Day: January 13, 2021

SNAP – Snapchat is permanently banning Trump's account

snapchat-logo-phone-united-states-flag-4527

Snapchat is the latest company to crack down on Trump.


Angela Lang/CNET

Snap, the parent company of the disappearing-messages app Snapchat, said Wednesday that it’ll permanently ban President Donald Trump’s account “in the interest of public safety” after last week’s deadly riot on Capitol Hill.

“Last week we announced an indefinite suspension of President Trump’s Snapchat account, and have been assessing what long term action is in the best interest of our Snapchat community. In the interest of public safety, and based on his attempts to spread misinformation, hate speech, and incite violence, which are clear violations of our guidelines, we have made the decision to permanently terminate his account,” Snap said in a statement.

The tech firm is the latest company to take a tougher stance against Trump, who’s been under more scrutiny for pushing baseless claims of voter fraud. Five people died as a result of the riot at the US Capitol, which happened as US lawmakers were certifying Joe Biden as the next US president. Twitter last week permanently banned Trump after he posted tweets that violated the site’s rules against glorifying violence. Facebook has locked Trump’s account indefinitely. Google-owned YouTube said Tuesday that it was suspending Trump’s account for at least one week.

In June, Snapchat stopped promoting Trump’s account on a page of curated content called Discover, because the company didn’t want to “amplify voices who incite racial violence and injustice” in the aftermath of the police killing of George Floyd. In a statement to The New York Times, Snap said it made the decision after the president tweeted that if racial justice protesters outside the White House breached the fence, they’d be “greeted with the most vicious dogs, and most ominous weapons.”

Since then, the president has violated Snapchat’s rules against hate speech, incitement of violence and misinformation dozens of times. The content, though, was pulled down minutes after he posted it.

On Wednesday, Trump, who has 2 million followers on Snapchat, was impeached for a second time. As of late Wednesday afternoon, his account displayed video highlights but his entire account will be pulled down, according to Snap. The White House didn’t immediately respond to a request for comment.

WOOF – Petco prices IPO above estimated range, raising $864 million

The Petco website on a laptop computer arranged in Hastings-on-Hudson, New York, U.S., on Monday, Jan. 4, 2021 A booming market for U.S. initial public offerings shows no sign of slowing in 2021. Petco filed for an initial public offering and will trade on the Nasdaq under the ticker WOOF.

Tiffany Hagler-Geard/Bloomberg

Petco’s IPO came in above expectations, raising $864 million late Wednesday.

The provider of pet health and wellness sold 48 million shares at $18 each, above its $14 to $17 price range, two people familiar with the situation said. Petco is scheduled to trade Thursday on the Nasdaq under the symbol WOOF. Goldman Sachs and BofA Securities are underwriters on the deal.

Petco, which no longer calls itself a retailer, operates about 1,470 pet-care centers that sell food, toys and supplies, while offering professional services like animal grooming, vet care and pet training. The company is highly leveraged and has about $3.24 billion in debt. CVC Capital Partners and the Canadian Pension Plan Investment Board will own nearly 67% of the company after the IPO.

The IPO is the third time Petco will tap the public equity markets. The San Diego, California, company first went public in 1994. It went private in 2000 when TPG and Leonard Green acquired Petco in a $600 million deal. Petco went public for a second time in 2002.

Poshmark is also slated to price its offering later Wednesday. The online marketplace provider is offering 6.6 million shares at $35 to $39 each. Morgan Stanley, Goldman Sachs and Barclays are underwriters on the deal.

Write to Luisa Beltran at luisa.beltran@dowjones.com

SNAP – Snapchat Will Permanently Ban Trump

Topline

Snapchat became the latest tech company on Wednesday to take action against President Donald Trump by permanently banning his account, Axios first reported.

FRANCE-US-INTERNET

This picture taken on October 5, 2020 shows the logo of social media Snapchat on a tablet screen in … [+] Toulouse, southwestern France.

Photo by LIONEL BONAVENTURE/AFP via Getty Images

Key Facts

Snapchat will permanently ban Trump’s account on January 20 when he leaves office, the company announced Wednesday. 

Snapchat had already locked Trump’s account after the Capitol siege last week, and over the summer the social network limited his channel’s reach in response to the president’s comments about Black Lives Matter demonstrations.  

Crucial Quote

“In the interest of public safety, and based on his attempts to spread misinformation, hate speech, and incite violence, which are clear violations of our guidelines, we have made the decision to permanently terminate his account,” a Snapchat spokesperson said

Key Background

Snapchat is just one of several social media companies taking action against Trump in the wake of the riots. For the last two months, Trump has used his megaphone to promote unfounded conspiracy theories about election fraud, which contributed to his supporters storming the Capitol last week. Twitter banned him permanently. Facebook suspended his account indefinitely. YouTube kicked him off for seven days. Even platforms like Shopify, Twitch and Stripe have restricted the president in recent days.

Chief Critics

Conservatives have blasted tech companies for censoring political speech, while others have raised concerns that Big Tech’s swift action sets a bad precedent. German Chancellor Angela Merkel, via a spokesperson, said Monday that Trump’s Twitter ban was “very problematic,” adding that the “fundamental right to freedom of opinion” should be determined by the rule of law and government, “not according to the decision of the management of social media platforms.”

SPLK – Rosen, A Trusted and Leading Law Firm, Reminds Splunk Inc. Investors of Important Deadline in Securities Class Action – SPLK

New York, New York–(Newsfile Corp. – January 13, 2021) – Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Splunk Inc. (NASDAQ: SPLK) between October 21, 2020 and December 2, 2020, inclusive (the “Class Period”), of the important February 2, 2021 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Splunk investors under the federal securities laws.

To join the Splunk class action, go to http://www.rosenlegal.com/cases-register-2000.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; (2) Splunk was not hitting the financial targets it had previously announced; and (3) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 2, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-2000.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

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Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
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New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
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www.rosenlegal.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71980

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SNAP – Snapchat permanently bans President Trump's account

Quite a bit has happened since Snap announced last week that it was indefinitely locking President Trump’s Snapchat account. But after temporary bans from his Facebook, Instagram and YouTube accounts as well as a permanent ban from Twitter, Snap has decided that it will also be making its ban of the President’s Snapchat account permanent.

Though Trump’s social media preferences as a user are clear, Snapchat gave the Trump campaign a particularly effective platform to target young users who are active on the service. A permanent ban will undoubtedly complicate his future business and political ambitions as he finds himself removed from most mainstream social platforms.

Trump’s deplatorming follows riots last week at the U.S. Capitol by a pro-Trump mob emboldened by the President himself. Since then, a number of companies have severed ties with the Trump brand, while social platforms have aimed to minimize Trump’s presence on their platforms in his final days as President and beyond.

Snap says it made the decision in light of repeated attempted violations of the company’s community guidelines that had been made over the past several months by the President’s account.

“Last week we announced an indefinite suspension of President Trump’s Snapchat account, and have been assessing what long term action is in the best interest of our Snapchat community. In the interest of public safety, and based on his attempts to spread misinformation, hate speech, and incite violence, which are clear violations of our guidelines, we have made the decision to permanently terminate his account,” a Snap spokesperson told TechCrunch.

Snap’s decision to permanently ban the President was first reported by Axios.

SNAP – Snapchat will terminate Trump's account on Jan. 20

Evan Spiegel, CEO of SNAP Inc.
Stephen Desaulniers | CNBC

Snap will permanently terminate the Snapchat account of President Donald Trump on Jan. 20, the company said Wednesday.

Last week, Snap announced an indefinite suspension of Trump’s account following the insurrection at the U.S. Capitol, and previously the company had announced that it would no longer content from Trump’s account to appear in the Discover section of Snapchat.

“In the interest of public safety, and based on his attempts to spread misinformation, hate speech, and incite violence, which are clear violations of our guidelines, we have made the decision to permanently terminate his account,” a spokesman for the company said in a statement.

The company said the decision to terminate Trump’s account was “in the best interest of our Snapchat community” for the long term. This came after Trump had repeatedly tried to violate Snap’s community guidelines, the company said.

Although Trump could post content that was in violation of Snap’s guidelines, the content was often removed within minutes and unable to gain much visibility, the company spokesman told CNBC.

Snapchat follows other major social media networks, including Twitter, which banned Trump permanently last Friday, and Facebook, which has blocked him from posting to his account until after Joe Biden is inaugurated, and perhaps longer.

NAV – Navistar will sell Illinois facility, lay off 250 workers

Navistar International Corp. (NYSE: NAV) said Wednesday it will lay off 250 employees as part of a plan to close and sell its Melrose Park, Illinois, facility to an industrial park developer. Another 250 workers will transfer to other facilities.

Navistar laid off 170 employees in 2018 in Melrose Park when it stopped making engines there. The company’s need for engine testing declined as it has reduced engine manufacturing amid the trucking industry’s transition to alternative fuel drivetrains.

Under a long-term supply agreement reached in August, Cummins Inc. (NYSE: CMI) will supply medium- and heavy-duty truck and bus engines to Navistar through the next two emission cycles, or 2026.

Navistar will soon become part of TRATON Group, the commercial truck holding company of Germany’s Volkswagen AG. TRATON and Navistar reached a definitive $3.7 billion deal in November.

No longer needed

“Given changes at Navistar and in the industry, it no longer makes sense to maintain a facility of that size,” Phil Christman, Navistar president of operations, said in a press release after markets closed Wednesday. Navistar shares were unchanged at $43.97.

“Further investment in the Melrose Park property would divert substantial resources away from investments in new technologies and products,” Christman said. “While this decision is difficult, it is necessary to best position Navistar for the future and to unlock economic growth for the Melrose Park community.”

The Melrose Park campus is located about 16 miles from company headquarters in the Chicago suburb of Lisle. It is expected to be vacated by November. Navistar expects the sale and divestiture of the property to be completed by the end of 2021.

$85 million pretax charge

The company will take a pretax charge of approximately $85 million with $75 million booked in 2021. Approximately  $22 million would be for employee separation and other pension and post-retirement contractual termination benefits, with approximately $31 million for other related charges, Navistar said in a Securities and Exchange Commission filing.

“The hardest decision we can make is to part with dedicated colleagues at a property that has been integral to our company’s history,” said Persio Lisboa, Navistar president and CEO. “We’re confident the sale of the Melrose Park property will spur a sizable reinvestment in the community, resulting in new jobs and economic opportunity.”

Cummins gets long-term engine supply deal with Navistar

TRATON and Navistar reach definitive $3.7 billion merger deal

Click for more FreightWaves articles by Alan Adler.

CMD – SHAREHOLDER ALERT: Rigrodsky Law, P.A. Announces Investigation of Cantel Medical Corp. Buyout

WILMINGTON, Del., Jan. 13, 2021 (GLOBE NEWSWIRE) — Rigrodsky Law, P.A. announces that it is investigating Cantel Medical Corp. (“Cantel”) (NYSE: CMD) regarding possible breaches of fiduciary duties and other violations of law related to Cantel’s agreement to be acquired by STERIS plc (“STERIS”) (NYSE: STE). Under the terms of the agreement, Cantel’s shareholders will receive approximately $16.93 in cash and 0.33787 of a share of STERIS per share.
To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-cantel-medical-corp.You may also contact Seth D. Rigrodsky or Gina M. Serra cost and obligation free at (888) 969-4242 or info@rl-legal.com.Rigrodsky Law, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.Attorney advertising.  Prior results do not guarantee a similar outcome.Rigrodsky Law, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242 (Toll Free)
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com
https://rl-legal.com

FCEL – FuelCell Energy (FCEL) Outpaces Stock Market Gains: What You Should Know

FuelCell Energy (FCEL Free Report) closed the most recent trading day at $19.14, moving +0.45% from the previous trading session. This move outpaced the S&P 500’s daily gain of 0.23%. Elsewhere, the Dow lost 0.03%, while the tech-heavy Nasdaq added 0.43%.

Prior to today’s trading, shares of the fuel cell power plant maker had gained 134.03% over the past month. This has outpaced the Oils-Energy sector’s gain of 8.65% and the S&P 500’s gain of 3.86% in that time.

Investors will be hoping for strength from FCEL as it approaches its next earnings release. The company is expected to report EPS of -$0.07, up 41.67% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $15.92 million, up 44.16% from the prior-year quarter.

It is also important to note the recent changes to analyst estimates for FCEL. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 11.11% higher. FCEL is currently sporting a Zacks Rank of #2 (Buy).

The Alternative Energy – Other industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 203, which puts it in the bottom 21% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.