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Opening Bell 11.28.18

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Better ingredients, better pizza ... better find a suitor soon [The Water Coolest]

"And for that reason, I'm out."

Nelson Peltz is perfecting his pullout game as his Trian Fund Management bails out of a potential bid for Papa Johns. But there's hope yet for the racist pizza baron who still owns 31% of the parlor franchiser: other groups are still in the running for a slice of the company.

Trian which owns a stake in Wendy's first kicked the tires on Papa John's in June, somewhere between Papa John Schnatter criticizing the NFL for its handling of player National Anthem protests (and promptly being labeled a bigot) and dropping the "N" word on a conference call (thus confirming the aforementioned bigot label).

The man whose voracious appetite for racial epithets is matched only by his thirst for cheap beer at Louisville basketball games has since stepped down as CEO and chairman and has been relieved of all of marketing duties. Still, Schnatter remains on the board and continues to be a thorn in management's side.

When he isn't applauding Clint Eastwood in 'Gran Torino', Schnattner is coming up with cockamamie schemes to win back his company by any means necessary (think: adopting a poison pill).

Shares of PJ were down more than 10% on the day on news that Trian was bowing out.

Papa John's shares plunge on report that Trian is no longer looking at company [CNBC]

You had one job [The Water Coolest]

And in the least surprising news of the day, Deutsche Bank's chief regulatory officer and America's CEO are on the chopping block. Under the supervision of Sylvie Matherat, DB's chief regulatory officer and a member of its regulatory board, the bank has been an unwitting partner in money laundering and terrorist financing. And America's CEO Tom Patrick's tenure has been marred by a failed US Fed stress test. Gary Cohn declined our request for comment on the job openings.

Deutsche Bank Weighs Shake-Up Among Senior Executives [WSJ]

Clap back [The Water Coolest]

You've officially been put on notice, GM. Donny Politics is considering cutting subsidies, including those for electric cars, provided to GM following its decision to close factories in Ohio, Michigan, and Maryland. While the president wasn't specific on which subsidies he'd cut, consumers are eligible for a $7.5k federal tax credit toward the purchase of EVs including the Chevrolet Bolt. GM shares fell as much as 3.8% on the news.

Trump’s Threat to Kill GM’s Subsidies Prompts Skeptical Response [Bloomberg]

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