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Nov.11 -- WeWork has held discussions with T-Mobile US Inc.’s John Legere as a potential chief executive officer of the troubled co-working company, said two people familiar with the matter. Legere is one of several people under consideration, said the people, who asked not to be identified because the plans are private. Bloomberg Intelligence's John Butler has more on "Bloomberg Markets."
(Bloomberg) -- Elon Musk might have finally made good on his long-promised “short burn of the century” last month at Tesla Inc., but that doesn’t mean the bears will go wanting.They can just turn to GrubHub Inc. and Uber Technologies Inc. in the wake of the struggling food-delivery app’s historic sell-off and the ride-hailing company’s underwhelming year. They’ve become the most profitable U.S. stocks to sell short. Musk’s electric carmaker Tesla had held that title until its surprise third-quarter profit triggered a 36% rally.GrubHub has now become 2019’s most lucrative short with a mark-to-market profit of around $829 million, according to Nov. 11 data provided by S3 Partners research head Ihor Dusaniwsky. The company is followed by Uber, which shows a $626 million mark-to-market gain for shorts this year.The pair unseated Tesla, which topped the list earlier this year. Now Tesla short-sellers are looking at $709.6 million in mark-to-market losses for 2019, according to S3.Bears gained the upper hand at GrubHub as it plunged a record 43% after its fourth-quarter revenue guidance missed analyst estimates. Some of the company’s largest rivals, Uber Eats and DoorDash, are taking share from GrubHub’s core U.S. market, according to Bloomberg Intelligence analyst Mandeep Singh. Its sales growth is expected to “decelerate meaningfully in 2020,” he wrote in a recent note.Uber has declined 3.1% since its 180-day lock-up period expired last week and is hovering around the lowest level since it went public in May. A regulatory filing showed that the company’s founder, Travis Kalanick, sold 20% of his stake in the company.Below is a list of top 10 most profitable shorts in the U.S. this year:By contrast, the least profitable shorts this year, per S3 data, are Apple Inc. and Alibaba Inc.The S&P 500 Information Technology Index, which includes some of the names in this list, has advanced 39% this year.To contact the reporters on this story: Anisha Sircar in New York at firstname.lastname@example.org;Tatiana Darie in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Richard Richtmyer, Jennifer Bissell-LinskFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- John Legere may be exactly the kind of CEO WeWork needs. He brings much of the eccentricity and charisma that was initially appreciated about ousted founder Adam Neumann, but without all the headaches and liabilities. Is Legere ready to retire his closet of magenta T-shirts? We Co., the parent of the beleaguered office-sharing startup, is in discussions to recruit Legere, the current head of wireless carrier T-Mobile US Inc., as its next CEO, the Wall Street Journal reported on Monday. The talks come after WeWork’s plans for an initial public offering imploded in grand fashion in recent weeks, as a litany of questionable decisions and conflicts of interests involving then-CEO Neumann came to light in a saga that has captivated Wall Street. WeWork, for a short time one of the world’s most valuable startups, had said in its summer IPO prospectus that its “future success depends in large part on the continued service of Adam Neumann.” Weeks later, Neumann was considered such a risk that the company decided it was better to effectively give him $1.2 billion to step away.Hiring Legere would immediately help improve WeWork’s tarnished reputation, though repairing the business is another story. Office vacancies increased in the third quarter, and the company was at risk of running out of cash next year. Legere’s garish style and hectoring on Twitter may also cause some to wonder whether he’s just another Neumann; it’s certainly hard not to notice the physical resemblance between the long hair, loud personality and signature T-shirt-and-sports-coat pairing.But few CEOs can say they’ve taken on a challenge as difficult as reviving T-Mobile — and succeeded. That’s Legere’s claim to fame. As I wrote in July 2018, even the groaners who are tired of his shtick and Twitter snark can’t argue against his track record.When Legere became CEO of T-Mobile in 2012, it was a distant fourth-place competitor in the U.S. wireless market and losing customers. Now it’s the fastest-growing member of the industry, and its displaced Sprint as the No. 3 carrier. T-Mobile’s lower-priced plans and marketing mojo have even given AT&T Inc. and Verizon Communications Inc. a run for their money. In the last five years, shares of all its closest rivals advanced anywhere from 12% to 21%. T-Mobile’s nearly tripled. Legere may seem like an odd choice given that he’s spent his career working in the telecommunications and technology industries. The connection becomes clearer when considering SoftBank Group Corp.’s role. The Japanese conglomerate built by billionaire Masayoshi Son not only controls WeWork — the result of a $9.5 billion rescue package — but also Sprint Corp., T-Mobile’s closest competitor and hopeful merger partner. Sprint Executive Chairman Marcelo Claure, who is also chief operating officer of SoftBank, was tapped to help fix WeWork’s problems. He’s spent a lot of time with Legere these last two years as they worked to sway federal and state officials to support the merger of the two wireless carriers. Legere has done with T-Mobile what Claure and his predecessors couldn’t with Sprint, even as SoftBank injected billions along the way. One might think that WeWork would seek out a lower-profile leader, given the roller-coaster it has been on the past few months; Legere is anything but that. And at 61 years old, it’s a little surprising that he would consider following up such a successful run at T-Mobile with a stint at a company as troubled as WeWork. T-Mobile has become part of his identity — he’s spotted in magenta T-Mobile gear whether he’s going for runs in New York City or filming his Facebook Live cooking show from his kitchen. T-Mobile shareholders wouldn't be happy to see Legere go. Worse, there's the appearance of a conflict of interest if SoftBank is pursuing Legere while the companies are separately renegotiating the terms of the Sprint merger.That aside, it’s clear that Legere likes a challenge, and WeWork is the ultimate one.To contact the author of this story: Tara Lachapelle at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
WeWork's current co-CEOs, Artie Minson and Sebastian Gunningham, have only been in place since September, but talks indicated SoftBank Group , WeWork's majority owner, is eager for a fresh change after a botched effort to go public this year. WeWork has been in talks with a number of potential CEO candidates, including U.S. wireless carrier T-Mobile US Inc CEO John Legere, the sources said.
(Bloomberg) -- WeWork is searching for a new chief executive officer to turn around the troubled co-working company, said people familiar with the matter. The candidates include T-Mobile US Inc. head John Legere, who has spoken with WeWork about the role, said the people, who asked not to be identified because the discussions are private.Legere has deep ties to WeWork majority shareholder SoftBank Group Corp., which took ownership of the company after WeWork’s initial public offering broke down. Legere is currently pushing for a contentious merger of his wireless carrier with Sprint Corp., whose majority owner is SoftBank. Sprint’s executive chairman, Marcelo Claure, was recently appointed to the same position at WeWork.But people familiar with the CEO search stressed that WeWork intends to consider many candidates. Although Legere breathed new life into T-Mobile, he has an unpredictable and antagonistic public persona, reflected on his Twitter profile and in conference appearances. He’s also another man, in a company so saturated with male management that Claure has promised to increase diversity.Representatives for SoftBank, T-Mobile and WeWork parent company We Co. declined to comment. The discussions with Legere were reported earlier Monday by the Wall Street Journal. Shares of T-Mobile fell about 2% in intraday trading, while Sprint is down 3%.Adam Neumann, the former WeWork CEO, stepped down in September under pressure from investors over apparent conflicts of interest and mismanagement of the IPO process. Two WeWork executives, Artie Minson and Sebastian Gunningham, took over as co-CEOs. The pair secured multimillion-dollar severance packages with the board last month.Despite getting rescue financing from SoftBank a couple weeks ago, WeWork needs to quickly rehabilitate the business and fill empty space in its offices. The company is expected to soon dismiss thousands of employees.Legere and Claure, a SoftBank executive tasked with cleaning up WeWork, have occasionally sparred in the past. Claure, the former CEO of Sprint, was a T-Mobile antagonist before becoming a potential merger partner. In 2016, he called Legere “a con artist” on Twitter. At one point, Legere told Claure to “go back to the kiddie pool.” But more recently, the two executives have appeared friendlier as they argue in favor of the Sprint-T-Mobile tie-up. In May, they were spotted jogging together in Washington.Meanwhile, Neumann is exploring a potential next act with help from the money he got in his exit from WeWork. He considered investing in Barneys New York Inc. during the luxury department store’s recent bankruptcy, people with knowledge of the matter said Monday.(Updates with shares in the fourth paragraph.)\--With assistance from Gillian Tan and Scott Moritz.To contact the reporters on this story: Sarah McBride in San Francisco at email@example.com;Ellen Huet in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Arkansas has decided to back the U.S Justice Department's decision to approve a merger of T-Mobile US and Sprint , the third and fourth largest U.S. wireless carriers. With Arkansas, the Justice Department has nine states backing its settlement to approve the $26 billion (£20.36 billion) deal on condition that it divest assets to Dish Network Corp , the department said in a statement. T-Mobile Chief Executive John Legere on Thursday declined to rule out requesting the $26 billion price be reduced.
Keurig Dr Pepper's (KDP) top and bottom lines beat estimates in third-quarter 2019 on robust underlying sales growth, margin expansion and lower debt.
Azure Power Global's (AZRE) Q2 results are likely to reflect benefits from economies of scale, which in turn, has been bringing down its operating and interest costs.
Algonquin Power & Utilities' (AQN) Q3 earnings are better than expected. The company has undertaken initiatives to further enhance the clean electricity generation portfolio.