CFOs On the Move: Week Ending February 12

Anat Ashkenazi Eli Lilly appointed Anat Ashkenazi as senior vice president and chief financial officer. Ashkenazi has worked at the pharmaceutical company since 2001, most recently as senior vice president, controller, and chief financial officer of Lilly Research Laboratories. She also led the c...

By Lauren Muskett • Feb. 12, 2021

Reg A+ Offerings Are Having a Moment

2020 ended up being a big year for capital raising outside of the traditional IPO process. But while SPACs got most of the headlines, it was also a breakout year for another IPO alternative: Reg A+.It’s now been six years since Reg A+ went into effect. The process was meant to make it easier for ...

By Lauren Muskett • Feb. 11, 2021

Explore the Trendline➔

Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

SEC Sends a Message to Social Media Stock Promoters

The Securities and Exchange Commission may be looking to head off future social media-driven stock trading frenzies. On Thursday morning, the commission suspended trading in a “pink sheets” stock that has been the subject of hype on Twitter and other social media platforms.Since January, accordin...

By Vincent Ryan • Feb. 11, 2021

SEC Urges Heightened Disclosure During Volatility

The U.S. Securities and Exchange Commission has recommended that companies include additional information and risk factors in their disclosures when they sell shares in particularly volatile market conditions.The move comes 10 days after the SEC said it would work to protect investors by reviewin...

By Matthew Heller • Feb. 9, 2021

Clover Health Shares Rally After Short-Seller’s Report

Shares of Clover Health Investments closed higher on Friday after the insurer said it acted appropriately in not disclosing it was under investigation by the U.S. Department of Justice.According to Hindenburg Research, which published a critical report on Clover on Thursday, the company knew abou...

By Matthew Heller • Feb. 8, 2021

Surprising Earnings Growth Seen for Fourth Quarter

The corporate profitability picture brightened in the fourth quarter, with earnings growth projected for S&P 500 companies for the first time since the end of 2019.According to data from Refinitiv, S&P 500 earnings are expected to have increased 0.9% in the fourth quarter from a year ago,...

By Matthew Heller • Feb. 4, 2021

Audit Chairs Give 2020 Audits Mixed Reviews

Big Four firms have been touting improvements in audit quality for a couple of years, mostly to stem the tide of criticism about their evident failures to spot fraud and foresee the imminent financial collapse of some large companies.But have audits really improved? The Public Accounting Oversigh...

By Vincent Ryan • Feb. 2, 2021

6 Fintech Executives Give Their Predictions for 2021

There’s an ancient Chinese proverb that says, “When the winds of change blow, some people build walls and others build windmills.“The winds of change blew in 2020, politically, socially, and economically. It brought about the greatest period of turmoil since the global financial crisis — the even...

By Lauren Muskett • Feb. 1, 2021

Robinhood Raises $1B Amid GameStop Firestorm

The trading app Robinhood raised $1 billion and drew from an existing credit line amid widespread backlash from investors and lawmakers over its decision to limit trading in GameStop and other securities after a Reddit-inspired run-up in the share price of the video-game retailer.Robinhood co-chi...

By Lauren Muskett • Jan. 29, 2021

CFOs On the Move: Week Ending January 29

Thad Trent will take over as CFO at ON Semiconductor on February 16. Trent has held several leadership roles throughout his nearly 30-year finance career, most recently as finance chief at Cypress Semiconductor. Under his leadership, revenue at Cypress increased from $723 million to $2.5 billion,...

By Lauren Muskett • Jan. 29, 2021

Visa Beats Estimates on Online Shopping Surge

Visa reported better-than-expected quarterly earnings as a surge in online shopping over the holidays helped make up for the continuing slump in international travel.For the first quarter, Visa’s profit fell to $3.13 billion, or $1.42 a share, from $3.27 billion, or $1.46 a share, a year earlier....

By Matthew Heller • Jan. 29, 2021

Cryptocurrency Crime Fell Last Year

Thefts of cryptocurrencies, hacks, and fraud totaled $1.9 billion in 2020, a 57% drop year-over-year, according to a report from the crypto-intelligence firm CipherTrace. However, crimes in the decentralized finance (DeFi) category continued to grow.In 2019, in contrast, losses were a record $4.5...

By Lauren Muskett • Jan. 28, 2021

Apple Tops Q1 Earnings Expectations

Apple reported fiscal-year 2021 first-quarter results that came in well ahead of estimates, with iPhone, wearables, and services all ringing in record revenues. Geographically, Greater China region stood out, with 57% year-over-year increase in revenues.Apple’s Key Numbers: First-quarter net inco...

By Lauren Muskett • Jan. 28, 2021

IMF More Optimistic on Global Growth

The International Monetary Fund has revised its global growth forecast for 2021 but warned that new COVID variants could derail the economic recovery.In its latest World Economic Outlook, the IMF said it expects the global economy to grow at 5.5% this year, up three-tenths of a percentage point f...

By Lauren Muskett • Jan. 27, 2021

Starbucks’ U.S. Sales Fall Amid COVID-19 Surge

Starbucks’ quarterly earnings beat Wall Street estimates but same-store sales in the U.S. dropped, reflecting reduced customer traffic and store closures due to the surge in new COVID-19 infections.For the first quarter, Starbucks reported adjusted earnings of 61 cents per share as total net sale...

By Matthew Heller • Jan. 27, 2021

AT&T Takes $15B Writedown on Ailing DirecTV

AT&T said Wednesday it had taken a $15.5 billion writedown on its ailing DirectTV business, overshadowing growth in its HBO Max streaming and core wireless services.The disclosure of the writedown came as AT&T reported that it lost another 617,000 premium TV subscribers in the fourth quar...

By Matthew Heller • Jan. 27, 2021

Strong Cash Flow Boosts GE Turnaround Hopes

General Electric reported lower-than-expected quarterly earnings on Tuesday but its shares rose as investors focused on the strong cash flow that finished the year.For the fourth quarter, GE earned 8 cents per share on an adjusted basis, missing analysts’ estimates of 9 cents per share. But the c...

By Matthew Heller • Jan. 26, 2021

CFOs Faced Late Activism Surge, ESG Demands in 2020

Through the first three quarters of 2020, all was relatively quiet on the global shareholder activism front. Then, in the fourth quarter, activists broke loose. Fifty-seven new campaigns launched, including broadsides against Intel, Public Storage, ExxonMobil, and The Walt Disney Company. (See ch...

By Vincent Ryan • Jan. 22, 2021

Instacart Fires Workers Who Formed Union

The online grocery shopping app Instacart is firing workers who voted to form a union last year as part of a wider round of layoffs that will affect more than 1,800 in-store shoppers.The news comes as Instacart is eyeing a possible initial public offering. Last fall, the company reportedly tapped...

By Lauren Muskett • Jan. 22, 2021

IBM Shares Dive As Revenue Woes Continue

IBM’s quarterly revenue fell for a fourth consecutive quarter, driving its shares down even though it is anticipating growth this year as sales recover from the coronavirus pandemic.IBM reported Thursday that revenue declined 6% to $20.37 billion, the sharpest dip in five years. Sales fell across...

By Matthew Heller • Jan. 22, 2021

Trump Pardons Ex-Google Engineer

U.S. President Donald Trump issued 73 full pardons Tuesday, including one to former Google engineer Anthony Levandowski, who led efforts to create autonomous vehicles and was a founding member of Google’s self-driving automobile project, Project Chauffeur.Levandowski left Google in 2016 to found ...

By Lauren Muskett • Jan. 20, 2021

Biden to Issue Executive Orders on Day One

President-elect Joe Biden’s aides say the president will sign more executive orders on day-one than any of his predecessors, followed by additional regulatory and policy changes over the coming weeks, Bloomberg reports.Senior members of the Biden’s policy team said in a press briefing Tuesday tha...

By Lauren Muskett • Jan. 20, 2021

Netflix Tops 200M Subs, Sees Positive Cash Flow

Netflix shares jumped in extended trading Tuesday after the streaming giant reported better-than-expected quarterly subscriber growth and said it was “very close” to being sustainably cash-flow positive.Netflix has not reported full-year positive cash flow since 2011, when it had just 26 million ...

By Matthew Heller • Jan. 20, 2021

Is Financial Tracking Part of Your Company’s Transformation?

Business change is inevitable, but sometimes something larger than change is needed. A change is when a company decides to alter or modify the way it does business. This is typically triggered by a perceived discontent about the way things are.A business transformation is different than making a ...

By Vincent Ryan • Jan. 20, 2021

Office Depot Rejects Takeover Bid While MGM Won’t Up Entain Offer

Office Depot has rejected a takeover offer from Staples citing regulatory concerns, but the company signaled it was open to moving forward with a separate, streamlined transaction or joint venture with its rival.In a letter, Joseph Vassalluzzo, the chairman of Office Depot’s parent, ODP, said the...

By Lauren Muskett • Jan. 19, 2021