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On July 13, a spokesperson for the UN Secretary-General issued a statement on July 12, saying that Secretary-General Guterres expressed deep concern over the serious escalation of the situation in the Gulf region and the renewed outbreak of military confrontation, urging Iran and the United States to urgently resume negotiations and resolve outstanding issues through diplomatic means. The statement said that all attacks must cease. The Secretary-General called on all parties to exercise maximum restraint, refrain from actions that would further escalate the situation, and to take immediate measures to de-escalate it. The statement emphasized that a return to full-scale hostilities would have disastrous consequences for the people of the region, international peace and security, and the global economy, and reiterated the necessity of restoring complete freedom of navigation in the Strait of Hormuz.July 13 – The U.S. Department of Justice is investigating allegations that United Auto Workers (UAW) President Shawn Fain abused his power and attempted to financially benefit his fiancée. Sources familiar with the matter said a lawyer hired to oversee the UAW mentioned the investigation last month in emails to Fain and the unions vice president, Rich Boyer, who will be Fains opponent in the upcoming election. In his latest report on the unions activities, released on June 25, the overseer stated that he determined Fain "acted improperly to financially benefit his fiancée." Fains fiancée works at a training center jointly operated by the UAW and automaker Sterlantis (STLA.N).July 13 – The latest epidemic report released by the Ministry of Health of the Democratic Republic of Congo on July 12 shows that the area affected by the current Ebola outbreak has increased to five provinces, with a total of 1,873 confirmed cases and 672 deaths. Chowpo and Haut-Uele provinces are listed as affected provinces for the first time. The report states that cases in both provinces are linked to the Nyania region of Ituri province. Previously, the Ebola outbreak affected Ituri, North Kivu, and South Kivu provinces. According to the report, 763 patients are currently in isolation or hospitalized, and 306 cases have recovered. The report also shows that South Kivu province has not reported any new confirmed cases since May 26, and as of July 7, it has reported no new confirmed cases for 42 consecutive days, twice the longest incubation period of the Ebola virus.On Monday, July 13, the Hang Seng Index opened down 17.47 points, or 0.07%, at 24,157.65; the Hang Seng Tech Index opened down 1.98 points, or 0.04%, at 4,719.68; the H-share Index opened up 3.07 points, or 0.04%, at 8,042.26; and the Red Chip Index opened up 14.61 points, or 0.38%, at 3,865.65.The Peoples Bank of China announced today that it conducted 224 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 224 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.

When Elliott announces that it is the largest investor in Pinterest, the stock price rises

Aria Thomas

Aug 02, 2022 10:19

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Monday, activist investor Elliott Investment Management revealed it had become the largest owner in Pinterest (NYSE:PINS) Inc, therefore backing the management of the digital pinboard firm and sending the stock 21 percent higher.


Elliott has become the largest owner in Pinterest because to the company's "strong growth potential," according to a statement from Elliott managing partner Jesse Cohn and senior portfolio manager Marc Steinberg.


Elliott did not disclose its status on Pinterest. The Wall Street Journal reported in July that the investment firm had amassed a holding of more than 9 percent.


Monday, the firm lauded newly-appointed Pinterest CEO Bill Ready and hailed co-founder Ben Silbermann for the leadership move.


Ready noted on a post-earnings conference call that Elliott and Pinterest's management engaged in "a very meaningful and involved conversation."


"As a visual search engine, Pinterest offers unique marketing opportunities to businesses. I think Elliott may have a point here "said Michael Schulman, chief investment officer at Running Point Capital.


According to Bloomberg News, Elliott has accumulated a stake in PayPal Holdings Inc (NASDAQ:PYPL) and has previously invested in eBay Inc (NASDAQ:EBAY), Twitter Inc (NYSE:TWTR), and AT&T Inc. (NYSE:T).


Monday after the closing bell, Pinterest's stock jumped to $24.36; nevertheless, it is still far behind its all-time high of $89.90, which was hit in February 2021, when individuals confined to their homes by an outbreak rushed to the company for project inspiration.


Elliott's remarks coincided with Pinterest's announcement of a lower-than-anticipated profit due to higher costs and less user engagement.


Similar to its competitors, Pinterest has experienced a decline in advertising spending due to growing costs and fears of a recession.


According to finance director Todd Morgenfeld, the company encountered problems from advertisers in the consumer packaged goods industry, big-box retailers, and mid-market marketers, and the digital advertising climate will stay competitive.


Due to the impact of a stronger currency, the company anticipated a mid-single-digit increase in quarterly revenues.