Latest news with #AndrewLeft
Yahoo
2 days ago
- Business
- Yahoo
Why famed short-seller Andrew Left says he's betting against Palantir: 'It's become so absurd'
Short-seller Andrew Left says he's betting against Palantir. The AI-powered data company has seen its stock soar this year. Left says he likes the company, but its stock valuation is unjustifiable. Palantir stock seems unstoppable this year, but its astronomical rally has drawn the eye of at least one renowned short-seller. Andrew Left, founder of Citron Research, told Fox Business this week that he's betting against the AI-powered data software company amid its colossal 144% stock surge in 2025. The stock has rallied most recently after reporting strong second-quarter earnings on August 4. Left made it clear that despite Palantir's status as an AI and retail darling, he sees its valuation as extreme. "If this was the greatest company that was ever created and we gave it the same multiples as, let's say Nvidia in 2023, the stock still can get cut by two thirds. And that would be like 35 times sales." Palantir's price-to-sales ratio this month is hovering around 80x, while its forward price-to-earnings ratio was 290x on Thursday. "I've stopped even looking at the ratio because it's become so absurd," Left said. "There's never been a company that has that type of multiple or that type of PE that's not corrected 50%." The short-seller highlighted Palantir's significant following among retail traders, which he suggested is a negative for the stock. Left drew the ire of retail investors when his firm bet against the original meme stock, Gamestop. His other high-profile short bets include Hertz, EV startup Nikola, and Valeant. Once known for his high short-selling activity and social media presence, Left has toned it down recently. In July 2024, the US Securities and Exchange Commission charged him with market manipulation and securities fraud. In May, a federal judge rejected Left's bid to dismiss the case. Left's firm continues to share its reports and perspectives on X. On August 13, it called out an X post by CNBC commentator Jim Cramer when he issued a bullish take on Palantir stock. "Palantir at these levels isn't an "easy money" story; it's a high-multiple, hype-driven narrative," Citron wrote. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
07-07-2025
- Business
- Bloomberg
Andrew Left Set to Appear in Court in Push to Toss Fraud Charges
Activist short seller Andrew Left is set to appear in federal court Monday in a securities fraud case that shook the industry a year ago, setting up a battle over investor tips and free speech. A judge in Los Angeles will hear arguments on whether to dismiss the criminal case accusing Left of using false and misleading social-media posts about his trading intentions in more than a dozen companies to make a quick profit. Left claims the US Justice Department is targeting him unfairly and hasn't proved he told a single lie.
Bloomberg
23-05-2025
- Business
- Bloomberg
Andrew Left's New Lawyer Says Case Doesn't Fit Trump Priorities
Short seller Andrew Left is making a new push to sway the US Justice Department to drop fraud charges filed against him last year, hiring a former federal prosecutor to make fresh arguments directly to the Trump administration. The strategy hinges on convincing the Justice Department that the case against Left isn't in line with President Donald Trump's enforcement priorities. It's an argument that could gain traction with a department that has already dropped some criminal cases as a result of the president's directives.
Yahoo
28-01-2025
- Business
- Yahoo
Boeing posts largest annual loss since 2020
- Boeing has reported its biggest annual loss since 2020 and negative adjusted free cash flow of $4.10 billion in the fourth quarter, as the embattled planemaker grapples with the fallout from a prolonged machinists strike, charges from U.S. government projects and expenses linked to a slew of job cuts. Analysts had anticipated negative adjusted free cash flow of $4.17 billion, according to Bloomberg consensus estimates. The announcement comes after the company warned last week that it will post a bigger-than-anticipated loss of around $4 billion in its most recent quarter. Boeing (NYSE:BA) posted a basic loss of $5.46 a share, matching a preliminary figure that equated to about $3.86 billion. Analysts had expected a per-share loss of $1.84, according to LSEG data cited by Reuters. Boeing has faced both increased scrutiny over its safety record and the impact of the COVID-19 pandemic in recent years, while 2024 began with a dangerous mid-air panel blowout on one of its 737 MAX planes. The incident, coupled with a now-resolved work stoppage by over 33,000 workers, weighed on the firm last year. Overall net losses for 2024 came in at $11.83 billion, deepening from a loss of $2.24 billion in the prior year. "My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us," said CEO Kelly Ortberg in a statement, who took over at the helm of the company last year. In the fourth quarter, Boeing's Commercial Airplanes division was hit by lower deliveries and a pre-tax earnings charge of $1.1 billion on its 777X and 767 programs, the firm said. Quarterly revenue at the unit slumped by 55% year-over-year to $4.76 billion. Its Defense, Space and Security segment, meanwhile, logged a $1.7 billion pre-tax charge stemming from its fixed-price development initiatives. In particular, its KC-46 tanker program, which uses the 767 airframe, booked an $800 million charge partly because of the strike, Boeing noted. Fourth-quarter revenues fell by 31% from a year-ago to $15.24 billion, while the full-year top-line figure slipped by 14% to $66.52 billion. Shares in Boeing were hovering just above the flatline in premarket U.S. trading on Tuesday. Related Articles Boeing posts largest annual loss since 2020 S&P, Nasdaq futures steady after tech rout, earnings in focus Short seller Andrew Left seeks to dismiss US fraud case, filing shows Sign in to access your portfolio
