'Big Short' investor Michael Burry sells GameStop stake, shorts Palantir stock - Business Insider
Michael Burry says he's given up on GameStop — and ramped up his bet against Palantir."I sold my entire GME position," the investor of "The Big Short" fame wrote in a Monday post on his Substack, adding that it was the first full position he's exited since he pivoted from running a hedge fund to writing online late last year."Any which way I sliced it, the Instant Berkshire thesis was never compatible with >5x Debt/EBITDA, never ok with interest coverage under 4.0x," he wrote."Instant Berkshire" is Burry's idea for GameStop CEO Ryan Cohen to emulate Warren Buffett's Berkshire Hathaway by "creating a portfolio of great companies that generate excess capital or float for additional investment beyond what is required for their growth."Burry wrote in a late April post that GameStop, JD.com, and Molina Healthcare were his three largest positions, and together made up well over a third of his personal stock portfolio.In his late-Monday post, Burry laid out in a graphic why Cohen's $56 billion cash-and-stock offer for eBay is a far cry from the deal he envisioned for GameStop.He estimated the proposed acquisition would burden the combined business with a net-debt-to-profit ratio of 5.2 times, and its yearly profits would only be 2.5 times its annual interest expense.Moreover, he projected that if eBay pushes back and demands $65 billion, then the business could wind up with 7.7 times leverage and a profit-to-interest ratio of 1.2 to 1.5 times.Burry said in an earlier post on Monday that leverage above 5 times was a "knife edge," and 7.7 times was "a level of debt that borders on distressed."In his late-Monday post, Burry said that he "opened an outright short" on Palantir ahead of its Monday earnings, adding that he's "shorting the company because it is worth low double digits at best."Burry said he's not only betting against Palantir because he believes it's overvalued: "I am shorting the business model. I am shorting the entire premise upon which the company rests.
Officials warn of banking spoof callers draining customers' accounts - Fox Business
Officials are warning customers about banking spoof calls that could trick them into emptying their accounts, with scammers posing as banking or law enforcement officials who claim they are trying to protect the customer’s money. The FBI has described these calls as a growing problem in which customers are convinced to move their money, costing them thousands of dollars, according to ABC 7.
Charlotte-based Atrium Health targets WakeMed in proposed combination - North Carolina Health News
Atrium Health, the state’s largest hospital system, is seeking to combine with Raleigh-based WakeMed Health & Hospitals, an independent nonprofit with five hospitals and roughly 350 physicians, according to a press release and a document published on the Wake County board of commissioners website Friday afternoon. With the move, Atrium would continue a recent expansion that is reshaping the state’s health care market and raising questions about costs, competition and oversight.
Apple's diplomatic tariff refund strategy shows why Tim Cook is called the Trump whisperer - Business Insider
Tim Cook is positioning Apple to take advantage of tariff refunds as Donald Trump watches closely.The outgoing Apple CEO said on Thursday during the company's Q2 earnings call that Apple is "following the established processes" to apply for tariff refunds and plans to reinvest any money it recoups into US innovation and manufacturing. Those investments, he added, would be "in addition to our prior commitments in the US."Cook's comments show how Apple is navigating tariffs that have become both a cost issue and a political one — and underscore why he's earned a reputation as the Trump whisperer.Trump raised the stakes around those refunds in an April 21 appearance on CNBC's "Squawk Box." Asked about companies like Apple and Amazon, which had not yet announced plans to pursue refunds, Trump said the companies were "brilliant" if they didn't seek reimbursement, and their decision not to pursue tariff refunds served as evidence that they "got to know me very well.""I'll remember them," Trump added, signaling that the decision could carry political weight.Cook has maintained a notably close working relationship with Trump across both of his administrations, previously securing tariff exemptions for Apple products while pairing those efforts with high-profile US investment commitments.That relationship has helped Cook stand out among tech executives for his ability to navigate Trump's orbit without the same level of public friction, maintaining his direct line of communication with the White House while other tech leaders clashed more openly with the administration, Business Insider has reported.Apple's strategy — securing refunds while emphasizing domestic reinvestment — reflects Cook's careful balancing act between cost management and political optics.Other major companies are already cashing in on their refunds.