>>> Europe : Brokers Upgrades & Downgrades - 9th of January 2024

>>> Up
* Aena PT Raised to 202 euros from 180 euros at Morgan Stanley
* Alpha Services Raised to Buy at Jefferies; PT 2.25 euros
* Basler Raised to Buy at Jefferies; PT 15 euros
* Citigroup Raised to Buy at HSBC; PT $61
* DWS Raised to Buy at Goldman; PT 42 euros
* Eurobank Raised to Buy at Jefferies; PT 2.25 euros
* Interroll Raised to Hold at Jefferies; PT 2,300 Swiss francs
* JPMorgan Raised to Buy at Deutsche Bank; PT $190
* Nordic Semiconductor Cut to Sell at Arctic Securities
* Piraeus Bank Raised to Buy at Jefferies; PT 4.45 euros
* Snam Raised to Buy at SocGen; PT 5.50 euros
* Telia Raised to Buy at UBS

>>> Down
* ABB Cut to Market Perform at Cowen; PT 38 Swiss francs
* ABB ADRs Cut to Market Perform at Cowen; PT $43
* Asos Cut to Sell at AlphaValue/Baader(Earlier)
* Boliden Cut to Hold at ABG; PT 295 kronor
* Bpost Cut to Underperform at Jefferies; PT 3.80 euros
* Byggfakta Group Nordic Holdco Cut to Equal-Weight at Barclays
* Dada Nexus ADRs Cut to Reduce at CLSA; PT $1.75
* Ebusco Holding Cut to Underperform at Jefferies; PT 4 euros
* Kosmos Energy Cut to Hold at Peel Hunt; PT 550 pence
* Morgan Stanley Cut to Hold at HSBC; PT $96
* Netflix Cut to Neutral at Citi; PT $500
* Solvay Cut to Hold at Berenberg; PT 28 euros
* U-blox Cut to Add at Baader Helvea; PT 102 Swiss francs
* Wacker Neuson Cut to Hold at Jefferies; PT 19 euros
* Wells Fargo Cut to Hold at Deutsche Bank; PT $51

>>> Initiation
* Airbnb Rated New Market Perform at BMO; PT $134
* Alphabet Rated New Outperform at BMO; PT $170
* Amazon Rated New Outperform at BMO; PT $200
* Electronic Arts Rated New Outperform at BMO; PT $160
* Fugro Rated New Buy at Jefferies; PT 22.50 euros
* Jyske Rated New Overweight at Barclays; PT 645 kroner
* KSB Reinstated Buy at GSC Research; PT 700 euros
* Meta Platforms Rated New Market Perform at BMO; PT $397
* Netflix Rated New Outperform at BMO; PT $566
* Nexans Rated New Buy at Berenberg; PT 98 euros
* Petronor E&P Rated New Buy at Arctic Securities; PT 12 kroner
* Rotork Reinstated Hold at HSBC; PT 325 pence
* SBE-Varvit-SpA Rated New Hold at Kepler Cheuvreux; PT 8.80 euros
* Snap Rated New Outperform at BMO; PT $22
* Uber Rated New Outperform at BMO; PT $69
* Ubisoft Rated New Market Perform at BMO; PT 27 euros

>>> Call
* ABB Cut to Market Perform at Cowen on Moderating Short-Cycle
* Goldman’s Snider Sees Small-Cap Gains on Growth, Low Valuations
* Morgan Stanley Strategists See Europe Stocks Gains on Fed Pivot
* Nexans at Interesting Entry Point, Rated New Buy at Berenberg
* UBS’s Lefkowitz Raises S&P 500 Target to 5,000 on EPS Upside

>>> Europe : Brokers Upgrades & Downgrades - 9th of January 2024

>>> Up
* Aena PT Raised to 202 euros from 180 euros at Morgan Stanley
* Alpha Services Raised to Buy at Jefferies; PT 2.25 euros
* Basler Raised to Buy at Jefferies; PT 15 euros
* Citigroup Raised to Buy at HSBC; PT $61
* DWS Raised to Buy at Goldman; PT 42 euros
* Eurobank Raised to Buy at Jefferies; PT 2.25 euros
* Interroll Raised to Hold at Jefferies; PT 2,300 Swiss francs
* JPMorgan Raised to Buy at Deutsche Bank; PT $190
* Piraeus Bank Raised to Buy at Jefferies; PT 4.45 euros
* Snam Raised to Buy at SocGen; PT 5.50 euros
* Telia Raised to Buy at UBS

>>> Down
* ABB Cut to Market Perform at Cowen; PT 38 Swiss francs
* ABB ADRs Cut to Market Perform at Cowen; PT $43
* Asos Cut to Sell at AlphaValue/Baader(Earlier)
* Boliden Cut to Hold at ABG; PT 295 kronor
* Bpost Cut to Underperform at Jefferies; PT 3.80 euros
* Byggfakta Group Nordic Holdco Cut to Equal-Weight at Barclays
* Dada Nexus ADRs Cut to Reduce at CLSA; PT $1.75
* Ebusco Holding Cut to Underperform at Jefferies; PT 4 euros
* Kosmos Energy Cut to Hold at Peel Hunt; PT 550 pence
* Morgan Stanley Cut to Hold at HSBC; PT $96
* Netflix Cut to Neutral at Citi; PT $500
* Solvay Cut to Hold at Berenberg; PT 28 euros
* U-blox Cut to Add at Baader Helvea; PT 102 Swiss francs
* Wacker Neuson Cut to Hold at Jefferies; PT 19 euros
* Wells Fargo Cut to Hold at Deutsche Bank; PT $51

>>> Initiation
* Airbnb Rated New Market Perform at BMO; PT $134
* Alphabet Rated New Outperform at BMO; PT $170
* Amazon Rated New Outperform at BMO; PT $200
* Electronic Arts Rated New Outperform at BMO; PT $160
* Fugro Rated New Buy at Jefferies; PT 22.50 euros
* KSB Reinstated Buy at GSC Research; PT 700 euros
* Meta Platforms Rated New Market Perform at BMO; PT $397
* Netflix Rated New Outperform at BMO; PT $566
* Nexans Rated New Buy at Berenberg; PT 98 euros
* Petronor E&P Rated New Buy at Arctic Securities; PT 12 kroner
* Rotork Reinstated Hold at HSBC; PT 325 pence
* SBE-Varvit-SpA Rated New Hold at Kepler Cheuvreux; PT 8.80 euros
* Snap Rated New Outperform at BMO; PT $22
* Uber Rated New Outperform at BMO; PT $69
* Ubisoft Rated New Market Perform at BMO; PT 27 euros

>>> Call
* UBS’s Lefkowitz Raises S&P 500 Target to 5,000 on EPS Upside

>>> What to look at today - 9th of January 2024

Asian stocks carried over the positive tone from Wall Street after a tech-led rally, aided by gains in China after a central bank official hinted at the possibility of fresh monetary easing. Shares rose from Australia to South Korea and Japan, where trading resumed following a holiday break. Samsung Electronics shares fell, bucking the broader trend after the company posted its sixth straight quarter of declining operating profit.  Hong Kong and mainland Chinese stocks also gained after a senior Chinese central bank official signaled that authorities are prepared to keep policy loose by cutting banks’ official reserves.  Contracts for US stocks were virtually flat after the Nasdaq 100 outperformed on Monday. Treasuries yields slipped while the dollar was steady in Asia trading. Apart from the latest tech rally, investor focus also will be on key inflation readings from the US and China later this week. Data released earlier showed consumer price gains in Tokyo slowed for a second month in December, broadly in line with the Bank of Japan’s view that import-driven price pressures are subsiding. Concerns over China’s growth outlook and policy uncertainties still keep investors cautious about the country’s stocks and could cause Chinese equities to “trade in the limited range in the near term,” said Jasmine Duan, senior investment strategist at RBC Wealth Management. The tech rally in US stocks on Monday came as Nvidia Corp. surged after announcing new artificial-intelligence products for personal computers. In contrast, Boeing Co. sank as its 737 Max 9 model was temporarily grounded by authorities.  Elsewhere bitcoin consolidated after a surge past $47,000 on bets that the US is poised to approve the launch of the nation’s first exchange-traded funds investing directly in the world’s largest digital asset. US After Hours MXCT +11.5% up on guidance; URBN +6% up on solid holiday sales; U +3.6% higher after workforce reduction; EXTR -8.8%, TCS -8.5%, MCHP -4.3% all down on guidance.

Nikkei +1.02% Hang Seng +0.32% CSI +0.29% Shanghai +0.32% Shenzen +0.46%

Eur$ 1.096 CNH 7.1676 CNY 7.1596 JPY 143.64 GBP 1.2747 CHF 0.8474 RUB 91 TRY 29.94 WTI$ 70.80+0.05% Gold 2,033 +0.27% BTC 46,875 -0.51% ETH 2,310 -1.24%

S&P -0.13% Nasdaq -0.15% EuroStoxx +0.27% FTSE +0.30% Dax +0.25% SMI

Macro :
- Trader’s Quick Trigger on Biotech Bet Leaves $5 Million on Table
- Borsa Istanbul Banks Sector Index Rises 8.9%
- Logical Bullish View on US Stocks Is Flawed: Markets Live 2024
- Bill Gross Says 10-Year Treasuries at 4% ‘Overvalued’
- UBS’s Lefkowitz Raises S&P 500 Target to 5,000 on EPS Upside
- BITCON RISES TO $47,000 FOR THE FIRST TIME SINCE APRIL 2022

Keep an eye on :
- AIR FP : Airbus Nearing Widebody Jet Order From Delta: Reuters
- AF FP : Griffin Global Delivers Two Airbus A350 Aircraft to Air France
- NDA GY : Aurubis Says Legal Probe Into Copper Scam to Finish This Month
- BC IM : Brunello Cucinelli FY Revenue Beats Estimates
- CYTK US : *CYTOKINETICS CLOSES AT RECORD HIGH, UP 15% AFTER WSJ REPORT
- DHR US : Danaher Sees 4Q Revenue Down in Low-Double Digit Range Y/y
- IFX GY : Infineon to Examine Expert Opinion in Qimonda Legal Dispute
- JD US : JD.com Unit Dives 46% After Disclosing ‘Suspicious’ Revenue
- JNPR US : HPE’s Potential Juniper Takeover Beefs Up Cloud, Telecom
- MTCH US ; Elliott Builds Roughly $1 Billion Position in Tinder Owner: WSJ
- MXCT US : MaxCyte Gains as Prelim. 4Q Sales Are Higher Than Year-Ago
- MRK GY : Merck KGaA FY Sales Guidance Trending Slightly Below Mid-Point
- MRN FP : Foissaud Named Bpifrance Representative on Mersen Board
- EGP PL : Mota-Engil Takes Full Control of Suma from Urbaser
- NESN SW : Nestle to Invest Additional $100M in South Vietnam: Chung Khoan
- NKE US : Nike’s Pact With Tiger Woods Ends After 27 Years: Consumer Wrap
- PKTM AV : Pierer Mobility Cut to Hold at Jefferies
- PGS NO : PGS Prelim 4Q Revenue About $265M, Est. $210M
- PIRC IM : Tronchetti Holdings to Raise Pirelli Indirect Control to 20.6%
- REP SM : JPMorgan Discloses 5.4% Stake in Spain’s Repsol
- RUM US : Rumble Part of Active and Ongoing SEC Investigation: Wired
- RYA ID : Ryanair boss calls on Boeing to improve quality control after mid-flight accident
- SW FP : Sodexo Names Sébastien de Tramasure as CFO
- SNBN SW : SNB Skips 2nd Payout in a Row as Record Loss Haunts Central Bank
- TECN SW : Tecan Prelim FY Sales CHF1.07B
- 700 HK : A $32 Billion Rout May Not Be End of Tencent’s Woes, Tencent Leads a 20% Surge in Hong Kong Buybacks as Shares Bleed
- TIT IM : KKR to Notify EU of TIM Network Buyout by End of January: Rtrs
- TRI FP : Trigano 1Q Revenue Beats Estimates
- U US : Unity Software to Cut 1,800 Employees, About 25% of Workforce
- VOW GY : Volkswagen to Deploy Cerence’s Chat Pro

>>> JD.com’s Unit Says It May Have Overstated Revenue

JD.com’s Unit Says It May Have Overstated Revenue
Dada Nexus, an on-demand retail and delivery subsidiary of Chinese e-commerce giant JD.com, said its internal audit found “suspicious practices” that could cast doubt on its revenue, causing Dada’s Nasdaq-listed shares to plunge 46% Monday.
In a statement, Dada said it may have overstated 500 million yuan ($70.4 million) of revenues from online advertising and marketing as well as 500 million yuan of expenses. The company withdrew its previous revenue guidance for 2023 and said it would conduct “an independent review to ascertain the financial impact and the scope of suspicious practices, if any, and the root cause.”
In China, Dada is a major competitor in China’s online grocery and delivery sectors. JD.com’s shares, also listed on Nasdaq, fell 2.7% Monday.

The Information : Fintech-Focused Vetamer Capital Shuts Down Hedge Fund

Fintech-Focused Vetamer Capital Shuts Down Hedge Fund

Vetamer Capital, an investor in public and private tech companies started by a Lone Pine Capital veteran just three years ago with $350 million to invest, has shut down its public-equities hedge fund and returned capital to investors, the firm said in a recent letter to its investors.

The San Francisco-based firm is a notable addition to the small but growing number of tech investment firms drastically curtailing ambitions as they struggle after two years of reduced valuations and sparse public offerings. Last month, venture capital firm OpenView, which managed $2.4 billion, said it would halt investments in new startups.

THE TAKEAWAY
• Firm founded by former analyst at Tiger cub Lone Pine
• Vetamer returns hedge fund capital to investors
• Firm made bets on fintech stocks such as Toast, PayPal

Vetamer, started in 2021 toward the end of one of the most ebullient market cycles for tech companies by former Lone Pine analyst Paul Eisenstein, told limited partners it had made the “difficult decision” to stop stock picking and return capital because rising costs of operating the business made it “difficult to maintain the caliber of team we have in the past.”

Vetamer didn’t tell investors whether it would continue to make new private investments. When the firm launched, it said it expected those would make up about one-third of its portfolio. It isn’t yet returning capital in its illiquid positions to investors, according to the letter.

But Vetamer only appears to have a skeleton staff remaining. In recent months, chief operating officer Hunt Hanover and two tech-focused investors, managing directors Ruth Bryson and Matt Heiman, left the firm, according to LinkedIn. The firm’s website is also no longer active.

Eisenstein launched Vetamer after 13 years at Lone Pine, a hedge fund started by Steve Mandel, a protege of Tiger Management’s Julian Robertson. Vetamer’s initial focus was fintech companies, and it’s invested in privately held financial tech firms including Carta, Monzo, Airwallex and Mercury. The firm had also invested in bankrupt cryptocurrency exchange FTX.

Some of its larger public positions at various points included fintech firms that have struggled to increase their share price or keep pace with the broader market, including PayPal and Toast, according to public filings. PayPal stock is down about 20% over the past year, while Toast is up only 4%. The S&P 500 Index, meanwhile, has gained about 22% during that period.

Fintech has been particularly hard hit since the Federal Reserve started to raise interest rates in 2022. Vetamer, in its letter, said that “fintech has been challenged by the macro environment.”

“It will take more time for the cycle to play out so fintech can deliver consistent performance,” the firm wrote to limited partners.

Eisenstein declined to comment.

Some larger tech-focused crossover funds have continued to feel the sting of reduced tech valuations. D1 Capital, an investor in grocery delivery firm Instacart and fintech Ramp, finished 2023 up just 0.8%, following a big loss in 2022, Bloomberg reported.

TechCrunch : Will.i.am’s new startup Sound Drive wants you to reboot the music i

Will.i.am’s new startup Sound Drive wants you to reboot the music industry in your car
Image Credits: Mercedes-Benz

You can spend all day long curating custom playlists for every mood, picking tracks based on tempo or intensity, but whether you’re corner-carving or just commuting, you’ll never perfectly match the cadence and energy of every drive.

Will.i.am, the singer and songwriter turned entrepreneur, says he has cracked the code to doing just that with a new company called Sound Drive, which made its debut at CES 2024. The new venture will launch this summer in Mercedes-Benz’s electric EQ models, will.i.am told TechCrunch during a press event. The basic idea is not just to create an in-car soundscape that reacts to what you’re doing, but to create and remix tracks in new ways every time you drive. Tracks that, will.i.am said, are “conducted by the road.”

TechCrunch had a chance to test it at CES 2024 and despite some initial skepticism, we came away impressed.

Sound Drive finds harmony in the numerous channels of data flying out of the ECU of a modern car, everything from throttle input to brake pressure, and links that to a sort of intelligent multichannel mixer. Instead of two turntables and a microphone, it’s two foot pedals and a steering wheel.

But that’s just the beginning. “It’s around 10 segments roughly that we are using at the moment,” Mercedes-Benz CTO Markus Schäfer said. What he means is that the app will tap into as many as 10 different vehicle parameters that will affect the song. But, since the system will run as an app within the MBUX infotainment system, it has the potential to access much more.

Image Credits: Tim Stevens

I’m the first to admit that the concept sounds like a gimmick, more fake noises desperately trying to make EVs sound a little less boring. After 30 seconds behind the wheel of a Mercedes-AMG EQE SUV, I was convinced.

That car had 16 Sound Drive tracks loaded, some familiar and others created especially for the experience. I sampled a few, my favorite being Doja Cat’s “Woman” from her last album. Sitting idle, the rhythmic beat of the song was present yet subtle.

It wasn’t until I added some throttle that Doja’s sultry lyrics came forward. As I gained speed, the song really came into its own, which just left me even more frustrated with the perpetual Las Vegas traffic.

I also sampled “Scream & Shout,” the 2013 banger from will.i.am and Britney Spears, freshly retooled for Sound Drive. It’s much the same story there, with the song coming and going, swelling and retreating with my inputs and speed.

It’s important to note that Sound Drive isn’t just modifying the volume levels of different parts of the song. Lyrics come in and drop out intelligently, picking up where they leave off and continuing the thread of the song, not just going mute mid-verse.
It felt like driving through a movie soundtrack, not entirely of my own making, but one that responded instantly to the pace of my life.

Only to a certain degree, though. Schäfer was quick to point out that the music will not reward driving beyond the limit.

Sound Drive is not quite a performance as such, will.i.am likens being a conductor or DJ, but that’s just the beginning. Down the road, Sound Drive will let you geotag samples, linking auditory cues with memories. He said you could create a song route to chart the ending of a relationship, dropping tags with memories of where you had your first kiss — or last fight.

While reliving that kind of trauma in every morning commute might get a little heavy, he assured me that even if you cover the same road at the same time at the same speed stuck in the same traffic, you’ll never get the same song twice: “The song will be slightly different every route, even if it’s the same route,” he added.

Mercedes-Benz is the first partner, where the technology will launch with 10 tracks this summer as MBUX Sound Drive. That makes sense, considering will.i.am has an established relationship with Mercedes as a brand ambassador. It will initially be found in higher-performance AMG and AMG-Line EQ models and will extend beyond those to other trims in the Mercedes range.

In the future, Sound Drive will be available in models from different manufacturers as well. Will.i.am declined to give any timelines.

He did, however, say there’s no limit to how far this can go. This technology, will.i.am hopes, will drive us into a new era of music.

“Right now, still today, in 2024, people make music as if they’re still playing CDs, as if the main source of listening to music is vinyl,” he said. “Beyoncé and Taylor Swift told the world that live music is where the business is, and the only way to actually listen to live music is to go to a concert.” With Sound Drive, he said, that dynamic music experience will come from you — and your ride.

WSJ : New York’s Real-Estate Market Scores Major Deal on the High Line

New York’s Real-Estate Market Scores Major Deal on the High Line
A $49 million condo in Chelsea has found a buyer

In one of New York’s first major deals of the year, a Manhattan penthouse asking $49 million has gone into contract

Measuring about 7,375 square feet, the five-bedroom penthouse is the largest unit at the Chelsea new-construction condominium One High Line, said Alex Witkoff, co-chief executive of the Witkoff Group, which is developing the project with Len Blavatnik’s Access Industries. He declined to give the sale price.

The penthouse has 360-degree views and roughly 4,830 square feet of outdoor space, Alex Witkoff said.

Formerly known as the XI, the 235-unit condo project spans a city block above the High Line park. Sales launched at the building in 2018, but the original developer, HFZ Capital Group, faced financial distress and the project stalled. Witkoff and Access Industries took over the project more than a year ago, rebranding it as One High Line. Closings at the building began in August, and so far 80 units have closed, a spokesperson for the project said.

Another penthouse in the building, asking $52 million, went into contract in June, but hasn’t closed yet because it isn’t completed, the spokesperson said.

The developers said demand for large residences and a scarcity of family-sized apartments in downtown Manhattan has bolstered sales at One High Line. In 2023, they said they struck deals at the building representing $600 million, including roughly 35 deals above $5 million. Alex Witkoff said many of those deals were reached early in the year before macroeconomic concerns came into play, and he predicted sales this year would surpass 2023.

Designed by the Bjarke Ingels Group, One High Line comprises two towers It has about 20,000 square feet of amenity space with a 75-foot lap pool, whirlpool, gym, co-working space, children’s playroom, billiard’s room and dining room. A 120-key Faena Hotel will open in one of the project’s towers in early 2025.

Despite an overall slowdown in the luxury market last year, downtown Manhattan saw a string of large condos sales. A penthouse at 150 Charles Street sold in an off-market deal for $52 million, and a penthouse at 151 Wooster Street sold for $50 million.

The number of luxury sales in Manhattan fell 5.9% during the fourth quarter of 2023 compared with the same period of 2022, while the average luxury sale price rose 7.3% year-over-year, according to real estate appraisal firm Miller Samuel.

WSJ : Hewlett Packard Enterprise Near Deal to Buy Juniper Networks

Hewlett Packard Enterprise Near Deal to Buy Juniper Networks
Deal could be unveiled this week, valuing Juniper at roughly $13 billion

Hewlett Packard Enterprise HPE 3.20%increase; green up pointing triangle is in advanced talks to buy Juniper Networks JNPR 1.04%increase; green up pointing triangle for about $13 billion, in a bid to better position the nearly 100-year-old technology company in the era of artificial intelligence.

A deal between the two companies could be announced as soon as this week, according to people familiar with the matter, assuming the talks don’t fall apart.

Texas-based HPE, as Hewlett Packard Enterprise is known, is a cloud-services provider to customers ranging from small businesses to large corporations and governments. HPE is an offshoot of the iconic tech company founded in 1939 by William Hewlett and David Packard, Hewlett-Packard.

HPE shares closed Monday at $17.72, bringing its market capitalization to roughly $23 billion.

Juniper’s stock ended trading at $30.22, taking its market value to about $9.6 billion. A tech-bubble-era darling, its shares have languished for years and currently trade at a fraction of what they once fetched.

Sunnyvale, Calif.-based Juniper sells communications-network services and equipment like routers and switches to technology, telecommunications, financial and other customers.

Juniper also operates a growing artificial intelligence business, known as Mist AI, which it says uses AI and machine learning to optimize users’ experiences around wireless access.

In 2015, HPE was split between an enterprise-services producer and a computer and printer maker known as HP.

A deal between HPE and Juniper would be one of the biggest recent technology takeovers. Tech, normally the biggest engine of merger volume, has been in the doldrums amid a slowdown in dealmaking, hit particularly hard by tougher antitrust scrutiny out of Washington.

But in another big deal in the industry that is in the works, The Wall Street Journal reported last week that design-software company Synopsys is in advanced talks to acquire Ansys for around $35 billion in stock and cash.

WSJ : Tinder Owner Match Draws Elliott Investment

Tinder Owner Match Draws Elliott Investment
Activist has roughly $1 billion stake and intends to meet with Match to discuss ways to improve online dating company’s performance

Elliott Investment Management has built a big stake in Match Group MTCH 3.30%increase; green up pointing triangle and plans to push the online dating company to take steps to boost its languishing stock.

The activist has built a position of roughly $1 billion in Match, the parent company of Tinder, Hinge and other dating platforms, according to people familiar with the matter.

Elliott intends to discuss with Match ways to turn the company’s performance around. The hedge fund’s specific demands, and whether or not it plans to pursue nominating director candidates, couldn’t be learned.

Match shares closed Monday at $37.89, bringing the company’s market capitalization to roughly $10 billion. In 2021, amid the Covid-19 pandemic and a boom in internet stocks, Match’s market capitalization soared well above $40 billion. More recently, a decline in paying customers and other factors have hurt the stock.

Besides Tinder and Hinge, Dallas-based Match’s portfolio of dating platforms includes OkCupid and Plenty of Fish, in addition to its namesake Match brand. New York media and internet holding company IAC/InterActive previously owned Match but fully separated from it in 2020.

The business dwarfs its publicly traded rivals including Bumble, valued at nearly $2 billion, and Grindr, about $1.5 billion.

Match’s Tinder app, the biggest dating site in the world by user count, booked roughly $1.8 billion in revenue in 2022, up 9% from 2021. Revenue for Hinge, its fastest-growing platform, surged 44% year over year.

More recently, analysts and investors have raised concerns about Tinder’s growth slowing earlier and more severely than expected. Match has also seen continued turnover in its C-suite, provoking some shareholder unease.

Match most recently named Bernard Kim, previously chief executive of Zynga, as CEO in 2022. Kim also oversees the Tinder business, according to the company’s website.

In November, Match reported third-quarter results that showed a continued decline in the number of “payers” on the Tinder app. The company further forecast that the drop was expected to get even worse in the current quarter, as Match felt the impact of price increases it began enacting earlier in 2023.

The company has said, however, the slowdown is a shorter-term blip in its broader turnaround plans. Its Hinge business, meanwhile, is expected to hit $1 billion in revenue in the next four years, analysts predict.

Elliott is known for taking on tech companies and others and forcing changes that include sales. One of the biggest and busiest activists, it has recently pursued campaigns at companies including Salesforce and Pinterest.

Elliott also recently gained a victory at wireless-tower owner Crown Castle, which in late December announced a review of its fiber business and replaced two directors on its board as part of a pact with the hedge fund that had been pushing for changes.

FT : Russian oligarch faces off against Sotheby’s in trial over art sales

Russian oligarch faces off against Sotheby’s in trial over art sales
Dmitry Rybolovlev is seeking millions in damages over the purchase of famous works

A trial pitting Russian billionaire Dmitry Rybolovlev against Sotheby’s auction house began on Monday in New York, the latest stage in a sweeping legal saga that has roiled the art world.

Rybolovlev has sued Sotheby’s in Manhattan federal court and accused it of helping a high-profile art dealer vastly inflate the prices of famed pieces of art, including Leonardo da Vinci’s “Salvator Mundi”, before he purchased them.

Rybolovlev is seeking $377mn in damages from Sotheby’s as part of a long-running dispute over works he bought through Yves Bouvier, his agent for more than 10 years.

The oligarch claimed Bouvier posed as an agent helping to broker sales of the rare art, when in fact he was working as a dealer, buying the art from the auction house himself and quickly reselling it to Rybolovlev at a mark-up. Rybolovlev became a collector of valuable artwork after selling his holdings in Russian potash fertiliser producer Uralkali for $6.5bn in 2010. He also subsequently purchased AS Monaco, the football club.

He has alleged that Bouvier sold him René Magritte’s “Le Domaine d’Arnheim” and Amedeo Modigliani’s “Tête”, for substantially more than he had paid for them at Sotheby’s, and that the auction house provided documents to help ensure that Rybolovlev trusted the final price and obscure that Bouvier was the true owner of the art. He has described the 12-year scheme as “the largest art fraud in history”.

The case revolves around just four sales, a portion of the estimated $2bn of art Rybolovlev purchased from Bouvier over that time.

It provides a rare glimpse into the world of private art sales, where anonymity and discretion are typically paramount, and how transactions worth hundreds of millions of dollars are brokered between prestigious auction houses and the world’s richest collectors in secret.

Sotheby’s lawyers argued that Rybolovlev could not prove the auction house had involvement in any alleged wrongdoing.

“Sotheby’s business is to bring together a seller and a buyer and make a sale happen,” said Sara Shudofsky, a lawyer for Sotheby’s, in her opening remarks on Monday, in front of a 10-member jury that included a nurse, a nursery school teacher and a church organist. Selling art to Bouvier was in the company’s interests, it has argued, claiming it had no idea he planned to quickly flip the works for millions of dollars more than what he paid.

The auction house argued that Rybolovlev, who has amassed a fortune of about $7bn, did not take any measures to verify the provenance or the last price of the artworks he was purchasing, and said Rybolovlev had an “unreasonable” reliance on Bouvier. Rybolovlev “has every right to be mad at himself . . . for not taking the most simple, basic steps to protect [his] interests,” said Shudofsky.

Daniel Kornstein, a lawyer for Rybolovlev, called Sotheby’s involvement in the sales of the contested works a “trail of treachery”, and accused a representative for the auction house who worked closely with Bouvier on his purchases of helping to “plunder” Rybolovlev, by using Sotheby’s reputation to add credibility to Bouvier’s subsequent sales to the oligarch.

Kornstein drew upon another masterwork — “A Sunday Afternoon on the Island of La Grande Jatte” by pointillist Georges Seurat — when laying out the case to jurors. Looking at each individual piece of evidence, he said, “up close it is just dots”. But step back far enough, “and a picture will emerge”.

Bouvier, who was not a defendant in the Sotheby’s case, settled a separate criminal dispute in Switzerland last month, the last outstanding criminal case against the art dealer over the Rybolovlev affair. Another civil case against Bouvier in Singapore was also terminated as part of the settlement, the details of which remain confidential. He has denied any wrongdoing.

The federal civil trial in New York, which is expected to last a month, features a witness list that is a who’s who of the high art world including powerful dealers Larry Gagosian and Sandy Heller.