Opening Bell: 5.3.16

Mike Mayo wants Goldman to buy eTrade; Apple on historic losing streak; Miss Sweden is a big Donald Trump fan; and more.
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Apple’s Losing Streak Is Nearing Historic Levels (Bloomberg)
Bespoke Investment Group notes that Monday's negative close marks eight straight sessions in the red for Apple—something that last happened in July 1998, and has now happened only four times in the company's history.

Private equity firms’ uncontrollable spending sets dangerous trend (NYP)
Private equity firms are spending like drunken sailors when adding to their portfolios of companies these days, setting a dangerous trend, one veteran PE executive said Monday. Josh Harris, co-founder of Apollo Global Management, told attendees at the Milken Institute Global Conference here that the prices being paid by PE firms in general are at historic highs. “It is a very treacherous time to invest,” Harris said, noting that the average prices being paid are 11 times debt-to-Ebitda levels.

Two Sigma Co-Founder 'Very Worried' Machines Will Take Jobs (Bloomberg)
“Most people in the bulk of the job market are not involved in super-high-value jobs,” David Siegel said Monday at the Milken Institute Global Conference in Beverly Hills, California. “They are doing routine work and tasks and it’s precisely these tasks that computers are going to be better at doing,” just as combustion engines replaced horses or ATMs replaced most bank tellers.

Analyst thinks Goldman Sachs should buy ETrade (NYP)
Bank analyst Mike Mayo wrote Monday that Chief Executive Lloyd Blankfein’s firm should buy ETrade. The report suggests the bank needs to deal with pressure from shareholders and the government to diversify its businesses after one of its worst-ever quarters. Buying the trading platform would increase deposits by $52 billion and increase the number of revenue streams, he said.

Arizona school unwittingly distributes yearbook photo of student's pen!s (Reuters)
An Arizona student who showed his pen!s in his football team's photograph was arrested briefly after his high school unwittingly sent the image to hundreds of his Phoenix-area classmates as part of its yearbook, officials said on Monday. A spokeswoman for Red Mountain High School said the photo was printed in all of the school's yearbooks destined for some 3,400 students, but only about 250 books had been given out so far. "Luckily, most of the yearbooks were still in their boxes," said spokeswoman Helen Hollands. The school hopes to get back all of the 250 yearbooks, and all books in school possession will be edited to cover the inappropriate content. The student, Hunter Osborn, 19, told police he was acting on a dare from another football player when court documents said "he exposed his pen!s through the top of his waistband of his football uniform pants."

The Unnamed Beneficiary of an Italian Bank Bailout (WSJ)
The weekend’s government-orchestrated bailout of Italy’s seventh-largest lender may have had a pressing, second goal: Protecting the country’s largest bank. The lender that was bailed out—Banca Popolare di Vicenza SpA—said late Saturday it sold €1.5 billion ($1.72 billion) worth of new shares to shore up its capital. But the bank everyone was worried about, people familiar with the matter said, was UniCredit SpA.

Big Investors Cast Wary Eye on Emerging Markets (WSJ)
Emerging-market investments have been on a tear for much of 2016, but investors still should be wary, market sages said Monday at the Milken Institute’s 2016 global conference. Mohamed El-Erian said the Chinese government “went too far” encouraging participation in its stock market, much as the U.S. emphasized home ownership last decade, a misstep he said helped lead to the 2008 financial crisis. “They have done the exact same thing” in China by encouraging stock ownership, said Mr. El-Erian.

Starboard's Smith says Yahoo 'welcoming' since his arrival (Reuters)
Yahoo Inc's (YHOO.O) management team and directors have given a warm welcome to Starboard Value LP Chief Executive Jeffrey Smith since he joined the company's board after a contentious battle, he said on Monday. "Yahoo has been great," said Smith, who was speaking on a panel at the Milken Institute Global Conference here. "The board members have been terrific and welcoming, the management team has been terrific and welcoming. This is no different from almost all of the companies that we get involved with."

The $100 Million Superhorse Powering This Year's Kentucky Derby (Bloomberg)
A decade into his foray in the thoroughbred industry, Repole -- serial entrepreneur, die-hard New York Mets fan and life-long railbird -- has a big hawse on his hands. A very big hawse. His name is Uncle Mo. A brilliant, albeit somewhat fragile, star on the racetrack, Mo is quickly making an even greater splash in the breeding shed and putting his stamp on this year’s Kentucky Derby.

Miss Sweden is a big Donald Trump fan (NYP)
“He’s obviously a very successful guy,” she told The Post. “I think he is a likable person when you’re around him because he’s someone who takes over a room.” [...] Hansson admitted she didn’t know if she would vote for him, since she doesn’t follow US politics. “I haven’t really studied his policies enough to express my views of him as a candidate, but he’s obviously got good leadership skills,” she said.

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Opening Bell: 7.1.16

Hershey rejects Mondelez; Apple in talks with Tidal; Currency funds continue 3-year losing streak; Police break down door to rescue inflatable sex doll; and more.

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Opening Bell: 9.20.16

Mike Mayo thinks Wells chief sucks but should stay on; Jack Ma’s finance biz may be worth more than Goldman Sachs; Bald eagles trained to snatch hostile drones; and more.

Opening Bell: 02.04.13

UK Regulators Could Split Banks (WSJ) U.K. Treasury chief George Osborne on Monday will announce new powers for regulators to split up banks that flout rules designed to ring-fence retail banking from riskier investment-banking activity. In a wide-ranging speech on banking in Bournemouth, England, Mr. Osborne is expected to say the new powers are needed so that taxpayers will never again be on the hook when banks fail, as they were during the financial crisis. "We're not going to repeat the mistakes of the past. In America and elsewhere, banks found ways to undermine and get around the rules," Mr. Osborne will say, according to the extracts of his speech. "We could see that again—so we are going to arm ourselves in advance. In the jargon, we will "electrify the ring fence." New Details Suggest a Defense in SAC Case (NYT) In bringing its charges, the government said that SAC not only sold out of its position, but also bet against — or shorted — the drug companies' stocks before the public announcement of the bad news. The SAC short position, according to prosecutors, allowed it to earn big profits after shares of the companies, Elan and Wyeth, plummeted. "The fund didn't merely avoid losses, it greedily schemed to profit further by shorting Elan and Wyeth stock," said April Brooks, a senior F.B.I. official in New York, during a press conference on Nov. 20, the day Mr. Martoma was arrested. Internal SAC trading records, according to people directly involved in the case, indicate that the hedge fund did not have a negative bet in place in advance of the announcement of the drug trial's disappointing results. Instead, the records indicated that SAC, through a series of trades, including a complex transaction known as an equity swap, had virtually no exposure — neither long nor short — heading into the disclosure of the drug data. Blackstone To Become Investment Bank? (FT) Blackstone, one of the world's largest alternative asset managers, has quietly secured a securities underwriting licence as its expanding capital markets operation strays into investment banking territory. The licence marks the latest stage in the transformation of big listed private equity groups as they become more broadly based alternative asset managers. Apollo and KKR , two of Blackstone's biggest rivals, also have securities underwriting licences. The move highlights the pressure listed private equity groups are under to generate new sources of fee income to satisfy their public shareholders. "The private equity business is lousy for shareholders," says the head of capital markets for one buyout firm that is not listed. Obama: more tax revenue needed to address deficit (Reuters) President Barack Obama said on Sunday more tax revenue would be needed to reduce the U.S. deficit and signaled he would push hard to get rid of loopholes such as the "carried interest" tax break enjoyed by private equity and hedge fund managers. Herbalife Is The Subject Of 'Pending' Probe (NYP) The Los Angeles-based distributor of nutritional products is the subject of a law enforcement investigation, The Post has learned. The existence of the probe emerged after the Federal Trade Commission, responding to a Freedom of Information Law request by The Post, released 192 complaints filed against Herbalife over the past seven years. New Orleans Braces From Fallout From Blackout (AP) The outage, blamed on an unspecified "abnormality" in the Superdome's power system, was an embarrassment for New Orleans, which was hosting its first Super Bowl since 2002 and was eager to show off how it has been rebuilt since Hurricane Katrina. Mayor Mitch Landrieu called Sunday night's outage "an unfortunate moment in what has been an otherwise shining Super Bowl week for the city of New Orleans." He said he expected to receive "a full after-action report from all parties involved" in the coming days...For 34 minutes, the players tried to stay loose, the fans milled about in darkened corridors, and stadium officials scrambled to figure out what went wrong. The Ravens barely hung on for a 34-31 victory over the San Francisco 49ers, needing a goal-line stand in the closing minutes to preserve the championship. "It really hurt us," Baltimore fullback Vonta Leach said. "We had lot of momentum." There is sure to be some fallout for the city and the Superdome — especially since New Orleans plans to bid for the title game in 2018, in conjunction with the 300th anniversary of its founding. Escalators stopped working and credit-card machines shut down, though auxiliary power kept the playing field and concourses from going totally dark. "We sincerely apologize for the incident," Superdome spokesman Eric Eagan said. Most fans seemed to take the outage in stride, even starting up the wave to pass the time. "So we had to spend 30 minutes in the dark? That was just more time for fans to refill their drinks," said Amanda Black of Columbus, Miss. Question of Aiding Cyprus Places Germany in a Bind (NYT) In recent days, Germany has signaled that it is reluctantly edging toward a bailout for Cyprus, a haven for Russian cash, after lifelines have been extended to Greece, Ireland and Portugal to prevent potentially calamitous defaults. While Cyprus makes up just a sliver of the euro zone economy, it is proving to be a first-rate political headache. "I don't think that Germany has ever in the history of the euro zone crisis left itself so little wiggle room," said Nicholas Spiro, the managing director of Spiro Sovereign Strategy in London. "But Germany wants the euro to succeed and survive, and they are saying we can't afford a Cyprus bankruptcy." BlackRock Sued by Funds Over Securities Lending Fees (Bloomberg) BlackRock is accused in a lawsuit by two pension funds of reaping “grossly excessive” compensation from securities- lending returns associated with iShares Inc. “Defendants have systematically violated their fiduciary duties, setting up an excessive fee structure designed to loot securities lending returns properly due to iShares investors,” the funds, which invest in iShares, said in a complaint in federal court in Nashville, Tennessee. Two Top Barclays Executives Resign (WSJ) Barclays, whose chairman, chief executive and chief operating officer all resigned last summer in the wake of a series of controversies, said Sunday evening that finance chief Chris Lucas and Mark Harding, its general counsel, will both be retiring in coming months...Messrs. Lucas and Harding were longtime Barclays veterans who worked closely with former CEO Robert Diamond, who resigned last summer after the bank admitted that it had tried to rig benchmark interest rates and paid a roughly $450 million penalty. Youngest American Woman Billionaire Found With In-N-Out (Bloomberg) Lunchtime at the flagship In-N-Out Burger restaurant in Baldwin Park, California, is a study in efficiency. As the order line swells, smiling workers swoop in to operate empty cash registers. Another staffer cleans tables, asking customers if they’re enjoying their hamburger. Outside, a woman armed with a hand-held ordering machine speeds up the drive-through line. Such service has helped In-N-Out create a rabid fan base -- and make Lynsi Torres, the chain’s 30-year-old owner and president, one of the youngest female billionaires on Earth. New store openings often resemble product releases from Apple, with customers lined up hours in advance. City officials plead with the Irvine, California-based company to open restaurants in their municipalities. “They have done a fantastic job of building and maintaining a kind of cult following,” said Bob Goldin, executive vice president of Chicago-based food industry research firm Technomic Inc. “Someone would love to buy them.” That someone includes billionaire investor Warren Buffett, who told a group of visiting business students in 2005 that he’d like to own the chain, according to an account of the meeting on the UCLA Anderson School of Management website. Mint officially ends distribution of Canadian penny (CP) The phasing-out of the penny will lurch ahead today with the Royal Canadian Mint officially ending its distribution of one-cent coins to Canada's financial institutions. The move comes nearly a year after Finance Minister Jim Flaherty announced the demise of the penny, whose production cost came to exceed its monetary value. But as it faces extinction in the pockets and tills of most Canadians, the humble penny is still in demand in some artistic circles where it retains significant value. Renee Gruszecki, a Halifax-based academic and archivist, has spent the past year making a living through a jewelry business devoted primarily to preserving the country's stray cents. About 30,000 strategically sorted pennies fill Gruszecki's home and eventually find their way into the accessories produced at Coin Coin Designs and Co. Gruszecki, a long-time collector of lucky pennies, believes her pieces will help preserve a symbol that is both an object of superstition and a Canadian icon. "The maple leaf is synonymous with everything Canadian. We all identify with it," she said in a telephone interview. "Now it's just no longer going to be present among us, so I'm saddened by that." The Bank of Canada's Currency Museum has already taken steps to preserve the penny's place in Canadian culture. A mural consisting of nearly 16,000 one-cent pieces has been assembled at the museum to commemorate the coin's history, said assistant curator Raewyn Passmore. The mosaic, which depicts a giant penny measuring about two square metres, is comprised of coins ranging from the lustrous to the tarnished.

MikeMayoArtist

Opening Bell: 3.8.17

Mike Mayo is more of a Cezanne than a Picasso; how to cry at work; Rhode Island statehouse apparently a den of booze and vice; and more.

Opening Bell: 11.18.15

Yellen no fan of Fed oversight bill; Barclays faces (another) big forex fine; "Throughout the four to five hour trip, Taco Bell is encouraging fans to follow the historic relocation via a live webcam"; and more.

Opening Bell: 12.04.12

Banks Rediscover Money Management Again As Trading Declines (Bloomberg) Global banks, forced by regulators to reduce their dependence on profits from high-risk trading, have rediscovered the appeal of the mundane business of managing money for clients. Deutsche Bank is now counting on the fund unit it failed to sell to help boost return on equity, a measure of profitability. UBS is paring investment banking as it focuses on overseeing assets for wealthy clients. Goldman Sachs, JPMorgan Chase and Wells Fargo, three of the five biggest U.S. banks, are considering expanding asset- management divisions as they seek to grab market share from fund companies such as Fidelity Investments. “Asset management is a terrific business,” said Ralph Schlosstein, chief executive officer of Evercore Partners Inc., a New York-based boutique investment bank that last month agreed to buy wealth manager Mt. Eden Investment Advisors LLC. “Asset managers earn fees consistently without risking capital. Compare that to other businesses in the financial services.” Hedge Funds Win as Europe Will Pay More for Greek Bonds (Bloomberg) Hedge funds drove up prices for Greek sovereign debt last week after determining that European finance ministers would back off a pledge to pay no more than about 28 percent of face value to retire the nation’s bonds. Money managers correctly wagered that not enough bondholders would participate at that level to get the deal done. That would put at risk bailout funds that Greece needs to stave off economic collapse. Transactions involving Greek bonds “increased by the day” after it became clear that the buyback was going to happen, with hedge funds accounting for most of the purchases, said Zoeb Sachee, the London-based head of European government bond trading at Citigroup Inc. “If all goes according to plan, everybody wins,” Sachee said. “Hedge funds must have bought lower than here. If it isn’t successful, Greece risks default and everybody loses.” GE's Swiss lending unit for sale, UBS to bid (Reuters) General Electric Co wants to sell its Swiss consumer lending business, two sources familiar with the matter said, with UBS one of the parties interested in a deal that could be worth up to 1.5 billion Swiss francs ($1.62 billion). The sources told Reuters that UBS was one of at least two parties who plan to submit bids in an auction process. "GE wants to finalize the sale of GE Money Bank by the end of the first quarter," said one of the sources. Brian Moynihan: 'Fiscal Cliff' Repercussions Could Stretch in 2014 (CNBC) "I'm more concerned about business behavior slowing down than I am about consumer behavior," Moynihan told "Squawk Box." "I think we're in danger if this thing strings out into 2013 that you could start to have problems of what 2014 would look like." Icahn Fails In Oshkosh Tender Offer (WSJ) The activist investor was tendered only a meek 22% of shares in an offer he used essentially as a proxy for whether shareholders would support his board nominees. Icahn, who had pledged to drop the offer and his proxy fight if he didn’t receive at least 25% of shares tendered, says he is indeed dropping the tender offer. Ex-baseball star Lenny Dykstra sentenced in bankruptcy fraud case (Reuters) Lenny Dykstra, the 1980s World Series hero who pleaded guilty earlier this year to bankruptcy fraud, was sentenced on Monday to six months in federal prison and ordered to perform 500 hours of community service. The 49-year-old former ballplayer - who is already serving time in state prison for grand theft auto, lewd conduct and assault with a deadly weapon - was also ordered to pay $200,000 in restitution. In the federal case, Dykstra pleaded guilty in July to bankruptcy fraud and other charges. According to the written plea agreement, he admitted defrauding his creditors by declaring bankruptcy in 2009, then stealing or destroying furnishings, baseball memorabilia and other property from his $18.5 million mansion. Teacher disciplined for receiving foot massages from students (SLT) A Taylorsville Elementary School teacher has returned to his third-grade classroom after being disciplined for violating professional standards after students reported they scratched his back, rubbed his feet and had other inappropriate contact while at school. Granite School District officials found no criminal conduct by elementary teacher Bryan Watts, 53, who has worked at the school since 2004, but the district claims to have taken "appropriate disciplinary action" following complaints about Watts...Granite District police Detective Randall Porter started an investigation into Watts’ conduct Oct. 9 after a mother expressed concern to the district after her daughter reported odd classroom behavior by Watts. "She complained that her daughter [name redacted] told her that Watts asks students to rub his feet and back during ‘movie time,’ that Watts told the class that they should not tell their parents about activities that happen in the classroom, and that Watts scared a student by hitting a hammer on the student’s desk," Porter wrote in his 19-page report...officials also said there were student statements about odd activities, including playing dodgeball in Watts’ classroom. Knight Capital May Go It Alone (NYP) Knight Capital’s board emerged from another meeting yesterday to review dueling takeover offers without making a decision. Both Getco and Virtu Financial have made bids for the Jersey City, NJ-based Knight, which had to be bailed out several months ago after a $460 million trading glitch nearly tanked the firm. “[Knight] can still decide to remain independent. That’s a real possibility,” said one source familiar with the bidding process. Top US Firms Are Cash-Rich Abroad, Cash-Poor At Home (WSJ) With billions of dollars overseas that may never come back, the Securities and Exchange Commission is concerned that companies haven't been presenting investors with an honest appraisal of their liquidity. As a result, regulators are pressing companies to more clearly lay out how much of their cash is in the U.S. and how much is overseas and potentially encumbered by U.S. taxes. UBS Near Libor Deal (Reuters) UBS is nearing a deal to settle claims some of its staff manipulated interest rates, and could reach agreement with US and British authorities by the end of the year, a source said yesterday. Britain’s Barclays was fined $453 million in June for manipulating Libor benchmark interest rates, and remains the only bank to settle in the investigation, which led to the resignation of the bank’s chairman and CEO. Calpers Crusader Takes Aim At Fees (WSJ) Mr. Desrochers, a 65-year-old native of Canada who last year became head of private-equity investing for the California Public Employees' Retirement System, has told buyout funds to reduce fees if they want cash from the $241 billion pension goliath, one of the nation's largest private-equity investors. He has pushed for Calpers to pay management fees below the industry's standard of 1% or more and asked for performance fees below the usual 15% to 20% of gains, according to people who have dealt with him. Mike Tyson: Brad Pitt Had Sex With My Wife (NYP) Mike Tyson claims that he caught Pitt having sex with his ex-wife, Robin Givens, while they were in the middle of their divorce in the late eighties. Tyson, who was shortly married to Givens from 1988 to 1989, said he and the actress were still sleeping with each other during their separation. "I was getting a divorce, but... every day, before I would go to my lawyer's office to say 'she's a pig and stealing,' I would go to her house to have sex with her," Tyson said on the Yahoo! Sports show “In Depth with Graham Bensinger.” "This particular day, someone beat me to the punch. And I guess Brad got there earlier than I did." How did the heavyweight boxer react? "I was mad as hell...You should have saw his face when he saw me," Tyson said.

Opening Bell: 06.18.12

Banks Worry As Breakup Talk Revived After JPMorgan Loss (Bloomberg) “There seems to be growing interest in some type of breakup proposal,” said Sheila Bair, a former chairman of the Federal Deposit Insurance Corp. The concept is expected to arise today as JPMorgan Chief Executive Officer Jamie Dimon testifies before the House Financial Services Committee on the trading debacle. Last week he told the Senate that the losses, which carved about $23 billion from the bank’s market value, were due to a poor investing strategy coupled with management failures. Senator Sherrod Brown seized on that admission. “It appears executives and regulators simply can’t understand what is happening in all these offices at once,” the Ohio Democrat said during the June 13 hearing. “It demonstrates to me that too-big-to-fail banks are, frankly, too-big-to-manage and too-big-to-regulate.” Greece Set For Bailout Reward As EU Sees Tweaked Aid Terms (Bloomberg) Greek voters are likely to get a reward for backing pro-euro parties, with European creditors set to ease bailout terms on the debt-swamped country mired in the fifth year of recession. A first step will be when Greece’s still to-be-formed government requests modifications to the 240 billion-euro ($303 billion) rescue programs, leading to a revision of Greece’s economic-performance targets sometime before September, a European official told reporters in Brussels today. Greek Coalition Needs 'Breathing Room' From Creditors: MP (CNBC) Kyriakos Mitsotakis, an MP for New Democracy, which won most votes in Sunday’s election and was Tuesday locked in negotiations with historic rivals Pasok and the Democratic Left to form a coalition, told CNBC: “Giving a very sick patient nothing but the same medicine when this has not had the required result would be madness.” Austerity Doesn't Pay As Debt Markets Ignore Rating Cuts (Bloomberg) "I don’t think we should be slaves to the ratings agencies,” Mervyn King, governor of the Bank of England, told lawmakers on Feb. 29. “What we’ve seen is, the action they took recently did actually have no impact on the yield that people in the market were willing to lend to the U.K. government at.” Buying Opportunity All Over Europe, Even Greece, Says Donald Trump (CNBC) FYI: "You're getting it for nothing, you're getting the land for nothing, you're getting everything for nothing," he said. "You have to sit with it for a while, but there are a lot of great opportunities in Europe. There's no question about it. I'm actually looking at something — it's so ridiculous, it's laughable — and yet I'm thinking about doing something over there with a group that is very smart, and frankly there is an opportunity." Einhorn's Overlooked Bear Call on US Steel Pans Out (Reuters) The Greenlight Capital manager unveiled his negative critique of U.S. Steel at the Ira Sohn charitable conference on May 16, where more attention was focused on Einhorn's bearish views on industrial goods company Martin Marietta Materials and online retailer Amazon.com . Yet it's Einhorn's U.S. Steel call that has outperformed, after the closely watched hedge fund manager zeroed in on the company's poor earnings, high pension costs and the impact of China's slowing demand for iron ore. As of Monday's close, the steelmaker's stock price was down 23.1 percent since the popular conference, where top hedge fund managers reveal their best investing ideas. Meanwhile, shares of Martin Marietta have lost about 8.5 percent over the same time period and Amazon's stock is down 0.8 percent. Mark Cuban sells Facebook stake, says 'it was gambling money' (DJ) The billionaire investor and Dallas Mavericks owner sold his stake in the social network, less than a month after initially disclosing he had built a position in the company following its bungled initial public offering. "I took my hit, my thesis was wrong," Cuban said in a CNBC interview. "I thought we'd get a quick bounce just with some excitement about the stock. I was wrong, and when you're wrong you don't wait, you just get out. I took a beating and left."...Cuban described the move as "a trade, not an investment" and compared it to trading baseball cards. "It was gambling money, to be honest with you," he said on Monday. "Any time you try to time the market, you get what you deserve. Sometimes you're right. Sometimes you're wrong. This time I was wrong." Goldman: Fed Will Ease Monetary Policy This Week (CNBC) The Federal Open Market Committee will likely say it would buy assets such as mortgage-backed securities and U.S. Treasurys when it meets for a two-day meeting starting Tuesday, Jan Hatzius, the investment bank’s Chief U.S. Economist said in a report on Monday. “We would be quite surprised if we saw no easing this week,” Hatzius wrote in the report. The End Of The Line For Famed Exchange (WSJ) The owner of the Bendigo Stock Exchange, which traces its roots to a time when thousands of prospectors descended on Victoria state after gold was discovered by two women washing clothes in a creek, plans to close the institution at the end of June. Mike Tyson Set For Broadway Debut (NYDN) The last time Mike Tyson was on stage at a Broadway theater, it was four years ago and he nearly wrecked what was left of his boxing career by biting Lennox Lewis on the leg during a press conference at the Hudson Theater. Now Tyson is returning to a Broadway theater to breathe life into his new career - theatrical performer. Tyson was on stage at the Longacre Theater in midtown on Monday afternoon to announce his one-man show, which will begin a limited engagement on July 31. The show, entitled "Mike Tyson-Undisputed Truth'' will be directed by Spike Lee, who also will be making his Broadway debut. "Mike has lifted himself off the canvas,” Lee said. "It's a great story and Mike tells it masterfully.”