Latest news with #KurtWolf
Yahoo
22-05-2025
- Business
- Yahoo
Why Pitney Bowes (PBI) Stock Is Up Today
Shares of shipping and mailing solutions provider Pitney Bowes (NYSE:PBI) jumped 9.9% in the afternoon session after the company appointed sitting director Kurt Wolf as its Chief Executive Officer. It also announced a $150 million share buyback program, given its strong cash flow outlook, and was exploring ways to raise its dividends. Management also provided some color on the strength of the balance sheet noting that the business was on track to achieve its 3.0x adjusted leverage ratio target by the end of the second quarter, a quarter sooner than previously announced and without needing to retire additional debt. As a reminder, a stock buyback reduces the number of outstanding shares, ensuring that more profits accrue to existing shareholders. Is now the time to buy Pitney Bowes? Access our full analysis report here, it's free. Pitney Bowes's shares are very volatile and have had 20 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. Pitney Bowes is up 37.6% since the beginning of the year, and at $9.94 per share, it is trading close to its 52-week high of $10.86 from February 2025. Investors who bought $1,000 worth of Pitney Bowes's shares 5 years ago would now be looking at an investment worth $4,246. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. 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
CNBC
22-05-2025
- Automotive
- CNBC
Stocks making the biggest moves midday: Urban Outfitters, Advance Auto Parts, Snowflake, Sunrun and more
Check out the companies making headlines in midday trading. Advance Auto Parts — Shares skyrocketed 55% following a better-than-expected report from the car part retailer. The company lost an adjusted 22 cents per share in the third quarter, narrower than the loss of 82 cents per share anticipated by analysts polled by LSEG. Revenue came in at $2.58 billion, ahead of Wall Street's $2.50 billion forecast. Health insurance stocks — Shares fell after the Centers for Medicare & Medicaid Services announced an aggressive expansion of Medicare Advantage audits. Humana dropped more than 4.9%, while CVS Health lost more than 1%. UnitedHealth ticked 0.2% lower. Urban Outfitters — The retailer surged 22% on a stronger-than-expected earnings report for the first quarter. Urban earned $1.16 per share on revenue at $1.33 billion. Analysts surveyed by LSEG penciled in earnings per share of 84 cents and $1.29 billion in revenue. Snowflake — The data storage stock rallied 11.4% after first-quarter earnings surpassed Wall Street's predictions. Snowflake earned 24 cents, excluding items, on $1.04 billion in revenue. Analysts anticipated 21 cents in earnings per share and $1.01 billion in revenue. Sunrun — The solar stock sank nearly 40%, one of many in the sector to sell off after the House Republican tax bill appeared to be worse for green energy work than initially feared. SolarEdge and Enphase plunged more than 21% and 18%, respectively. Array Technologies slid more than 8next%, while Nextracker and First Solar both fell more than 4%. Analog Devices — The semiconductor manufacturer lost 3.4% despite beating expectations for the second fiscal quarter and offering upbeat guidance. Analog Devices earned $1.85 per share, excluding items, on $2.64 billion in revenue, while analysts polled by FactSet anticipated earnings of $1.70 per share and $2.51 billion in revenue. Pitney Bowes — Shares jumped 10.2% after the shipping firm announced that sitting director Kurt Wolf was appointed CEO. Wolf is succeeding Lance Rosenzweig, who is retiring from the chief executive role but will be a consultant to the company. Seagate Technology — The data storage company gained 3.8% after the firm announced a $5 billion share repurchase plan at its investor day. The buyback program will carry through the fiscal year ending in 2028, the company said. Williams-Sonoma — Shares of the high-end home furnishings retailer dropped 5.1% due to disappointing corporate guidance, which overshadowed quarterly figures that beat expectations. Dana — The vehicle product supplier popped 3.9% on the back of an upgrade by RBC to outperform from sector perform. RBC called the company's fundamentals "misunderstood." — CNBC's Yun Li contributed reporting
CNBC
22-05-2025
- Business
- CNBC
Stocks making the biggest moves premarket: Advance Auto Parts, Snowflake, Humana, Lumen Technologies and more
Check out the companies making headlines before the bell: Advance Auto Parts — Shares surged more than 30% after Advance Auto Parts topped first-quarter expectations. The auto parts company posted an adjusted loss of 22 cents per share, narrower than the loss of 82 cents per share analysts polled by LSEG had anticipated. Revenue of $2.58 billion exceeded the $2.50 billion consensus estimate. Nike — The footwear stock added almost 1% after the company said it would resume sales on Amazon . Nike had previously been a "gated" brand on the site, which means sales were highly restricted, after the brand stopped direct sales through the e-commerce site in 2019. The company also plans to raise prices on select products . Health insurance stocks — The Centers for Medicare & Medicaid Services announced an aggressive expansion of Medicare Advantage audits sending shares of health insurers lower. Humana shares dropped more than 6%. CVS Health fell almost 4%. UnitedHealth Group declined more than 3%. Analog Devices — Shares popped 3% after the semiconductor manufacturing company beat fiscal second-quarter expectations. Analog Devices earned $1.85 per share, excluding items, on revenue of $2.64 billion. Analysts polled by FactSet anticipated earnings of $1.70 per share on revenue of $2.51 billion. Urban Outfitters — The apparel retailer soared 17% after reporting earnings of $1.16 per share in its last quarter, which exceeded the 84 cents per share analysts had forecast, per LSEG. Revenue of $1.33 billion also came in higher than the $1.29 billion Wall Street had expected. Lumen Technologies — The telecommunications stock rallied 9% after AT & T agreed to acquire substantially all of Lumen's mass markets fiber internet connectivity business. The $5.75 billion deal is set to close in the first half of 2026. Shares of AT & T were little changed. Snowflake — Shares jumped 8% after the cloud-based data storage company posted solid earnings in its first quarter. Adjusted earnings of 24 cents per share topped the 21 cents per share expected by analysts polled by LSEG. Second-quarter product revenue guidance also exceeded expectations. Zoom Communications — Shares slipped less than 1% despite a first-quarter earnings beat and an upbeat forecast. Zoom earned $1.43 per share, excluding items, while analysts forecasted $1.31 a share. Revenue came in line with the Street's consensus at $1.17 billion. Pitney Bowes — Shares gained more than 9% after the shipping and mailing company said sitting director Kurt Wolf was appointed as its new chief executive. He replaces Lance Rosenzweig, who is retiring from his role as CEO but will stay on as a consultant to the company. — CNBC's Lisa Han, Alex Harring and Jesse Pound contributed reporting.
Business Wire
21-05-2025
- Business
- Business Wire
Pitney Bowes Appoints Kurt Wolf as Chief Executive Officer and Announces Value-Enhancing Actions
STAMFORD, Conn.--(BUSINESS WIRE)--Pitney Bowes Inc. (NYSE: PBI) ('Pitney Bowes' or the 'Company'), a technology-enabled services company that provides SaaS shipping solutions, mailing innovation and financial services to clients around the world, is announcing today that its Board of Directors (the 'Board') has appointed sitting director Kurt Wolf as the Company's Chief Executive Officer ('CEO'), effective immediately. Mr. Wolf succeeds Lance Rosenzweig, who is retiring from his CEO and director roles to become a consultant to the Company. The Company thanks Mr. Rosenzweig for his contributions during an important period of transformation. The Board determined that Mr. Wolf, who is an architect of Pitney Bowes' turnaround and a major shareholder, is best positioned to refine the Company's strategy, effectively allocate capital, and empower and support the organization's talented business leaders and employees. Since Mr. Wolf joined the Board and subsequently became Chair of the Value Enhancement Committee, the Company's total shareholder returns have exceeded 200%. The Board believes his contributions and deep knowledge of Pitney Bowes, as well as his past success as an operating executive, entrepreneur and strategic consultant, represent the ideal qualifications for the Company's next CEO. Capital Returns and Deleveraging The Company is also announcing today that, based on its strong outlook for free cash flow and other financial metrics, it intends to repurchase $150 million in shares in 2025. This amount represents the entirety of the Board's previously disclosed share repurchase authorization. The Board expects to establish another share repurchase authorization once the existing one is exhausted. The Company also intends to continue evaluating increases to its dividend. Furthermore, the Company is now on track to achieve its 3.0x adjusted leverage ratio target by the end of the second quarter, a quarter sooner than previously announced and without needing to retire additional debt. This will give Pitney Bowes significantly greater flexibility with respect to use of cash on a go forward basis. Strategic Review Mr. Wolf and relevant members of leadership will conduct a comprehensive strategic review over the remainder of 2025. This process will be supported by independent advisors. The goal of the review is to produce a clear strategy for maximizing the value of the businesses for shareholders and other stakeholders. Under Mr. Wolf, Pitney Bowes will establish a new Executive Planning Group ('EPG') that also includes: Shemin Nurmohamed (EVP and President, Sending Technology Solutions) Debbie Pfeiffer (EVP and President, Presort Services) Christopher Johnson (SVP and President, Global Financial Services) Lauren Freeman-Bosworth (EVP, General Counsel & Corporate Secretary) Robert Gold (EVP, Chief Financial Officer and Treasurer). The EPG will primarily focus on ensuring each of Pitney Bowes' individual businesses has the access, resources and support necessary to enhance cash flow, profitability, and service for the Company's clients and government partners. The Company believes that establishing the EPG will enable key leaders to have stronger connectivity with the CEO, enabling them to run businesses in an autonomous, efficient manner. Milena Alberti-Perez, Chair of the Board, commented: 'As the Board looked to accelerate value creation and bring stability to the organization, it became clear that Kurt is the right CEO to achieve those objectives. Kurt's capital markets acumen, strategic mindset and vast knowledge of the organization have enabled him to help guide our Board to many value-enhancing decisions in recent years. Moreover, his ability to build lasting and trusting relationships throughout all levels of Pitney Bowes gives us confidence that he will be a steady hand atop the organization. It is also important to take this moment to thank Lance for his contributions over the past year, including implementing important efficiency measures, helping reduce debt and overseeing the exit of our former Global Ecommerce segment. We look forward to continuing to work with Lance in his consulting role.' Mr. Wolf added: 'It is an honor to become the CEO of an iconic and historic American business such as Pitney Bowes. For more than a century, the Company has demonstrated its adaptability, ingenuity and willingness to make tough choices to advance the collective interests of all stakeholders. I am especially humbled to hold a position once held by the legendary Walter H. Wheeler Jr., who became a corporate luminary during his three decades leading Pitney Bowes. He made a profound mark on business by establishing a culture of accountability that aligned employees' interests with shareholders' interests. Mr. Wheeler's longevity and success largely stemmed from his ability to establish a constructive and value-focused culture decades before it was fashionable. I will work tirelessly to build on that culture at Pitney Bowes by empowering our people to operate with more autonomy and introducing new levels of transparency around our goals, strategy and expectations. When it comes to engaging with our investors, I pledge to listen to feedback and take decisive steps that are in our collective best interests. When it comes to supporting our business leaders and employees, I am equally committed to learning what has made Pitney Bowes great over the past century in the pursuit of superior results. Looking ahead, my agenda is simple: Set a clear strategy to effectively allocate capital and ensure our people are supported so they can deliver profitable services for one of the world's most enviable client bases. After spending several years getting to know every facet of this organization, I am excited to apply that knowledge to helping propel careers and unlocking value. There is so much opportunity at Pitney Bowes, and we have the right business leaders and employees to realize the potential in front of us.' The Company has reaffirmed all aspects of its previously announced 2025 financial guidance. There are no additional changes at this time. Additional details around today's announcements will be filed with the Securities and Exchange Commission on a Form 8-K. About Pitney Bowes Pitney Bowes (NYSE: PBI) is a technology-driven company that provides SaaS shipping solutions, mailing innovation, and financial services to clients around the world – including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. For the latest news, corporate announcements, and financial results, visit For additional information, visit Pitney Bowes at Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including those relating to capital allocation priorities, the timing and amount of repurchases of common stock, the Company's financial outlook and reaffirmation of its financial guidance, the Company's timing for achieving its deleveraging targets, the Company's strategic objective discussed above as well as other statements concerning future events. Forward-looking statements are subject to inherent risks and uncertainties, including those discussed throughout the 'Risk Factors' section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on February 21, 2025, that could cause actual results to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Bloomberg
21-05-2025
- Business
- Bloomberg
Activist Investor Who Won Pitney Bowes Proxy Battle Is About to Be CEO
The head of Hestia Capital Management is poised to become chief executive officer of Pitney Bowes Inc., about two years after the activist investor won board seats at the shipping services provider. Hestia Founding Member Kurt Wolf is expected to be named CEO of the Stamford, Connecticut-based company as soon as Wednesday, replacing Lance Rosenzweig, according to people familiar with the matter, who asked to not be identified because it isn't public yet. Wolf won a seat on the Pitney Bowes board in 2023 along with three other Hestia nominees.
