The IPO That Never Was
Endeavor, Hollywood's biggest talent agency owner, pulled the plug on its IPO the night before it was slated to go public.
It was set to start trading on the New York Stock Exchange under symbol "EDR."
Reports said Endeavor was having trouble rallying investor interest in the IPO. The company originally planned to go public in May, but moved the timing to the fall.
But why pull the plug on an IPO the night before? Here's what Cramer says.
Wells Fargo Has a New CEO
Charles Scharf, who was poached by Wells Fargo from his position as CEO of BNY Mellon, will take the helm as CEO of Wells Fargo starting October 21.
"I am honored and energized by the opportunity to assume leadership of this great institution, which is important to our financial system and in the midst of fundamental change," Scharf said. "I have deep respect for all the work that has taken place to transform Wells Fargo, and I look forward to working closely with the board, members of the management team, and team members."
What hurdles will Scharf have to overcome on his first day?
Real Money stock of the day Micron reported earnings after the bell Sept. 26.
The company reported fourth-quarter adjusted earnings of 56 cents a share, topping analyst forecasts of by 5 cents, while revenue of $4.87 billion fell from a year earlier, but beat estimates of $4.59 billion.
However, Micron said it expects fiscal first-quarter adjusted earnings of 39 cents to 53 cents a share on revenue of $4.8 billion to $5.2 billion. Analysts had been expecting earnings of 53 cents a share on revenue of $4.8 billion.
Gross margin pressures were caused by memory price declines, product mix changes and slower manufacturing cost declines, were heavily responsible for Micron's earnings guidance, according to TheStreet's Eric Jhonsa. The company guided for first-quarter non-GAAP gross margin of 25% to 28%, which is down from a better-than-expected 30.6% in the fourth quarter, and well below a year-earlier margin of 59%.
Should we start expecting mixed guidance from earnings reports?
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