A top executive of the Korean conglomerate that’s buying a Philadelphia shipyard pledged to bring the facility back its 1940s prominence. “We will be investing in Philly big time,” said Michael Smith, the newly named chief executive officer of Hanwha Defense USA. The yard is primarily known now for building Jones Act ships. U.S. law requires ships engaged in domestic maritime trade to be built in the United States. The yard produces about 50 percent of the largest domestically-built commercial vessels, including tankers and container ships, according to the company. Speaking at a Hudson Institute event on the defense industrial…
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(Bloomberg) — Transocean Ltd. is in talks to merge with rival offshore drilling contractor Seadrill Ltd., according to people familiar with the matter, just as oil explorers around the world are returning to the sea. Most Read from Bloomberg Shares of Seadrill jumped about 10% after the close of regular trading in New York while Transocean’s were up about 3.7%. Discussions are ongoing about the potential structure of a combination, said the people, who asked to not be identified because the details are private. A final decision on pursuing a deal hasn’t been made and the companies could opt to…
Activist investor interventions with small, newly public companies can improve their stock performance, a Financial Analysts Journal study finds. In “Shareholder Activism in Small-Cap Newly Public Firms,” Emmanuel R. Pezier and Paolo F. Volpin analyze a private dataset of a UK fund’s engagements with small-cap newly public firms and demonstrate that “behind-the-scenes” engagements resulted in 8% to 10% in cumulative abnormal returns. They attribute these returns to engagements, not stock picking. I spoke with Pezier, an associate scholar at Saïd Business School, University of Oxford, for CFA Institute Research and Policy Center for insights on the authors’ findings and to…
Every investor on earth makes bad calls sometimes. But really bad investments should be rare. So spare a thought for the long term shareholders of Alcidion Group Limited (ASX:ALC); the share price is down a whopping 84% in the last three years. That might cause some serious doubts about the merits of the initial decision to buy the stock, to put it mildly. The more recent news is of little comfort, with the share price down 42% in a year. Shareholders have had an even rougher run lately, with the share price down 21% in the last 90 days. We…
Wood’s flagship Ark Innovation ETF has lost 9% so far this year. Source link
(Reuters) -Newmont, the world’s top gold producer, missed Wall Street expectations for third-quarter profit on Wednesday, as higher costs and lower production in Nevada took the shine away from a rise in total output. Shares of the company fell 6.8% after the bell. Newmont said that its costs rose due to planned maintenance at the Lihir project in Papua New Guinea — which it acquired following a $17 billion buyout of Newcrest — and higher expenditure for contract services across its portfolio. All-in-sustaining-costs for gold, an industry metric reflecting total expenses, rose to $1,611 per ounce in the July-September quarter,…
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2024.Brendan McDermid | ReutersFutures linked to the S&P 500 traded near the flatline Wednesday night after the index notched a three-day run of losses.S&P 500 futures added 0.1%, while Nasdaq 100 futures rose nearly 0.4%. Dow futures slid 79 points, or roughly 0.2%In after-hours trading, Tesla surged 12% after the electric vehicle manufacturer beat the Street’s profit expectations in the third quarter. Tech giant International Business Machines fell more than 2% as consulting revenue narrowly missed analysts’ estimates.The Dow ended Wednesday’s…
Work on the project has already begun in parts of the city. SCRANTON, Pa. — The City of Scranton and Verizon are working to bring universal internet access to residents. The project has already begun in sections of the city. The company says millions of Americans lack access to internet service, with many unable to afford it. As part of the deal with Scranton, Verizon must offer a low-cost program to low-income households. “We want to make sure that we’re promoting digitally inclusive communities and that was something that the city of Scranton was looking for. And for us, of…
By Nora Eckert and David Shepardson DETROIT (Reuters) – Nearly 80 members of Congress, including the Senate’s top two Democrats, on Wednesday urged automaker Stellantis to honor investment commitments that are part of its contract with the United Auto Workers union. The union and the Jeep-maker have … Source link
By Akash Sriram, Abhirup Roy (Reuters) -Tesla CEO Elon Musk said he expects vehicle sales to grow 20% to 30% next year, reassuring investors the company was improving its core business of selling electric vehicles profitably, and reducing concerns about when it could produce a robotaxi. The forecast, building on a target for “slight growth” in deliveries this year, pushed the company’s shares up 12% in post-market trading on Wednesday. This set up Tesla to add about $80 billion in stock market value. A drop in the cost of making vehicles added comfort for investors who saw Musk focusing on…