© Reuters.
By Davit Kirakosyan
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B. Riley boss gets over $6 million in stock after brief report
Following a short seller report, the CEO of B. Riley Financial (NASDAQ:) bought approximately 136,000 shares, or $5.46 million worth, at $40.18 and another 20,000 shares, or $5.46 million worth. $775,000, at $38.75.
Shares of B. Riley Financial fell more than 10% on Wednesday after the disclosure of a short position by Wolfpack Research. The research firm accused the company of leveraging to buy toxic assets during a financial mania. Wolfpack stated: “Its cash and investments, net of debt, decreased by $950 million to -$350 million in 2022 and do not expect an improvement in 2023.”
Wolfpack criticized B. Riley for failing to cut losses on its “failed” investments and for providing more capital to struggling clients such as Core Scientific Inc., which filed for bankruptcy in December. Wolfpack said the biggest risk for B. Riley is that a large portion of its loan portfolio is likely to file for bankruptcy. B. Riley’s client Bed Bath & Beyond (NASDAQ:) is trying to avoid bankruptcy with its recent stock offering.
B. Riley has yet to respond to the report.
service now CEO sells $25 million worth of stock
Shares of ServiceNow (NYSE:) fell more than 3% on Monday after CEO Bill McDermott sold 53,883 shares, or about $25 million worth, at $455.03-460.98.
Last month, the company reported EPS of $2.28, better than the consensus of $2.02. it met expectations at $1.94 billion.
Truist Securities also downgraded its rating in January to Hold from Buy with a $420.00 price target (from $525.00) as the firm took a more cautious stance in the first half of the year.
Shares were up marginally during the week.
2 most important internal purchases
Corteva (NYSE:) CEO Charles Magro bought 40,000 shares, or $2.4M worth, at $60,637.
The company reported earlier this month, EPS/revenue of $0.16/3.83 billion beating consensus estimates of $0.05/$3.79 billion.
For 2023, the company expects EPS of $2.70-$2.90, worse than the consensus of $3.13. Revenue is seen at $18.1-$18.4B, missing the consensus estimate of $18.49B.
The shares closed the week with a gain of close to 5%.
hundreds (NYSE:) saw a couple of inside buys last week. Trading Director James Murray bought 6,750 shares, or a value of $494,775, at $73.30, while Director Theodore Samuels bought 7,000 shares, or a value of $503,160, at $71.88.
The company reported its final week, with earnings per share and revenue of $0.86 and $35.56 billion, respectively, beating Street’s estimates.
The company provided its guidance for fiscal 2023, expecting EPS of $6.25-$6.40, compared to consensus of $6.37, and revenue of $131.5-$133.5B, compared to consensus of $139.8B.
