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Main shareholder JAB Holding seeks to shake up business after period of sustained share price underperformance
...shortage of copper because of a lack of new mines under development — even as demand is set to almost double to 50mn tonnes per year by 2035 because of the boom in renewables, EVs and AI — according to S&...
...Ian Lance, a fund manager at M&S shareholder Temple Bar Investment Trust, said the latest results “demonstrate that the strategy to reshape M&S is starting to deliver”....
...Their low key M&A strategy also helps. Acquisitions, if they happen at all, are of the small, bolt-on variety....
...M&S’s contract with HSBC, which owns M&S Bank, is up for renewal. M&S is likely to push for more control and a bigger cut of the spoils....
...I’m a bit sceptical, as I noted in yesterday’s letter, but then I’m a journalist. If any non-journalists have thoughts, please send them along: robert.armstrong@ft.com. Does Buffett matter?...
...“I’m very grateful to Katie for her support in seeing M&S through this important period in the reshaping of the business....
...M&S and John Lewis, they will have to run faster.” M&S cannot afford distractions....
...It’s a lot cheaper than the S&P 500 because the S&P 500’s price-to-book value has really gone up in recent years....
...Tim Steiner, Ocado’s chief executive and co-founder, insisted the relationship with M&S was strong, but added: “We believe that we have a very solid case to get full payment, we know that M&S may not entirely...
...“M&S’s decision to increase minimum pay levels in line with numerous other supermarkets reflects this reality,” Speke said....
...S said on Friday....
...The stock has gained nearly 40 per cent over the past 12 months, outpacing the S&P 500’s 20 per cent rise....
...The S&P 500 isn’t at such extremes today....
...Over the past 10 years the size of its buyback scheme dwarfs both its R&D spend and the buyback schemes from peers, adding up to a total of $658bn, according to data from S&P Global....
...Dealing with the dividends doubters So, I’m not saying Daniel Peris got lucky....
...“M&S has a history of overpromising and underdelivering.” The strong performance from Tesco and M&S comes a day after rival J Sainsbury disappointed investors with weak general merchandise sales....
...But the sales figures have been on the slide since the immense success of 2004’s Confessions, which sold 18mn copies in the US alone. This is comeback time for Usher....
...Partly because it’s been subject to some MainFT scrutiny as a potential M&A candidate recently....
...Well, I’m still waiting. Stocks have yielded less than bonds ever since then. . . ....
...Political will for public R&D investment has materialised....
...Trends As well as the seasonal overtones (ice, angel, Turkey etc), there was a further theme to these answers, which could have made it a bit easier. . . the first letters of each answer spell out C-H-R-I-S-T-M-A-S...
...A recent market theory is that stocks should trade higher because r-star (the neutral rate of interest) is making financial conditions easier....
...Looking at a 20-year chart of the price/earnings valuations of the S&P 500 and its small cap sibling the S&P 600, it seems possible that this is what has happened to small stocks: Small caps (dark blue...
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