Things are Getting a Little Seated at Yahoo!; IRS Has Close to $1 Billion Up for Grabs; Wall Street’s Crazy ‘Bout a Sharp-Dressed Man

Board to tears……

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Image courtesy of Surachai/FreeDigitalPhotos.net

Yahoo added two directors to its board, bringing the grand total to nine seats, all in the hopes of making things that much more difficult to deflect attacks from hedge fund Starboard Value. Starboard Value has not been shy about expressing its disapproval over the way CEO Marissa Mayer has been handling matters at the tech giant. Starboard is on a mission to make an attack and win seats on the board so it can run the company in its own special way. The new folks coming to fill those seats are former Morgan Stanley executive Catherine Friedman and former Broadcom Corp CEO Eric Brandt. The seats originally belonged to tech entrepreneur Max Levchin and Charles Schwab. Yes, that Charles Schwab. But both vacated their seats amidst all the squabbling at Yahoo over how to run the company without losing tons of cash in the process. Board re-election comes later in the year but nominations are due this month and the process should be a fun little corporate spectacle as Yahoo has been under some fierce pressure to sell off its core web assets, including Yahoo Sports and Yahoo Mail. Among the potential suitors who are rumored to be interested in picking up those core assets are Verizon and Time, And now, instead of looking to grow the company, Marissa Mayer has switched courses and would be really happy to just execute a $400 million cost-cutting plan. That’s in addition to shareholder pressure of trying to spinoff of the company’s sizable share in Alibaba, without actually having to pay any taxes on the deal. That effort should be entertaining in and of itself.

In it to claim it…

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Image courtesy of Surachai/FreeDigitalPhotos.net

The IRS is sitting on close to $1 billion in outstanding refunds from 2012. The question is, can you claim any of it? Well there are an estimated one million taxpayers who qualify for a piece of that pie since they apparently failed to file their 2012 IRS tax return. Taxpayers get a three-year window to file a claim based on the return due date which this year happens to be April 18, 2016. All you’ll need to do is fill out the 2012 1040 form and collect the w-2, 1098, 1099 or 5498 from that same year. Just check out the IRS website if you don’t believe me. But filer be warned: If you didn’t bother filing your 2013 and 2014 return, then don’t bother collecting your refund just yet as it may just get withheld. The IRS, however, wants you to claim your refund, otherwise all that cash goes into the hands of the U.S. Treasury. IRS Commissioner John Koskinen said, “We especially encourage students and others who didn’t earn much money to look into this situation because they may still be entitled to a refund.”And I guess the IRS just isn’t that into the treasury if they are so eager for you to claim that money. Texas and California are the states with the most unclaimed refunds. And the average refund that could be collected clocks in at $718. So what are you waiting for?

A little less dapper…

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Image courtesy of artur84/FreeDigitalPhotos.net

Tailored Brands, a.k.a. the company that owns Men’s Wearhouse and Jos A. Bank, finally experienced some Wall Street lovin’ as the stock jumped more than 11% today. The company hasn’t had a jump like this in two years and it’s all because the company announced that it would be closing about 250 of its stores this year out of over 700 that are dotted all over the country. It’s not that Wall Street didn’t care for the company’s merchandise, it’s that Wall Street didn’t like that consumers weren’t buying enough of it and the company was bleeding money. The company’s revenue took a nasty beating after brass decided to chuck Jos A. Bank’s “Buy One Get Three free” promotion back in October. This move apparently upset consumers who shopped at the chain for just that reason. Executives felt, however, that the promo cheapened the line, especially when the promo ended up in an “SNL” skit where the apparel was called “effectively cheaper than paper towels.” Ouch. Cheap or not, customers let the company know how they felt by sending sales down 32%, while Men’s Wearhouse managed to take in a 4.3% gain. The stock lost 30 cents a share in its fourth quarter, which was miraculously not as bad as the 37 cents analyst predicted the stock would lose.

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Alibaba Raising the Roof on the Range; Olive Garden’s Breaking Breadsticks; United’s Flight Attendants’ Six-Figure Payout

Oh Ma gosh…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Just when you thought China’s biggest e-commerce site couldn’t get any bigger, it keeps doing just that. While last weeks’ range for its highly anticipated initial public offering was hovering in the $60-$66 range, already an impressive feat, this week the range just grew that much larger. The price now looms in the $66-$68 range. There is just so much ridiculously insane demand for this IPO that CEO Jack Ma, a former school teacher and China’s richest man with a net worth of $21.9 billion, had no problem raising the money for the IPO on his roadshow. And no, this type of roadshow has nothing to do with nosebleed seats and bad beer. When a guy like Jack Ma goes on a roadshow he is trying to raise in interest and money for his company. Something which he had no trouble doing in the last couple of days. The company has raised $21.8 billion…so far.

Dude, lay off the breadsticks…

Image courtesy of Witthaya Phonsawat/FreeDigitalPhotos.net

Image courtesy of Witthaya Phonsawat/FreeDigitalPhotos.net

It seems Olive Garden needs to lay off the breadsticks and push the alcohol. At least according to Starboard Value LP, a firm that holds an 8.8% stake in Darden restaurants, Olive Garden’s parent company. Starboard is also taking issue with Olive Garden’s unlimited salad offerings. And don’t even get Starboard started on the pasta. “How does the largest Italian dining concept in the world not salt the water for pasta?” Starboard’s words, not mine. If you don’t believe what you’re reading then check out its just released 294 page turnaround plan. Darden rebutted with its own charming little 24 slide presentation challenging the report whose suggestions, Darden feels, are “not based on reality.” Though, to be fair, Darden has already been implementing many of the other suggestions. The question, however, is can you really blame Darden’s poor last quarter earnings on unlimited breadsticks?

Pay day…

Image courtesy of biosphere/FreeDigitalPhotos.net

Image courtesy of biosphere/FreeDigitalPhotos.net

It pays not to be a flight attendant on United Airlines. Literally. The company, which currently has over 23,000 employees, apparently has too many flight attendants. So the airline graciously and, in my humble opinion, generously, reached an agreement with the Association of Flight Attendants to offer up to 2,100 early buyout packages to flight attendants (assuming they meet certain requirements, of course). Some of those packages will be worth up to $100,000. Yes. $100,000 to quit your job. Incidentally, United Airlines was the only major airline to post a loss this past quarter.  Also incidentally, it’s cheaper to employ less experienced flight attendants. I’ve had a few flight attendants  – of varying degrees of experience – who I’d like to see take that package. Of course, I wouldn’t give them $1 much less $100,000. Unfortunately, all the money I’ve plunked down just to have the privilege of traveling on United Airlines doesn’t entitle me to an opinion on the matter.