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Breakingviews - Russian retail IPO offers crowded bet on misery

A stagnant economy, sanctions and low oil prices are the standard risk factors that Russian companies hoping to go public tend to flag to investors. But for Fix Price, they are part of the allure. The company, which could be worth $9 billion, is a bet on the country’s stagnant.

INSIGHT-Investor payouts and job cuts jar with U S companies social pledge

9 Min Read Jan 25 (Reuters) - When Randall Stephenson joined 180 of his peers leading many of the richest U.S. companies in signing the Business Roundtable pledge on the “purpose of a corporation” in August 2019, the then-chief of AT&T Inc promised to look out for the interests of all the wireless carrier’s stakeholders, not just shareholders. Two months later, the Dallas-based company outlined a plan for cost reductions that also prioritized dividends and stock buybacks for shareholders, succumbing to pressure from $41 billion hedge fund Elliott Investment Management LP. Activist investor Elliott had said its proposals would deliver “substantial benefits” for shareholders, consumers and employees, but not everybody came out ahead.

Breakingviews - Corona Capital: Target, IPOs keep coming

8 Min Read NEW YORK/LONDON/HONG KONG (Reuters Breakingviews) - Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights. A newly constructed Target store is shown in San Diego, California, U.S. May 17, 2016. REUTERS/Mike Blake/File Photo LATEST - IPO market STRAIGHT AND NARROW. U.S. retailer Target said on Wednesday that same-store sales during November and December rose 17% compared to the same two months in 2019. The pandemic helped a surge in online shopping, which more than doubled. The $550 million acquisition of Shipt three years ago, part of Target’s push into e-commerce, proved to be a gem of a deal. The service, which allows for same-day shipping, grew more than 300%.

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