Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing

New AMZN OPCH FIS UBER TSM ICE positions, Exited CL NATI

Highlights from Q2 2023 filing as compared to Q1 2023:

• New positions in: AMZN (~4.1 mln shares), OPCH (~3.5 mln), FIS (~0.3 mln), UBER (~2.78 mln), TSM (~2.45 mln), ICE (~1.85 mln), ATVI (~1.65 mln), HZNP (~0.5 mln), NVDA (~0.5 mln), BKI (~0.46 mln)
• Increased positions in: BABA (to ~2.95 mln shares from ~1.33 mln shares), DEN (to ~1.68 mln from ~0.25 mln), VST (to ~3.32 mln from ~2.12 mln), J (to ~1.35 mln from ~0.19 mln), HTZ (to ~7.32 mln from ~6.35 mln), DD (to ~4.6 mln from ~4 mln), MSFT (to ~1.52 mln from ~1.05 mln) MU (to ~1.55 mln from ~1.2 mln), AMD (to ~1.2 mln from ~1 mln) IFF (to ~2.65 mln from ~2.55 mln)
• Maintained positions in: BBWI (~13.85 mln shares), AIG (~2.95 mln shares), FERG (~1.28 mln shares)
• Closed positions in: CL (from ~11.05 mln shares) NATI (from ~2 mln), NPWR (from ~1.5 mln), TECK (from ~1.15 mln), CTLT (from ~0.2 mln), HCNE (from ~0.99 mln), CRM (from ~0.8 mln), UNH (from ~0.34 mln)
• Decreased positions in: PCG (to ~54 mln shares from ~59.25 mln shares), GOOGL (to ~1.43 mln from ~4.75 mln), HCA (to ~0.6 mln from ~0.86 mln), EGGF (to ~0.95 mln from ~1.1 mln), DHR (to ~2.6 mln from ~2.75 mln)

Insider Trading : Mon 5/22/23

Notable purchases -- President adds to GEN; notable sales -- CMO active in MSFT

Buyers:

• BFH 10% owner Turtle Creek Asset Management bought 112,944 shares at $28.50 - $30.25 worth ~$3.4 mln.
• FSTR 10% owner bought 31,675 shares at $10.715 - $11.245 worth ~$345K.
• GEN President bought 300,000 shares at ~$15.79 worth ~$4.7 mln.
• GLDD Director bought 133,788 shares at $6.58 - $6.90 worth ~$911K.
• MP Chief Operating Officer bought 10,000 shares at $21.21 worth ~$212K.
• PRAA President and CEO bought 40,000 shares at $18.61 - $19.04 worth ~$752K.

Sellers:

• CINF Director sold 20,000 shares at ~$102.7388 worth ~$2.1 mln.
• MSFT EVP/Chief Marketing Officer sold 5,000 shares at ~$316.8707 worth ~$1.6 mln.

Activision Blizzard (ATVI) to be acquired by Microsoft (MSFT) for $68.7 billion

• Microsoft is acquiring Activision, the troubled publisher of Call of Duty, World of Warcraft, and Diablo. The deal will value Activision at $68.7 billion, far in excess of the $26 billion Microsoft paid to acquire LinkedIn in 2016. It’s Microsoft’s biggest push into gaming, and the company says it will be the “third-largest gaming company by revenue, behind Tencent and Sony” once the deal closes.
• Satya Nadella says the deal ‘will play a key role in the development of metaverse platforms’
• Microsoft’s deal comes after months of sexual harassment claims against Activision Blizzard. Last July, the California Department of Fair Employment and Housing (DFEH) sued Activision Blizzard for promoting a culture of “constant sexual harassment.” More employees have come forward with more allegations of sexual misconduct ever since, and the company reached an $18 million settlement with the US Equal Employment Opportunity Commission in September. 
  

 

 

 

 

Activision Blizzard: Microsoft Corp. (MSFT) confirms plans to acquire Activision Blizzard for $95.00 per share, in an all-cash transaction valued at $68.7 billion 

• Microsoft will acquire Activision Blizzard for $95.00 per share, in an all-cash transaction valued at $68.7 billion, inclusive of Activision Blizzard's net cash. When the transaction closes, Microsoft will become the world's third-largest gaming company by revenue, behind Tencent and Sony. The planned acquisition includes iconic franchises from the Activision, Blizzard and King studios like "Warcraft," "Diablo," "Overwatch," "Call of Duty" and "Candy Crush," in addition to global eSports activities through Major League Gaming. The company has studios around the word with nearly 10,000 employees. Bobby Kotick will continue to serve as CEO of Activision Blizzard, and he and his team will maintain their focus on driving efforts to further strengthen the company's culture and accelerate business growth. Once the deal closes, the Activision Blizzard business will report to Phil Spencer, CEO, Microsoft Gaming.
• The transaction is subject to customary closing conditions and completion of regulatory review and Activision Blizzard's shareholder approval. The deal is expected to close in fiscal year 2023 and will be accretive to non-GAAP earnings per share upon close. The transaction has been approved by the boards of directors of both Microsoft and Activision Blizzard.
• Microsoft Chairman and CEO Satya Nadella; Bobby Kotick, CEO, Activision Blizzard; CEO, Microsoft Gaming, Phil Spencer; and Microsoft Chief Financial Officer Amy Hood will host a webcast for investors and media on Jan. 18, 2022, at 6 a.m. Pacific time/9 a.m. Eastern time regarding this transaction.

-=Nuance Communications (NUAN) to be acquired by Microsoft (MSFT) for $56.00/share

 

Nuance Communications confirms agreement to be acquired by Microsoft (MSFT) for $56.00/share in cash; expects deal to be minimally dilutive in FY22, accretive in FY23 non-GAAP EPS 

Microsoft and Nuance Communications have entered into a definitive agreement under which Microsoft will acquire Nuance for $56.00 per share, implying a 23% premium to the closing price of Nuance on April 9, in an all-cash transaction valued at $19.7 bln, inclusive of Nuance's net debt.

Mark Benjamin will remain CEO of Nuance, reporting to Scott Guthrie, EVP of Cloud & AI at Microsoft.

By augmenting the Microsoft Cloud for Healthcare with Nuance's solutions, as well as the benefit of Nuance's expertise and relationships with EHR systems providers, Microsoft will be better able to empower healthcare providers through the power of ambient clinical intelligence and other Microsoft cloud services. The acquisition will double Microsoft's total addressable market (TAM) in the healthcare provider space, bringing the company's TAM in healthcare to nearly $500 bln.

Upon closing, Microsoft expects Nuance's financials to be reported as part of Microsoft's Intelligent Cloud segment. Microsoft expects the acquisition to be minimally dilutive (less than 1%) in fiscal year 2022 and to be accretive in fiscal year 2023 to non-GAAP earnings per share, based on the expected close timeframe. Non-GAAP excludes expected impact of purchase accounting adjustments, as well as integration and transaction-related expenses. The acquisition will not impact the completion of its existing share repurchase authorization.

The transaction is intended to close by the end of this calendar year.

=Microsoft (MSFT) reported earnings on Wed 24 Apr 2019 (a/h)

Microsoft beats by $0.14, beats on revs
Reports Q3 (Mar) earnings of $1.14 per share, $0.14 better than the S&P Capital IQ Consensus of $1.00; revenues rose 14.0% year/year to $30.57 bln vs the $29.86 bln S&P Capital IQ Consensus.

• Co says demand for its cloud offerings drove commercial cloud revenue to $9.6 bln, up 41% yr/yr.
• Revenue in Intelligent Cloud was up 22% to $9.7 bln; Productivity and Business Processes revenue rose 14% to $10.2 bln; More Personal Computing rose 8% yr/yr to $10.7 bln.

Earnings this week : Apr 22 - 26, 19 (wk 17)

777 companies reporting, 155 companies in the S&P 500 index.

Monday (April 22)

Markets closed in Europe, Canada, Hong Kong and Australia for Easter Monday holiday

Europe:

• STOXX Europe 600: closed
• Germany's DAX: closed
• U.K.'s FTSE 100: closed
• France's CAC 40: closed
• Italy's FTSE MIB: closed
• Spain's IBEX 35: closed

Asia: Hang Seng  CLOSED  Shanghai  open  Nikkei open

• Morning: AVX BOH CBU GWW HAL HNI KMB LECO LII NVR ONB STLD TCF
• Afternoon:  ACC ALSN BEDU BRO CDNS CE CMRE EGP ELS HLX HSTM IBTX MINI NBTB RMBS RRC SFNC WAL WHR ZION

Tuesday (April 23)

• Morning:  ABCB ABG ARCH ASTE ATI AXE BANC CIT CNC DGX EDU FBC FCF FELE FITB FNB GPK HAS HOG IRDM JBLU KO LMT MTG NEE NTRS NUE PG PHM PII PPBI SHW SNV STT TECK TRU TWTR UMBF UTX VZ WAT WSO
• Afternoon:  AMTD BXMT CHFC CP CSGP CSL EBAY EW FCPT FE FMBI FR HA HIW HXL IRBT KALU LRN LTXB MANH MMSI MTH NAVI NBHC NWE RHI RNST SITC SIX SNAP SPN SYK TER TRMK TSS TXN UCBI VMI WRB

Wednesday (April 24)

• Morning:  ANTM APD APH AVY AXTA BA BCO BIIB BKU BOKF BSX CAT CSTM CVE DPZ DTE EVR FBP FCFS FLIR FSV GATX GD GNTX IART KNX LAD MCO MHO MKTX NDAQ NOC NSC NVS OC PB RES ROL SAP SIRI SLAB SLGN STM SWK SXC T TDY TEL TMO TROW TUP UMC
• Afternoon:  AGNC AGR AKR ALGN ALGT AMP ARI ASGN AVB AXS AXTI AZPN BCOV BDN BHE CHDN CINF CLB CLGX CMG CNMD COR CTXS CUBI CUZ CVBF DRE ECHO EIG ESRT ESS FB FBHS FFIV FNF FWRD GGG HP ISBC KN KRA LRCX LSTR MEOH MSA MSFT NOW NTGR OIS ORLY PKG PTC PYPL QEP RJF ROIC SAM SAVE SCI SEIC STL SUI SWI TILE TRN TSLA UFPI V VAR WCN WPG WRE XLNX

Thursday (April 25)

• Morning:  AAN AB ABBV ADS AEP ALKS ALLE ALXN ASPS AUO BAX BC BMY BWA CBZ CFR CLF CLS CMCS.A CMS CNSL COLB COWN CRR CRS CTS CWT DHI DLX ENTG EQT FAF FCN FCX GLOP GNC GPI GRA GRC HBAN HEES HES HSY HZO IBKC IP IRM ITW IVZ LANC LAZ LKQ LUV MAS MDCO MMC MMM MO NCI NEM NOK NTB NVT ODFL ORI PAG PATK PDS PRLB PTEN ROK ROP RS RTN SAH SHOO SSTK TAL TPH TSCO TZOO UBSI UPS VC VLO VLY WAB WEC WM WNS WST WWE XEL XRX YNDX
• Afternoon:  AEM AFL AJG ALK AMZN ASB ATEN ATRC AVT BABY BEAT BGG BJRI BMRN BOOM BYD CERN CIR COF COLM CUBE CVA CXP CY DFS DLR EHC EMN ENVA F FET FFBC FHB FII FIX FTI FTV GCAP GRUB HTA HTH IEX ILMN INT INTC JNPR KNL LMAT LOGM MAT MHK MOBL NOV NR OMCL PEB PFG PFPT PKI POWI PRO RSG SBCF SBUX SFLY SGEN SIVB SKYW SPSC SWN TMUS UHS VCRA VLRS VRSN VVI WERN  (finviz charts)

Friday (April 26) :

• Morning:  AAL ADM AIMC AIT ALV AN AON ARD AZN B BEN BLMN CIGI CL COG CVX GT GVA HELE HRC IMAX IMO IPG LEA LYB MOG.A PFS POR SBSI SNE SNY TREE TYPE VRTS VTR WBC WETF WY XOM ZBH
• Afternoon: 

What's in a name?: Weight Watchers (NASDAQ:WTW) begins trading under its new ticker symbol WW on April 22. The company has also rebranded its corporate identity to WW to fall in line with its transition to a global wellness company. Shares of Weight Watchers have been in a downward skid, down 51% YTD and 71% lower over the last 52 weeks.

Notable earnings reports: Halliburton (NYSE:HAL), Whirlpool (NYSE:WHR) on April 22; Twitter (NYSE:TWTR), Snap (NYSE:SNAP), eBay (NASDAQ:EBAY), Coca-Cola (KO), Verizon (VZ), Procter & Gamble (PG), Texas Instruments (NASDAQ:TXN) and United Technologies (UTX) on April 23; Tesla (TSLA), Facebook (NASDAQ:FB), Microsoft (MSFT), Visa (V), Caterpillar (CAT), AT&T (NYSE:T), Chipotle (NYSE:CMG), PayPal (NASDAQ:PYPL) and Boeing (BA) on April 24; Amazon (NASDAQ:AMZN), Intel (NASDAQ:INTC), Starbucks (NASDAQ:SBUX), Ford (NYSE:F), Comcast (NASDAQ:CMCSA), UPS (NYSE:UPS), AbbVie (NYSE:ABBV) and Altria (NYSE:M)) on April 25; Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Archer Daniels Midland (NYSE:ADM) and IMAX (NYSE:IMAX) on April 26.

Some implied moves for earnings this week (777 companies reporting):

$IRBT 12.9%
$AMZN 4.3%
$FB 6.0%
$TWTR 10.4%
$MSFT 3.6%
$TSLA 9.0%
$PYPL 5.6%
$V 3.1%
$CMG 7.7%
$ALGN 9.5%
$LRCX 6.6%
$XLNX 8.2%
$FFIV 5.9%
$ORLY 6.5%
$SAM 9.4%
$CTXS 6.3%
$MMM 3.5%
$ABBV 4.5%
$INTC 4.5%
$INTC 4.5%
$SBUX 4.1%
$GRUB 14.6%
$F 4.7%
$ILMN 6.0%
$GWW 6.7%
$WHR 7.2%
$LMT 3.3%
$HOG 6.4%
$SHW 4.3%
$SNAP 15.5%
$EBAY 5.7%
$EW 6.4%
$AMTD 3.6%
$SYK 6.2%
$BA 4.6%
$CAT 5.0%
$DPZ 8.7%
$BIIB 5.2%
$GD 3.7%
$SWK 5.6%
$ANTM 7.0%
$BSX 4.9%

=Microsoft (MSFT) reported earnings on Thur 26 Oct 2017 (a/h)

Microsoft beats by $0.12, beats on revs 

• Reports Q1 (Sep) earnings of $0.84 per share, $0.12 better than the Capital IQ Consensus of $0.72; revenues rose 11.7% year/year to $24.5 bln vs the $23.57 bln Capital IQ Consensus.
• Revenue in Productivity and Business Processes was $8.2 billion and increased 28% (up 28% in constant currency), with the following business highlights:
  • Office commercial products and cloud services revenue increased 10% (up 10% in constant currency) driven by Office 365 commercial revenue growth of 42% (up 42% in constant currency)
  • Office consumer products and cloud services revenue increased 12% (up 10% in constant currency) and Office 365 consumer subscribers increased to 28.0 millio
  • Dynamics products and cloud services revenue increased 13% (up 12% in constant currency) driven by Dynamics 365 revenue growth of 69% (up 69% in constant currency)
  • LinkedIn contributed revenue of $1.1 billion during the quarter
• Revenue in Intelligent Cloud was $6.9 billion and increased 14% (up 13% in constant currency), with the following business highlights:
  • Server products and cloud services revenue increased 17% (up 17% in constant currency) driven by Azure revenue growth of 90% (up 89% in constant currency)
  • Enterprise Services revenue increased 1% (0% in constant currency) with growth in Premier Support Services offset by declines in custom support agreements
• Revenue in More Personal Computing was $9.4 billion and relatively unchanged (down 1% in constant currency), with the following business highlights:
  • Windows OEM revenue increased 4% (up 4% in constant currency), ahead of the overall PC market
  • Windows commercial products and cloud services revenue increased 7% (up 6% in constant currency) driven by annuity revenue growth
  • Search advertising revenue excluding traffic acquisition costs increased 15% (up 15% in constant currency) driven by higher revenue per search and search volume
  • Surface revenue increased 12% (up 11% in constant currency) driven by sales of the new Surface Laptop
  • Gaming revenue increased 1% (0% in constant currency) with Xbox software and services revenue growth of 21% (up 20% in constant currency) offset by lower hardware revenue

=====Microsoft (MSFT) reported earnings on Thur 20 Oct 2016 (a/h)

Microsoft beats by $0.08, beats on revs  :

• Reports Q1 (Sep) earnings of $0.76 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $0.68; adj. revenues rose 3.1% year/year to $22.33 bln vs the $21.69 bln Capital IQ Consensus. 
• Revenue in Productivity and Business Processes grew 6% (up 8% in constant currency) to $6.7 bln vs. $6.4-6.6 bln guidance, with the following business highlights:
  • Office commercial products and cloud services revenue grew 5% (up 8% in constant currency) driven by Office 365 commercial revenue growth of 51% (up 54% in constant currency)
  • Office consumer products and cloud services revenue grew 8% (up 8% in constant currency) and Office 365 consumer subscribers increased to 24.0 mln
  • Dynamics products and cloud services revenue grew 11% (up 13% in constant currency) driven by Dynamics online revenue growth
• Revenue in Intelligent Cloud grew 8% (up 10% in constant currency) to $6.4 bln vs. $6.1-6.3 bln guidance, with the following business highlights:
  • Server products and cloud services revenue increased 11% (up 13% in constant currency) driven by double-digit annuity revenue growth Azure revenue grew 116% (up 121% in constant currency) with Azure compute usage more than doubling year-over-year
  • Enterprise Services revenue increased 1% (up 2% in constant currency) with growth in Premier Support Services and consulting offset by declines in custom support agreements
• Revenue in More Personal Computing declined 2% (down 1% in constant currency) to $9.3 bln vs. $8.7-9.0 bln guidance, with the following business highlights:
  • Windows OEM revenue was flat year-over-year (flat in constant currency), slightly ahead of the PC market

LinkedIn (LNKD) to be acquired by Microsoft (MSFT) for $26.2 billion

     

• LinkedIn (LNKD) to be acquired by Microsoft (MSFT) for $26.2 billion or $196/share.  (6/13/16)

Microsoft Corp. snapped up LinkedIn Corp. for $26.2 billion in the largest acquisition in its history, betting the professional social network can rev up the tech titan’s software offerings despite recent struggles by both companies.

The deal is Chief Executive Satya Nadella’s latest effort to revitalize Microsoft, which was viewed not long ago as left behind by shifts in technology. Mr. Nadella hopes the deal will open new horizons for Microsoft’s Office suite as well as LinkedIn, both of which have saturated their markets, and generally bolster Microsoft’s revenue and competitive position.

For instance, connecting Office directly to LinkedIn could help attendees of meetings learn more about one another directly from invitations in their calendars. Sales representatives using Microsoft’s Dynamics software for managing customer relationships could pick up useful tidbits of background on potential customers from LinkedIn data.

Microsoft also sees opportunities in Lynda.com, a channel for training videos that LinkedIn bought for $1.5 billion last year. Microsoft will be able to offer Lynda’s videos inside its own software, such as Excel spreadsheets.

Jeff Weiner, CEO of LinkedIn (left) and chairman Reid Hoffman (right) with Satya Nadella, CEO of Microsoft (centre).

Microsoft will pay $196 per LinkedIn share, a 50% premium to the social network’s closing price on Friday. Both boards approved the deal, and Reid Hoffman, LinkedIn’s chairman and controlling shareholder, supports the transaction. LinkedIn Chief Executive Jeff Weiner will keep his current job when the deal closes, which the companies expect to happen by the end of the year.

***

Why did Microsoft's bid for LinkedIn reach an astronomical $26.2B? Well, there could have been other offers involved. Bloomberg reveals that Salesforce (NYSE:CRM) was bidding for the professional social network before it agreed to the record deal with Microsoft (NASDAQ:MSFT). LinkedIn's (NYSE:LNKD) recruiting/jobs products could've complemented Salesforce's cloud CRM apps, and its user data would've likely been integrated with the applications.

=Microsoft (MSFT) reported 4Q earnings on Thur 28 Jan 2016 (a/h)

** charts before earnings **



** charts after earnings **

Microsoft beats by $0.07, beats on revs  :

• Reports Q2 (Dec) earnings of $0.78 per share, excluding non-recurring items,$0.07 better than the Capital IQ Consensus of $0.71; revenues fell 1.7% year/year to $25.69 bln vs the $25.21 bln Capital IQ Consensus. 
• Productivity and Business Processes revs of $6.69 bln versus guidance of $6.6-6.7 bln.
  • Office commercial products and cloud services revenue grew 5% in constant currency driven by Office 365 revenue growth of nearly 70% in constant currency
  • Office 365 consumer subscribers increased to 20.6 million
• Intelligent Cloud revs of $6.34 bln versus guidance of $6.2-6.3 bln
  • Server products and cloud services revenue grew 10% in constant currency
  • Azure revenue grew 140% in constant currency with revenue from Azure premium services growing nearly 3x year-over-year
• Personal Computing revs of $12.66 bln versus guidance of $12.0-12.4 bln.
  • Windows OEM revenue declined 5% in constant currency, outperforming the PC market, driven by higher consumer premium and mid-range device mix
  • Surface revenue increased 29% in constant currency driven by the launch of Surface Pro 4 and Surface Book
  • Phone revenue declined 49% in constant currency reflecting our strategy change announced in July 2015