- Meta Platform to debut NFTs on Instagram
- BMW is upbeat about 2022 despite ongoing geopolitical tensions
- Starbucks CEO to retires and Kohl’s has two potential bidders
Meta Platforms is introducing NFTs to Instagram
Meta Platforms Inc. (NASDAQ: FB) shares jumped 5% after the company’s CEO Mark Zuckerberg announced that non-fungible tokens (NFTs) are expected to launch on Instagram. The medial social company plans to allow use display NFTs on their profiles as well as earn and sell their own NFTs.
Zuckerberg, who was speaking at the South by Southwest Festival, said that they would debut NFTs in the coming months, and with time users can mint them. NFTs will also debut on Facebook as part of Meta’s wider push into the metaverse.
BMW gives upbeat guidance for 2022
BMW AG shares were up 2.5% after the company demonstrated confidence about the possibility of earnings rising significantly this year despite the current conflict in Ukraine. The luxury cars manufacturers cited its Chinese JV, BMW Brilliance Automotive, for the bullish guidance.
Surprisingly the company doesn't anticipate deliveries to grow this year because of the geopolitical tensions. However, the company expects a free cash flow of €7 billion in 2022 from the automotive segment. The EBIT margin for BMW's car business is pegged at 7% to 9% for 2022, a drop from 10.3% a year ago.
Starbucks CEO to retire
On Wednesday, Starbucks Corporation's (NASDAQ: SBUX) shares were up 8% following the announcement that its CEO Kevin Johnson will retire effective April 4, 2022. The company anticipates naming a permanent success by the Fall of 2022.
In the interim, Howard Schultz will serve as CEO. Schultz has more than 20 years of experience as an executive in the company. Under Kevin's leadership, the company's shares have grown almost 50%. In addition, all the 140 Starbucks outlets in26 states in the US have petitioned to unionize.
Kohl’s has two potential buyers
Kohl’s Corporation (NYSE: KSS) was up 15% on Wednesday morning after reports emerged about two new potential buyers that have lined up to purchase the department store chain. The Wall Street Journal reported that Canadian-based Hudson's Bay was interested in acquiring the company at $60 per share. Some anonymous sources also disclosed that Sycamore Partners was also interested.
Both Sycamore and Hudson are yet to comment on the news. Kohl's spokesperson said that discussions with potential bidders are going on well.
