7/30/2026

LSEG Narrows Revenue Forecast, says It Had 'Constructive' Dialogue with Elliott

Reuters (07/30/26) Aripaka, Pushkala

London Stock Exchange Group (LSEG.L) narrowed its full-year revenue growth forecast and slightly exceeded first-half sales forecasts on Thursday, although its shares slipped amid some disappointment among analysts. LSEG is facing pressure from activist investor Elliott Management, which bought a stake in the London Stock Exchange operator and has been pushing for portfolio changes and margin improvements, as well as broader investor concerns that AI could disrupt its financial data business and squeeze margins. LSEG CEO David Schwimmer said on Thursday there had been "good, constructive dialogue with Elliott", without elaborating. Shares in LSEG, which have risen 21% since Elliott's stake became public on February 11, fell 3.1% following the results. LSEG's share price is now flat for the year, compared to a 10% rise for the FTSE 100. "The market will have the reaction that the market will have," said Schwimmer. "But we feel very good about our opportunity set and we have upped our guidance and tightened our guidance range for the second half of this year with both revenue and margin, which is a reflection of that confidence," he added. LSEG had previously forecast organic constant-currency growth in total income, excluding recoveries, at the upper end of a 6.5% to 7.5% range. Its new 7.0% to 7.5% range remains below analyst expectations of 7.8% growth for the year. "Guidance may disappoint," said Citigroup analyst Andrew Lowe, adding the revenue mix was "likely to be viewed as modestly negative". The Iran war prompted a spike in trading activity across all major asset classes, helping LSEG's markets business, which typically benefits from such volatility. For the six months to June, total income excluding recoveries rose 8.4% versus expectations of 8.3%. Its markets business delivered 11.9% growth in the first half. LSEG's push to address investor concerns about AI comes as the data provider seeks to reassure shareholders. "We're always evaluating our business, and if there's anything that it makes sense to consider, that is something that we're always thinking through," Schwimmer told reporters. LSEG has been investing in its analytics business and partnering with AI firms including OpenAI and Anthropic to roll out AI tools and license its data. Its data and analytics business reported a 5.1% rise in organic growth in the second quarter. "12 months on from when AI concerns first impacted LSEG shares, the continued improvement in financials should help to reassure the market that the vulnerabilities have been overblown," said RBC analyst Ben Bathurst in a note. LSEG forecast EBITDA (earnings before interest, tax, depreciation and amortisation) margin growth of around 100 basis points, versus its previous expectation of an 80 to 100 bp rise. It also said it planned a further £1.35 billion ($1.8 billion) share buyback, to be completed by February next year, and raised its dividend by 17%.

Read the article

7/30/2026

Jana Pushes Fiserv to Review Entire Portfolio, Refresh Board

Reuters (07/30/26) Herbst-Bayliss, Svea

Jana Partners is ratcheting up pressure on payments company Fiserv (FISV.O), pushing it to launch a formal review of its entire portfolio rather than sell assets piecemeal, according to a letter seen by Reuters on Thursday. The New York-based hedge fund, which has been invested in Fiserv since late 2025, praised the company for reportedly considering a sale of its debit network assets. But in a letter to the board and new CEO, Jana's managing partner and portfolio manager Scott Ostfeld said it now wants management to go further and review the entire portfolio, arguing that asset sales could restore credibility with investors and boost the stock price. Jana also reiterated its position that Fiserv needs new directors to address governance issues. After months of private negotiations with Milwaukee-headquartered Fiserv, Jana is becoming more vocal, having first discussed its hopes for the company publicly in early June and now following up with the more pointed letter to the company. Fiserv has a market value of nearly $30 billion but has lost more than half of its value in the last 12 months with its stock price closing at $55.63 on Wednesday. The announcement last month by CEO Mike Lyons, who had been in the top job for only a year, that he was leaving to run Truist Financial Corporation (TFC.N), added to the stock's decline. In the letter, Jana blamed management turnover and unspecified and ongoing missteps for making investors skittish. It singled out the board for failing to attract and keep talented top executives and said new blood was needed in the boardroom to fix these problems. Most critical, however, was the need to publicly announce a comprehensive review, the letter said. In July, the Wall Street Journal reported that big banks, including JPMorgan Chase (JPM.N) and Bank of America (BAC.N), held preliminary and tentative discussions to possibly buy Fiserv's debit network assets. No deal has been announced. Fiserv announced smaller efforts earlier this year including partnering with Bridgeport Partners to form a joint venture spinning off its ATM managed services, cash logistics and MoneyPass networks. And it sold its Education Solutions student loan servicing business to Infinite Computer Solutions. Jana, which has experience in pushing financial sector companies to perform better, previously said it believes Fiserv can help banks and credit unions adopt artificial intelligence tools in their own businesses, including through a recently announced collaboration with OpenAI. Three years ago, Jana successfully pushed Fiserv competitor Fidelity National Information Services (FIS.N) to separate its Worldpay payments business. The hedge fund is currently pushing for a big share buyback and breakup at holding company Markel Group and a sale of digital banking platform Alkami Technology (ALKT.O).

Read the article

7/29/2026

Invisalign Maker Strikes Settlement Deal With Elliott Investment Management

Bloomberg (07/29/26) Sun, Mengqi; Baker, Liana

Align Technology Inc. (NASDAQ: ALGN), the maker of Invisalign teeth-straightening products, said it has agreed to add three new directors to its board as part of a settlement with hedge fund Elliott Investment Management. Elliott had built a significant stake in Align that made it one of the dental device company’s largest investors, Bloomberg News reported in March. Align said the decision follows discussions with Elliott about its board refreshment and governance. The board is also starting what it calls a comprehensive “strategic and operating model review” to support the company’s next phase of growth. In addition, it will increase its buyback commitment this year to shares worth $400 million to $500 million. “We appreciate the constructive dialogue with Elliott as we continue to advance Align’s strategic priorities,” Align Chairman Kevin Conroy said in a statement. Align hasn’t identified the three board candidates but said it will search for “highly qualified leaders with significant experience in healthcare technology, medical devices, global operations, consumer technology, innovation and scaling of high-growth businesses.” Elliott Partner Marc Steinberg said the board changes and other actions are important steps, adding that his firm is one of the company’s largest shareholders because it believes in its long-term growth opportunities. Shares of Align, which have gained 15% this year, rose 2.6% to $180.08 in New York trading Wednesday, giving the company a market value of about $12.9 billion. After the close of trading, Align reported a 4.3% year-over-year increase in revenue for the quarter ended on June 30, but a 13% drop in net income for the period. Align’s stock has cratered after peaking at $729.92 in 2021 amid a boom in spending on cosmetic procedures like teeth straightening, thanks in part to consumers seeing how they looked on videoconferencing platforms during the Coronavirus pandemic. Use of the company's products has decreased since then. Align, founded in 1997 and based in Tempe, Arizona, makes clear aligners that take the place of traditional metal braces. Its products have been used by more than 22 million people, according to its website. Elliott has invested in healthcare companies including Charles River Laboratories International Inc. (NYSE: CRL), which last year announced a cooperation agreement with the investor that included a plan to refresh its board. Elliott also built a stake in biotech company Bio-Rad Laboratories Inc. (NYSE: BIO), planning to help it explore ways to improve its stock price, Bloomberg News reported in May.

Read the article

7/29/2026

Sachem Head Takes 6.9% Ionic Digital Stake as Miner Pivots to AI Infrastructure

Blockspace (07/29/26) Foxley, William

Sachem Head Capital Management disclosed a 6.9% beneficial ownership stake in Ionic Digital (NASDAQ: IOND) this week, giving the investor exposure to the bitcoin miner's shift toward AI/HPC infrastructure. The position covers 3,169,808 Class A shares. Sachem Head funds directly hold 2,264,150 shares, while warrants account for another 905,658 shares. Ionic Digital recently listed on the Nasdaq Exchange on July 28 under the ticker IOND, following an emergence from the Celsius Network bankruptcy. The Bitcoin miner turned data center builder received mining assets, $195 million in cash and 540 bitcoin in exchange for issuing 37 million shares to former Celsius creditors. Sachem Head acquired the securities through Ionic’s $400 million private placement, announced June 26 at a $2 billion pre-money valuation. Sachem Head joined Attestor, Oaktree Capital Management, Citadel, and Weiss Asset Management in the financing. Ionic has already faced shareholder pressure, reaching a corporate governance settlement with stockholders including Figure Markets Holdings and GXD Labs before its 2025 annual meeting. However, Sachem Head has not disclosed plans for a campaign, leaving its current role as a large investor backing Ionic’s capital-intensive conversion from bitcoin mining to AI/HPC infrastructure. The filing does not disclose Sachem Head’s investment cost, request board representation or identify changes sought from management. Sachem Head also filed a Schedule 13G rather than the Schedule 13D generally associated with investors pursuing control or an active influence campaign. Ionic is repositioning its business from bitcoin mining toward AI/HPC infrastructure. The business emerged from Celsius Network’s bankruptcy restructuring in January 2024, receiving mining assets, $195 million in cash and 540 bitcoin in exchange for issuing 37 million shares to former Celsius creditors. Ionic has since moved to redeploy mining-era power and land for AI/HPC customers. The company operates about 120,000 mining rigs but has been evaluating Texas properties in Glasscock and Reagan counties for data center development, according to Data Center Dynamics. Its Cedarvale site near Barstow provides the clearest example. Ionic has leased the property to Nscale for 10 years under a deal valued at $2 billion, with the facility intended to serve Microsoft (NASDAQ: MSFT), and is seeking to expand the site to 700 megawatts by the end of 2027.

Read the article

7/29/2026

Down Range Capital Opportunity Fund Prods Washington Bank to Sell

Banking Dive (07/29/26) Mullen, Caitlin

Cashmere Valley’s (OTCMKTS: CSHX) board acknowledged the receipt of shareholder communications regarding a potential sale, saying it “takes its fiduciary duties to the bank and all its shareholders seriously,” and “remains committed to the best interests of the bank and its shareholders as a whole, and to the continued safe and sound operation of the bank.” The bank’s CFO, Mike Lundstrom, also didn’t respond to phone inquiries. Down Range estimates there are about seven banks or credit unions that would pay between $125 and $165 per share to acquire Cashmere Valley. The letter was signed by Bradley Rinschler, the sole portfolio manager of Down Range, who said the firm has a “significant” investment in the bank. Rinschler declined to detail the size of that stake in a July 20 interview. Since issuing the letter, he said he had been contacted by other supportive Cashmere Valley shareholders. If the board undertakes a national search for the company's next CEO, “historically, this approach has been associated with a lower probability of success,” the letter said. “Even if the board hired the best community bank CEO in the country and the bank significantly outperformed, we do not believe the CEO could achieve a higher stock price over the next five years than is available through a strategic sale today,” Rinschler wrote. “Remaining independent would ask shareholders to accept meaningful risk for very little upside potential.” The central Washington bank, founded in 1932, has about $2.3 billion in assets and 12 branches, according to Federal Deposit Insurance Corp. data. Cashmere Valley Bank has the largest deposit market share in three of the four counties it operates in, where it's “the only true community bank left that could realistically be acquired,” Rinschler said. The lender's markets are otherwise dominated by super-regional and money-center banks, he said. Rinschler said he expects there could be more than seven potential interested parties, noting in-state banks as well as those in Alaska, Oregon, California, Montana and Toronto could have interest in acquiring Cashmere Valley Bank. Rinschler also called out the bank board's low stock ownership. The board owns less than 2% of the company's outstanding shares, according to the most recent proxy statement. “Since 2023, [bank] stock has periodically traded at a discount to tangible book value, yet during that time directors have purchased very little stock,” he wrote in the letter. “Did the board fail to recognize the value being created, or did it simply choose not to invest alongside the shareholders that they represent?” And no director has elected to take their board compensation in stock. “If you're a director at a bank that you're proud of, that's a huge opportunity,” Rinschler said July 20. “They may feel differently about a sale if they actually would make some money on the sale.” Last year, HoldCo Asset Management pushed Comerica (NYSE: CMA) to sell itself, then blasted that lender's deal with Fifth Third (NYSE: FITB) and sued the banks in the lead-up to their combination. In March, Diligence Capital Management pressed Maryland-based EagleBank (NASDAQ: EGBN) to develop a performance improvement plan and replace three board members. And earlier this month, Merion Road Capital Management and Blue Hill Advisors urged $1.4 billion-asset United Bancorporation of Alabama (OTCMKTS: UBAB) to use its built-up equity, control its expenses and determine why deposit levels have stagnated compared to peers. UBAB is another bank that's “growing up and getting a broader shareholder base and is having to adapt to these situations,” said Sam Haskell, who manages financial sector-focused investment firm Colarion and previously owned shares of Cashmere Valley Bank. The bigger a bank gets, the more likely it is to have a more diversified shareholder base, and “it's increasingly difficult to try to stay hidden and outside the scrutiny of the broader markets,” he said Tuesday. “I think they want it to be kept as a community bank, so there's a tension there,” Haskell said of Cashmere Valley Bank's board. “If you have a broad shareholder base, it's going to be difficult to act as though the only people who own it are in the community.”

Read the article

7/28/2026

Ashland Earnings Up Next as Ancora Alternatives and Cruiser Capital Advisers Press for Sale

Investing.com (07/28/26)

Ashland Global Holdings Inc. (NYSE: ASH) reports fiscal third-quarter earnings Tuesday after the market close, delivering results at a pivotal moment as investors push the specialty chemicals company toward a strategic sale. Analysts expect the Wilmington, Delaware-based company to post earnings of $0.99 per share on revenue of $484.9 million, according to consensus forecasts. That would represent a modest sequential improvement from the prior quarter, when Ashland earned $0.91 per share on revenue of $482 million, though it missed Wall Street’s expectations on both metrics. The quarterly results come as investors Ancora Alternatives and Cruiser Capital Advisers press for change. Ancora, which disclosed a significant stake in June, has suggested Ashland could fetch at least $76 per share in a sale—representing a 31% premium to levels at the time. Cruiser Capital has threatened a proxy contest if the board doesn't engage in a meaningful sales process by mid-September. Shares closed at $66.38 on Monday, near the high end of their 52-week range of $46.30 to $69.66. The $3 billion market-cap company manufactures specialty chemicals used in adhesives, coatings, personal care, pharmaceuticals and other applications. Wall Street maintains a bullish stance despite near-term headwinds. Nine of 12 analysts rate the stock a Buy, with a mean price target of $71.09 implying 7% upside from current levels. Yet EPS estimates have declined 10% over the past 60 days, while remaining flat over the past week, signaling caution about near-term execution. Segment performance will be critical. Wolfe Research analyst Chris Parkinson expects "mixed results" with Personal Care showing strength while Intermediates weakens. Operational issues at the company’s Hopewell facility and lingering production problems continue to pressure margins, according to the firm’s recent note. The margin trajectory itself represents a key litmus test. Can Ashland stabilize profitability despite these operational headwinds, or will continued pressure validate activist arguments that the company lacks the scale to deliver consistent returns? Management’s response to activism may overshadow the quarterly numbers. Wolfe Research noted that executives have requested "more time" before committing to major strategic moves—a stance that could prove untenable if results disappoint and September’s proxy deadline approaches. Last quarter’s miss—Ashland fell 4.2% short of EPS expectations and 0.7% below revenue forecasts in April—heightened scrutiny on operational execution. The company faces year-over-year EPS pressure, with earnings expected to decline 5.3% from the prior-year period even as revenue grows 4.7%.

Read the article

7/27/2026

Unilever Boss Under Pressure to Defend His Controversial Strategy

This is Money (07/27/26) Hawkins, Emily

The boss of Unilever (NYSE: UL) will come under pressure to defend his controversial strategy as he unveils its half-year results next week. Chief executive Fernando Fernandez is expected to update investors on his plans to focus the conglomerate - which owns household names including Dove, Marmite, and Tresemme - on its beauty and personal care division. Fernandez has come under fire for agreeing to combine products, including Marmite and Hellmann’s, with U.S. spice giant McCormick in a £33 billion deal. Veteran fund manager Terry Smith, who sold his entire stake in Unilever earlier this year, has accused Unilever of misleading him over its split-up. He said the McCormick deal has ‘all the hallmarks’ of investor Nelson Peltz. Peltz – who has been on the Unilever board since 2022 – is reported to have been a key advocate of the McCormick deal. He has previously agitated for change at companies including Cadbury and PepsiCo (NASDAQ: PEP). The McCormick tie-up is seen by some in the City as unfair for Unilever investors who cannot vote on it. It came after Unilever spun off Magnum ice cream (NYSE: MICC), which listed in Amsterdam last year. Investors will also be looking for signs that Fernandez has succeeded in revitalizing sales growth at its key brands, which may have seen a boost after sponsoring the World Cup this summer. Sales for the quarter to the end of June are set to have reached just under £11 billion, according to analysts. And the City is predicting the group will have seen volumes grow 2.7% over the first six months of its financial year - compared to 1.5% in the same period last year. Danni Hewson, AJ Bell head of financial analysis, said: ‘Investors will be looking for evidence that Unilever can continue to grow volumes alongside anticipated price hikes, suggesting consumers are still willing to pay up rather than trade down.’

Read the article