Short Sellers Fleeing Netflix, Alphabet, and Other Tech Names

Since the beginning of November, undervalued market sectors like the energy sector and the financial sector have outperformed the high-growth tech sector in the U.S. market. This is leading some investors to wonder whether tech’s more than decade-long leadership position may finally be coming to ...

By Lauren Muskett • Dec. 23, 2020

Justice Department Sues Walmart Over Opioid Prescriptions

The U.S. Department of Justice has filed a civil complaint against Walmart over its role in the opioid crisis, alleging unlawful conduct by the company resulted in hundreds of thousands of violations of the Controlled Substances Act.In a statement, the Justice Department said Walmart knowingly fi...

By Lauren Muskett • Dec. 23, 2020

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Top 5 stories from CFO.com

From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

Moving Beyond Diversity to Foster Inclusion in Finance

Diversity and inclusion in finance aren’t new concepts. It’s long been a top priority for leaders in our profession, and in this year of uncertainty, we need new ideas and diversity of thought to re-imagine the path forward. The tragic events of 2020 have revealed the disparities that...

By Kimberly N. Ellison-Taylor • Dec. 22, 2020

IAC to Spin Off Vimeo

The board of IAC/InterActive has approved a plan to spin off its stake in the video software company Vimeo into a separate, publicly-traded company.The company said it plans to hold a stockholder meeting in the first quarter of 2021 to consider the proposal. If approved, the spin off is expected ...

By Lauren Muskett • Dec. 22, 2020

SoftBank’s SPAC Files for IPO, May Acquire Vision Fund Portfolio Companies

SoftBank Group-backed blank check company SVF Investment on Monday filed a preliminary prospectus with the SEC for an initial public offering.SVF Investment plans to list its common stock on NASDAQ under the symbol “SVFA” and raise roughly $604 million from the IPO.What Happened: SVF Investment w...

By Lauren Muskett • Dec. 22, 2020

Thoma Bravo Buys RealPage for $10.2B

Private equity firm Thoma Bravo, one of the most active acquirers in 2020, has reached an agreement to buy publicly held real estate software provider RealPage. The deal is valued at $10.2 billion, the companies said.Under the terms of the deal, RealPage stockholders would get $88.75 per share of...

By Vincent Ryan • Dec. 21, 2020

Don’t Wait to Wind Down ‘Zombie’ Subsidiaries

As businesses grow, their legal entity organizational charts often grow as well. While subsidiary entities are created for specific purposes, there may come a time when they no longer serve those purposes. It is not uncommon for a company to have a subsidiary in its organizational structure that ...

By Gene Kohut • Dec. 21, 2020

Alibaba ‘Dismayed’ Over Ethnic Profiling in Facial Recognition Technology

Alibaba Group Holding, in a statement Thursday, said it would not allow any of its technology to be used for targeting specific ethnic groups.What Happened: The Chinese e-commerce giant’s comments come in the aftermath of a report from surveillance industry researcher IPVM that claimed Alibaba’s ...

By Lauren Muskett • Dec. 18, 2020

CFOs On the Move: Week Ending December 18

Lauren St. Clair Lauren St. Clair has joined NerdWallet as chief financial officer. St. Clair joins the personal finance platform from eBay, where she was the CFO of North America and responsible for managing all financial aspects of the multi-billion-dollar e-commerce company in the region. Befo...

By Lauren Muskett • Dec. 18, 2020

Tesla’s S&P 500 Entry to Spark Trading Surge

Tesla’s entry into the S&P 500 is expected to prompt record trading as index-tracking funds rebalance their portfolios.S&P estimates that nearly 130 million shares of the electric vehicle maker will need to be purchased to add to the S&P 500. At the current market price, indexers woul...

By Lauren Muskett • Dec. 18, 2020

Robinhood Settles SEC Charges

The stock trading app firm Robinhood has agreed to pay $65 million to settle charges from the Securities and Exchange Commission that it misled customers about its business model and failed to deliver on best execution of trades.“Between 2015 and late 2018, Robinhood made misleading statements an...

By Lauren Muskett • Dec. 17, 2020

As Bitcoin Shoots Past $22K, Some Analysts Can See It Reaching $30K

Bitcoin (BTC) traded above the $22,000 level at press time after having crossed the crucial psychological $20,000 mark in the preceding 24-hour period.What Happened: Wednesday’s surge in the apex cryptocurrency led the Grayscale Bitcoin Trust to close 10.91% higher at $25.81.Major altcoins follow...

By Lauren Muskett • Dec. 17, 2020

Luckin Coffee Fined $180M in Accounting Fraud

China’s Luckin Coffee has agreed to pay $180 million to settle U.S. charges that it fabricated more than $300 million in coupon sales to present a false picture of rapid growth to investors.The coffee retailer, which went public in the U.S. in a blockbuster initial public offering last year, reac...

By Matthew Heller • Dec. 17, 2020

SPACs Require Best-in-Class Communications From the Get-Go

While SPAC transactions have long been considered a last resort way to go public, they are now thriving and represented about half of all IPO issuance so far in 2020. Today’s special-purpose acquisition company deals have been validated by numerous high-profile sponsors, established and successfu...

By Moira Conlon • Dec. 17, 2020

U.S. Treasury: Switzerland and Vietnam Are Currency Manipulators

The U.S. Treasury Department has labeled Switzerland and Vietnam currency manipulators and added India, Thailand, and Taiwan to its watchlist. In a long-overdue foreign exchange report, the U.S. Treasury said it suspects the countries are deliberately devaluing against the dollar in order to infl...

By Lauren Muskett • Dec. 16, 2020

Automotive Chip Company Agrees to SPAC Deal

Automotive chip and software company Indie Semiconductor said Tuesday it will go public through a blank-check merger to raise capital for its expansion efforts.The merger with special purpose acquisition company Thunder Bridge Acquisition II values the combined company at $1.4 billion, which will...

By Matthew Heller • Dec. 15, 2020

Hire a Chief Procurement Officer – You Can’t Afford Not To

Every company should have a chief procurement officer – a skilled individual in charge of working with suppliers and spend to optimize cost structure, profitability, and cash flow. But not many do. The problem may be the title. Procurement, vital as it is, sounds bland. But what if the job title ...

By Nikesh Parekh • Dec. 15, 2020

Pinterest Settles Gender Discrimination Suit

Social media company Pinterest has agreed to settle a gender discrimination and retaliation lawsuit brought by its former chief operating officer, Francoise Brougher, for $22.5 million.The settlement includes $2.5 million for use in “advancing women and underrepresented communities in the tech in...

By Lauren Muskett • Dec. 15, 2020

Buffett: Small Businesses Have Become Collateral Damage, Congress Should Renew PPP

Legendary investor Warren Buffett joined Goldman Sachs Group CEO David Solomon and CNBC’s Becky Quick on “Squawk Box” for a phone interview Tuesday to discuss the impact of the pandemic on small businesses.The Pandemic and Small Business: The CEO of Berkshire Hathaway said the country owes it to ...

By Lauren Muskett • Dec. 15, 2020

How to Prioritize Employee Health and Wellness

The CEO and head of HR aren’t the only people who should be taking care of your employees’ health and well-being. As the leader of the financial team, it’s your job to keep your employees healthy and safe as well — to take the lead as COVID-19 continues to make headlines around the world.As McKin...

By Paul Herrerias • Dec. 14, 2020

Is China Stepping Up Fintech Regulation a Good Thing?

Fintech has spread throughout China extensively over the last few years. But for the most part, it’s also gone unregulated. Recent investments in this field have accelerated its growth, with some fintech banks reaching values of several billion dollars.As developments in fintech continue to emerg...

By Lauren Muskett • Dec. 14, 2020

EA to Buy U.K. Gaming Company Codemasters for $1.2B

Electronic Arts has reached a deal to buy the U.K. videogame developer Codemasters in a deal worth $1.2 billion. The company is best known for its F1 and Dirt racing game franchises.“Our industry is growing, the racing category is growing, and together we will be positioned to lead in a new era o...

By Lauren Muskett • Dec. 14, 2020

Zurich to Buy MetLife Property and Casualty Business

Zurich Insurance Group has reached an agreement to buy MetLife’s Metropolitan Property and Casualty Insurance busines in a $3.94 billion cash transaction, the companies said.Zurich said the deal will give it nationwide presence in the U.S. and access to MetLife’s distribution channels to 3,800 co...

By Lauren Muskett • Dec. 11, 2020

Electric Last Mile Delivery Vehicle Maker Chooses SPAC Merger

Electric delivery van company Electric Last Mile Solutions is set to go public through a SPAC merger with Forum Merger III.The deal values the company at $1.4 billion. Forum Merger III shareholders will own 17.6% of the new company. Electric Last Mile will trade under the ticker “ELMS” on the NAS...

By Vincent Ryan • Dec. 11, 2020

CFOs On the Move: Week Ending December 11

Andre Schulten Procter & Gamble promoted Andre Schulten to finance chief, effective March 1. Schulten, who joined the company in 1996, is currently senior vice president of baby care in North America. Earlier in his career, Schulten held other roles, including senior vice president of finance...

By Lauren Muskett • Dec. 11, 2020