Dillard’s department store.

Source: Zereshk | Wikipedia

Shares of Dillard’s gained 27% on Monday — at one point during the session jumping more than 40% — after one of Warren Buffett’s investing lieutenants disclosed a personal stake in the embattled retailer.

According to filings with the Securities and Exchange Commission, Ted Weschler, who is an investment manager at Berkshire Hathaway, bought roughly 1.08 million shares of Dillard’s, or about 5.89% of shares outstanding.

The Friday filing shows that Weschler topped the 5% threshold on Sept. 29. The filing noted that the shares will be held in a trust on behalf of Weschler’s family members.

Shares of Dillard’s are down more than 40% this year amid lackluster sales. In the latest quarter, however, the retailer reported a much smaller-than-expected quarterly loss thanks to inventory and cost control measures. Revenue, however, came up short.

Weschler, along with Buffett’s other protege, Todd Combs, have been responsible in recent years for steering Berkshire into some winning bets in the technology sector.

Weschler joined Berkshire Hathaway in early 2012 after spending a total of $5.3 million for two meals with Buffett through Buffett’s annual “Power Lunch” charity auction.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source Article



a close up of a logo: The Twilio (TWLO) logo is displayed over a white background on a smartphone screen.


© Source: rafapress / Shutterstock.com
The Twilio (TWLO) logo is displayed over a white background on a smartphone screen.

Twilio (NYSE:TWLO) stock is on the rise Monday following merger and acquisition (M&A) news that it’s acquiring Segment for $3.2 billion.



a close up of a cell phone screen with text: The Twilio (TWLO) logo is displayed over a white background on a smartphone screen.


© Provided by InvestorPlace
The Twilio (TWLO) logo is displayed over a white background on a smartphone screen.

Twilio won’t be spending cash to acquire the cloud data company. Instead, it’s going to fund the entirety of the $3.2 billion purchase price with shares of TWLO stock. This will have Segment becoming a division of Twilio.

Twilio notes that the deal will improve its customer engagement offerings to developers and companies. It will also increase its total addressable market to $79 billion. It notes that this should speed up its growth plans.

Jeff Lawson, co-founder and CEO of Twilio, said the following about the M&A news.

“Combined with Twilio’s Customer Engagement Platform, we can create more personalized, timely and impactful engagement across customer service, marketing, analytics, product and sales. We are thrilled to welcome Segment to the Twilio team.”

Twilio points out that the transaction has the support of both companies’ Boards of Directors. The deal still needs to complete customary closing conditions before completion. That includes approval from regulators and shareholders. So long as there’s no trouble in these areas, the deal is on target to close in the fourth quarter of 2020.

The deal has Twilio getting financial advice from Morgan Stanley and legal advice from Cooley LLP. Segment’s financial and legal advisors for the deal are Qatalyst Partners and Goodwin Procter, respectively.

TWLO stock was up 7.5% as of Monday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Continue

Adds latest prices, analyst comments

JOHANNESBURG, Oct 12 (Reuters)South Africa’s rand firmed slightly on Monday, clinging to the previous week’s gains spurred by hopes for the conclusion a stimulus package in the United States.

At 1500 GMT the rand ZAR=D3 was 0.14% firmer at 16.4750 per dollar compared to an close of 16.4975 on Friday in New York.

The expectations of stimulus in the world’s largest economy have provided a welcome boost for the rand by weakening the dollar .DXY and boosting appetite for risk-sensitive currencies.

Traders, however, warned that the cheer was thinning. On Friday, President Donald Trump offered a $1.8 trillion coronavirus relief package in talks with House Speaker Nancy Pelosi – moving closer to Pelosi’s $2.2 trillion proposal.

A holiday in the United States kept volumes thin and traders cautious of any big bets.

Locally, anticipation ahead of Thursday’s address in parliament by President Cyril Ramaphosa, in which he has promised to outline the government’s economic recovery plan, has also kept trading on the cautious side.

Treasury is set to publish its medium term budget (MTBPS) in two weeks time.

“The rand continues to average around R16.50/$ this quarter, in line with our forecasts, and will be subject to volatility, with risks around the MTBPS, Moody’s, S&P and Fitch country reviews and global financial market sentiment,” said Annabel Bishop of Investec.

Bonds firmed, with the yield on the benchmark 2030 paper ZAR2030= down 6 basis points to 9.435%.

In the equities market, the Johannesburg All Shares index .JALSH closed 0.67% firmer at 55,552 points while the Top-40 index .JTOPI climbed 0.74% to 51,158 points.

Leading the gainers was troubled retailer Steinhoff SNHJ.J, which continued to rise after it said on Friday discussions about a $1

  • Shares of Dillard’s jumped more than 40% on Monday after one of Warren Buffett’s investing lieutenants disclosed a personal stake in the embattled retailer.
  • Ted Weschler, who is an investment manager at Berkshire Hathaway, bought roughly 1.08 million shares of Dillard’s, or about 5.89% of shares outstanding.



Dillard's department store.


© Provided by CNBC
Dillard’s department store.

Shares of Dillard’s jumped 45% on Monday after one of Warren Buffett’s investing lieutenants disclosed a personal stake in the embattled retailer.

Loading...

Load Error

According to filings with the Securities and Exchange Commission, Ted Weschler, who is an investment manager at Berkshire Hathaway, bought roughly 1.08 million shares of Dillard’s, or about 5.89% of shares outstanding.

The Friday filing shows that Weschler topped the 5% threshold on Sept. 29. The filing noted that the shares will be held in a trust on behalf of Weschler’s family members.

Shares of Dillard’s are down more than 40% this year amid lackluster sales. In the latest quarter, however, the retailer reported a much smaller-than-expected quarterly loss thanks to inventory and cost control measures. Revenue, however, came up short.

Weschler, along with Buffett’s other protégé Todd Combs, have been responsible in recent years for steering Berkshire into some winning bets in the technology sector.

Weschler joined Berkshire Hathaway in early 2012 after spending a total of $5.3 million for two meals with Buffett through Buffett’s annual “Power Lunch” charity auction.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Continue Reading

Source Article

  • Shares of Dillard’s jumped 15% during premarket trading on Monday after one of Warren Buffett’s investing lieutenants disclosed a personal stake in the embattled retailer.
  • Ted Weschler, who is an investment manager at Berkshire Hathaway, bought roughly 1.08 million shares of Dillard’s, or about 5.89% of shares outstanding.



Dillard's department store.


© Provided by CNBC
Dillard’s department store.

Shares of Dillard’s jumped 15% during premarket trading on Monday after one of Warren Buffett’s investing lieutenants disclosed a personal stake in the embattled retailer.

Loading...

Load Error

According to filings with the Securities and Exchange Commission, Ted Weschler, who is an investment manager at Berkshire Hathaway, bought roughly 1.08 million shares of Dillard’s, or about 5.89% of shares outstanding.

The Friday filing shows that Weschler topped the 5% threshold on Sept. 29. The filing noted that the shares will be held in a trust on behalf of Weschler’s family members.

Shares of Dillard’s are down more than 40% this year amid lackluster sales. In the latest quarter, however, the retailer reported a much smaller-than-expected quarterly loss thanks to inventory and cost control measures. Revenue, however, came up short.

Weschler, along with Buffett’s other protégé Todd Combs, have been responsible in recent years for steering Berkshire into some winning bets in the technology sector. Weschler joined Berkshire Hathaway in early 2012 after spending a total of $5.3 million for two meals with Buffett through Buffett’s annual “Power Lunch” charity auction.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Continue Reading

Source Article