetworks,  according to Re/Code . Yahoo CEO Marissa Mayer is under intensified pressure from major investor Starboard Value, which wants change. Starboard said last week that since Yahoo CEO Marissa Mayer and others in the company’s leadership “have repeatedly failed shareholders,” the hedge fund wants to sweep out all of the ailing Web company’s directors and replace them with its own slate. Yahoo’s revenue growth has stalled for nearly a decade as ad dollars continued to slip away to rivals, including Facebook ( FB ), Netflix ( NFLX ), Alphabet ( GOOGL ) unit Google and high-profile startups Snapchat and Pinterest, among others. Yahoo has reportedly received interest from as many as 40 groups who have until April 11 to submit preliminary bids for its core business and Asian assets. Yahoo stock was down a fraction in afternoon trading in the stock market today , near 36.

Nvidia Conference: Virtual Reality, Smart Cars, Bartender Robots

Robot bartenders, a drone racetrack and liquid nitrogen-concocted food? Silicon Valley geeks know how to get down — and that’s just after-hours. Next week, graphics-chipmaker Nvidia ( NVDA ) is slated to host its annual GPU Technology Conference at the San Jose McEnery Conference Center where virtual reality, artificial intelligence and self-driving cars will take center stage. In conjunction, Nvidia will hold its analyst day Tuesday, when CEO Jen-Hsun Huang is scheduled to deliver a keynote talk. RBC Capital analyst Mitch Steves expects Nvidia to offer an update on its Pascal GPU architecture, virtual-reality offerings and automotive efforts. Steves upped his price target to 36 from 32 on Nvidia stock, which he rates a sector perform. “Overall, we are positive on the VR opportunity and believe that growth rates will remain robust,” he wrote in a research report. Virtual reality is getting a big splash this year, and tech names  Apple ( AAPL ), IBM ( IBM ), Alphabet ( GOOGL ) and Tesla Motors ( TSLA ) are on deck to attend the GTC alongside myriad startups like BriSky, a maker of industrial drones, and Lucid, which makes 3D cameras. Under the GTC umbrella, BriSky, Lucid and 10 others will compete Wednesday for $100,000 during the Emerging Companies Summit. Another eight are slated to present their VR tech in an eight-minute elevator pitch for a chance at $15,000. There’s no denying the summit’s success, which helped launch VR headset-maker Oculus and video game-streaming service Gaikai into worldwide recognition. Facebook ( FB ) later acquired Oculus for $2 billion, and Sony ( SNE ) paid $380 million for Gaikai. Mellanox Technology ( MLNX ) and Xilinx ( XLNX ) will present during the OpenPower Summit, Tuesday through Friday. Moore’s Law physics make power a challenge within the industry. Data centers need faster chips, but those chips overheat quicker. Other splashy GTC events include keynotes from IBM Watson Chief Technology Officer Rob High and Toyota Research Institute (under Toyota Motors ( TM )) CEO Gill Pratt on Wednesday and Thursday. Separately, GTC will feature speakers from Nvidia, Twitter ( TWTR ), IBM, Baidu ( BIDU ), Google and Disney ’s ( DIS ) Pixar.