These are stories Report on Business is following Wednesday, Oct. 30, 2013.
In wolf's clothing
It’s got booze, bucks and boobs. Pool parties, fast cars and yachts. Heart-throb Leonardo DiCaprio throwing money in the trash. And a trading floor dwarf-tossing competition.
The high life on Wall Street has always been fodder for Hollywood, from Dan Aykroyd and Eddie Murphy in Trading Places to Michael Douglas as Gordon Gekko.
But Martin Scorsese’s The Wolf of Wall Street looks particularly engaging, based on the two trailers released so far by Paramount.
Mr. DiCaprio plays the real life Jordan Belfort, who, in his tell-all of the same name, chronicled his rise and fall from stock broker to inmate.
He’s supported by the likes of Jonah Hill, Matthew McConaughey, Jon Favreau and Australia’s Margot Robbie.
And they seem to be having a lot of fun. At least in the beginning.
Here are just two choice lines from the trailers:
Mr. DiCaprio’s Belfort: “The year I turned 26, I made $49-million, which really pissed me off because it was three shy of a million a week.”
Mr. McConaughey’s Mark Hanna: “Nobody knows if a stock is gonna go up, down, sideways or in circles.”
Rob Reiner’s Max Belfort: “$26,000! For one dinner!”
Mr. DiCaprio’s Belfort: “The real question was this: Was all this legal?
- Liam Lacey: 16 movies to watch for the 2014 Oscars race
- James Adams: The Wolf of Wall Street: The mighty shouldn’t monkey around
- Trailer 1
- Trailer 2
Barclays caught up in probe
Barclays PLC is the latest bank to be caught up in a global probe into the possible manipulation of currency markets.
Indeed, Barclays shed more light on the investigation in its earnings statement today, saying the probes “appear to involve multiple market participants in various countries.”
Barclays said it has been asked about the matter by authorities.
It added it is “reviewing its foreign exchange trading covering a several year period through August 2013 and is co-operating with the relevant authorities in their investigations.”
This follows the disclosure yesterday by UBS and Deutsche Bank that they, too, are co-operating in the investigation.
No allegations have been proven.
The regulators involved have not said what exactly they’re looking into, but their investigations follow reports by Bloomberg News that have focused on what’s known as a “fix,” which pegs the value of a currency at a certain time of day, and is used as a benchmark.
Canada’s bank regulator, the Office of the Superintendent of Financial Institutions, has said only that it’s aware of the global probes, while the Bank of Canada has not commented.
The investigation also comes amid the latest settlement in a probe of Libor, a benchmark interest rate.
Lululemon hires product chief
Lululemon Athletica Inc. is bringing in a veteran retail executive as its product chief in the wake of its troubles with see-through pants.
The Vancouver-based retailer has hired Tara Poseley as chief product officer to run its global sales and design strategy.
Ms. Poseley, before now the chief of apparel for the Kmart operations of Sears Holdings Corp., will join Lululemon as it climbs back from the mishap with its top-selling yoga wear.
Ms. Poseley also previously headed up Disney Stores North America and held several senior positions at Gap Inc.
She also clearly has a fitness thing going.
“Tara practices yoga, is an avid telemark skier, loves spending time in outdoor activities with her family and looks forward to living in Vancouver, B.C.,” the company said.
The announcement of Ms. Poseley’s hiring ends one of the uncertainties that had dogged Lululemon.
- David Parkinson in ROB Insight (for subscribers): Lululemon growth story beginning to fray at the edges
- David Berman's Inside the Market (for subscribers): Beware the love affair with department store stocks
Wi-LAN looks at alternatives
Wi-LAN Inc. has put out the “for sale” sign.
As The Globe and Mail’s Bertrand Marotte reports, the patent licensing concern said today it is exploring strategic alternatives, including a possible sale.
Wi-LAN is involved with buying and developing technology patents for licensing.
“The company strongly believes in its current business strategy but does not believe that its current share price accurately reflects its strong balance sheet, the value of its signed license agreements, its business prospects or the residual value of its broad intellectual property portfolio,” it said in a statement.
“Strategic alternatives to be considered may include changes to the company’s dividend policy or other forms of return of capital to shareholders, the acquisition or disposition of assets, joint ventures, the sale of the company, alternative operating models or continuing with the current business plan, among other potential alternatives.”
Shares of LinkedIn Corp. sank today even as analysts painted a brighter picture for the Facebook of the professional world.
Several analysts raised their price targets on LinkedIn shares, which slipped regardless after its third-quarter results late yesterday.
Credit Suisse, for example, boosted its price target to $288 (U.S.) from $251, while UBS hiked its to $250 from $230, and Canaccord Genuity raised its to $270 from $230.
LinkedIn lost $3.4-million or 3 cents a share in the quarter as revenue surged 56 per cent to $393-million.
The company also projected fourth-quarter revenue of between $415-million and $420-million, and for the year of some $1.5-billion.
The professional network now boasts more than 259 million members.
“With several positives on the horizon, including the continued ramp of sales solutions, China expansion, and continued operating leverage, we continue to like the stock despite its super-premium valuation,” said Canaccord analyst Michael Graham.
- LinkedIn posts loss, but revenue tops expectations
- Darcy Keith: Today’s analyst upgrades and downgrades
Auto makers rebound
General Motors Co. and Chrysler Group LLC continue to rebound from the dark days of the recession.
GM today posted a drop in third-quarter profit, but beat analysts’ estimates by earning $757-million (U.S.) or 45 cents a share.
That was down from $1.5-billion or 89 cents a year earlier, though included one-time hits. When those are stripped out, the auto maker brought in 96 cents a share.
Revenue climbed to $39-billion from $37.6-billion.
Chrysler, in turn, reported that its third-quarter profit climbed 22 per cent to $464-million while sales gained 13.5 per cent to $17.6-billion.
- GM posts strong profit on U.S. demand, smaller loss in Europe
- Chrysler profit jumps 22%, confirms 2013 sales outlook
Maple Leaf profit slips
Maple Leaf Foods Inc.’s profit fell by 60 per cent to $18.6-million in the third quarter as restructuring costs and lower meat sales offset a rise in the company’s bakery division, The Globe and Mail's Eric Atkins reports.
“This is a very challenging period of transition for the Maple Leaf organization, as the short-term impact of volatile protein market conditions, combined with the significant cost of change, has been material,” Michael McCain, chief executive officer of Maple Leaf Foods, said in a statement today.
The maker of Shopsy’s and Schneiders prepared meats, which is selling its Canada Bread unit, is three years into a $575-million five-year restructuring of its meats business, revamping its product lines, shedding staff, closing old plants while upgrading and opening others. It spent $15-million during the quarter expanding new facilities in central and eastern Canada.
- Eric Atkins: Maple Leaf profit drops 60% in 'challenging period of transition'
- Eric Atkins: Maple Leaf Foods expects restructuring to pay off
Streetwise (for subscribers)
- PwC strikes deal to buy corporate consulting firm Booz & Co.
- U.S. private sector adds 130,000 jobs in October: ADP
- Fragile Spanish economy limps out of recession
Companies & investments Mentioned In This Article (7)
WIN-T 3.36 0.00 % 145,661 lululemon athletica
LULU-Q 46.78 0.0002 % 2,016,710 Barclays Bank PLC
BCS-N 15.46 -1.34 % 5,753,453 General Motors
GM-N 34.09 0.00 % 31,908,641 Deutsche Bank Ag
DB-N 43.30 -0.414 % 2,574,398 LinkedIn Corporation
LNKD-N 196.78 -0.536 % 1,926,107 Maple Leaf Foods
MFI-T 16.37 0.245 % 262,376