Latest news with #ElliotManagement
Daily Mail
16 hours ago
- Business
- Daily Mail
Claire's Accessories in 'last ditch' rescue plan ahead of looming £355m debt repayment
Claire's Accessories has reportedly brought in advisers to draw up a last-ditch rescue plans ahead of a debt repayment. The high street retailer, which has 300 shops in Britain, has hired restructuring specialists Interpath to search for investors for all or part of its UK operations, according to The Telegraph. The last-ditch plan comes ahead of a looming debt repayment on a $480million (£355million) loan which has to be repaid by December 2026. In a bid to reclaim some costs, there are concerns a restructuring could lead to closures among its 2,300 stores across the world, and pull out of some countries completely. At the same time, Claire's Accessories UK arm has racked up losses of £25million over the last three years. In the year to March 2024, it fell £4.7million into the red, a slight fall from £5million in the previous period, while turnover dipped to £137million. It has also struggled with increased US import costs as President Trump hiked tariffs on goods from China, where the majority of the items it sells come from, and competition from online retailers like Amazon. It is the latest setback for Claire's Accessories after it filed for Chapter 11 bankruptcy in the US to restructure its debts. In 2018, Elliot Management and Monarch Alternative Capital took control of its stores as former creditors. And it is reported that it is now working with advisers at Houlihan Lokey and Alvarez and Marsal on a deal for its US operations to seek bankruptcy protection. Claire's Accessories joins other British high street staples that are struggling with ballooning costs. WH Smith agreed to sell its 480 stores to Hobbycraft owner Modella Capital and will rebrand to TGJones, while River Island recently announced 33 store closures blaming rising costs and customers shopping online.
Yahoo
16-06-2025
- Business
- Yahoo
Honeywell International (HON): Jim Cramer Loves Its Quantum Computing Honesty
We recently published a list of . In this article, we are going to take a look at where Honeywell International Inc. (NASDAQ:HON) stands against other stocks that Jim Cramer discusses. Honeywell International Inc. (NASDAQ:HON) is one of the largest industrial conglomerates in America. Its shares are flat year-to-date after having experienced a massive 15% post-Liberation Day dip in April and a 7.6% fall in January. However, since the April dip, Honeywell International Inc. (NASDAQ:HON)'s stock has gained 24%. 2025 has been full of news for the firm, with one notable development occurring in May after activist investor Elliot Management managed to secure a seat on the firm's board. However, Cramer's remarks about Honeywell International Inc. (NASDAQ:HON) focused on the firm's quantum computing business. Here's what he said: 'I mean, Honeywell's been very honest and said listen, we're not ready.' A shot of a commercial plane with a blur of color in the background, representing the production of auxiliary power units in the Safety and Productivity Solutions segment. The CNBC TV host discussed Honeywell International Inc. (NASDAQ:HON) in the context of NVIDIA CEO Jensen Huang injecting fresh life into quantum computing stocks after commenting that a breakthrough could be possible. Cramer's earlier remarks about the firm expressed confidence in its management: 'Jeff and I talked about this endlessly. We think the stock is dramatically undervalued. We think that Vimal Kapur is doing everything right. We could not believe how low the stock got. I am a firm believer and a buyer of Honeybell even at these levels. Yes, I like it that much. It was down 8% last week. That's nutty.' While we acknowledge the potential of HON as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
BBC News
26-02-2025
- Business
- BBC News
BP to slash renewables investment and ramp up gas and oil production.
BP is expected to announce it will slash its renewable energy investments and instead focus on increasing oil and gas energy giant will outline its strategy later following pressure from some investors unhappy its profits and share price have been much lower than its and Norwegian company Equinor have already scaled back their plans to invest in green energy. Meanwhile US President Donald Trump's "drill baby drill" comments have encouraged investment in fossil fuels and a move away from low carbon shareholders and environmental groups have voiced concerns over any potential ramping up on production of fossil fuels. Five years ago, BP set some of the most ambitious targets among large oil companies to cut production of oil and gas by 40% by 2030, while significantly ramping up investment in 2023, the company lowered this oil and gas reduction target to 25%. It is now expected to abandon it altogether while confirming it is cutting investments in renewable energy by more than half in what chief executive Murray Auchincloss called a "fundamental reset".In 2024, BP's net income fell to $8.9bn (£7.2bn) down from $13.8bn the previous Auchincloss is under pressure to boost profits from some shareholders including the influential activist group Elliot Management, which took a near £4 billion stake in the £70 billion company to push for more investment in oil and 2020 when former chief executive Bernard Looney first unveiled his strategy, shareholders have received total returns including dividends of 36% over the last five years. In contrast, shareholders in rivals Shell and Exxon have seen returns of 82% and 160% under performance has prompted speculation that it may be a takeover target or may consider moving its main stock market listing to the US where oil and gas companies command higher valuations. Not all shareholders want the company to change course so week, a group of 48 investors called on the company to allow them a vote on any potential plans to move away from its previous commitments to renewables.A spokesperson for one of the signatories, Royal London Asset Management, said: "As long-term shareholders, we recognise BP's past efforts toward energy transition but remain concerned about the company's continued investment in fossil fuel expansion."The environmental group Greenpeace UK has warned BP could expect "pushback and challenge at every turn if it doubles down on fossil fuels - not just from green campaigners but from its own shareholders".Senior climate adviser Charlie Kronick said: "Government policies will also need to prioritise renewable power, and as extreme weather puts pressure on insurance models - policymakers will be looking to fossil fuel profits as a way to fund extreme weather recovery. BP might want to seriously put the brakes on this U-turn."AJ Bell analyst Russ Mould said this was one of the most significant moments for BP in the last four or five years."Other energy companies have been clearer about their intentions thus far than BP," he said."They need to prove to people that after a difficult operational and share price performance compared to their peers, that they're looking to do something about it, not just let things drift along, he has already placed its offshore wind business in a joint venture with Japanese company Jera and is looking to find a partner to do the same with its solar business. The refocus on oil and gas could also see sales of other businesses in order to get "non-core stuff off the books" as insiders describe it. It is over 20 years since former chief executive Lord John Browne said BP could stand for "Beyond Petroleum" as he launched the company's first tentative moves away from oil and gas. Today's strategy shift could be dubbed "Back to Petroleum" - to the delight of some shareholders and to the dismay of others. Both BP and Elliott management declined to comment.
Wall Street Journal
10-02-2025
- Business
- Wall Street Journal
Stocks to Watch Monday: U.S. Steel, Cleveland-Cliffs, BP
↗️ BP (UK:BP , BP) : London-listed shares in BP rose following the news that activist hedge fund Elliot Management has built a stake in the struggling British oil-and-gas producer. ↗️ Meta Platforms (META): The Facebook parent is on track for a 16th straight daily advance. On Friday, the stock broke the record held by Tesla for the longest streak of daily gains among the "Magnificent Seven" tech stocks.
