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An Amazon.com, Inc (NASDAQ: AMZN) senior manager and her two family members were charged with insider trading by the United States Securities and Exchange Commission on Monday.What Happened: Laksha Bohra is alleged to have tipped her husband Viky Bohra about highly confidential information about the e-commerce giant's financial performance between January 2016 and July 2018, the SEC said in a statement.According to SEC, the Amazon manager came into possession of the information as she prepared and reviewed earnings calculations used to finalize numbers for the retailer's quarterly and annual earnings filed with the regulator.The SEC's complaint, filed in a federal court in Seattle, states that Viky Bohra and his father Gotham Bohra used the information to trade using 11 separate accounts maintained by different members of the family.The family allegedly reaped benefits to the tune of $1.4 million from the unlawful trading.The Bohras have agreed to return nearly $1.5 million they...
Nokia has clinched a deal with Britain's biggest mobile operator BT to supply 5G radio equipment, the Finnish company said on Tuesday, in one of the first major wins under new CEO Pekka Lundmark. The deal will make Nokia BT's largest equipment provider and comes just months after Britain said it would ban China's Huawei Technologies from next-generation 5G telecom networks. Nokia has won 63% of the BT contract, or about 11,600 radio sites, a source familiar with the matter said....
(Bloomberg) -- Tesla Inc. secured its own lithium mining rights in Nevada after dropping a plan to buy a company there, according to people familiar with the matter.The automaker held discussions in recent months with Cypress Development Corp., which is seeking to extract lithium from clay deposits in southwest Nevada, but the parties didn’t reach a deal, the people said, asking not to be named because the information isn’t public. The electric car maker, which has vowed to slash its battery costs by 50%, instead focused on the plan that Chief Executive Officer Elon Musk outlined last week to dig for lithium on its own in the state.Producing lithium from clay has so far proven difficult and costly. No company has been able to produce commercial quantities using the practice. But a push into mining is at the center of Tesla’s plan to cut battery costs and deliver on a promise...
General Electric announced that its aviation unit received certification by the US Federal Aviation Administration (FAA) for its GE9X engine to be used in the Boeing 777X, in what marks a key milestone in the journey to roll out the new twin-engine aircraft.GE (GE) said that the FAR (Federal Aviation Regulation) Part 33 certification involved 8 test engines. The GE9X test engines completed just under 5,000 hours and 8,000 cycles for certification. GE disclosed that it has received orders and commitments for more than 600 GE9X engines. In addition, 8 GE9X test engines and 2 test spares have been produced and delivered to Seattle for 4 of Boeing’s 777X test airplanes. Shares in Boeing jumped 6.5%, while GE rose 1.4% on Monday.“There is no substitute that can achieve the combination of size, power and fuel efficiency of the GE9X,” GE Aviation John Slattery said. “This engine will deliver unsurpassed value and...
United Natural Foods fell 3.4% in extended trading on Monday after the company announced the retirement of its CEO Steven L. Spinner. Spinner will leave the food products company once a successor is appointed or his term ends on July 31, 2021. He will remain on the Board as Executive Chairman following his retirement.The announcement comes as United Natural Foods’ (UNFI) reported strong 4Q results on Monday. Adjusted EPS increased to $1.06 from $0.35 in the year-ago quarter, surpassing analysts’ expectations of $0.74. The company’s bottom-line results mainly benefited from higher revenues and income tax benefits.The company’s 4Q revenues of $6.76 billion beat the Street consensus of $6.63 billion. Quarterly sales grew 8% year-over-year on a 13-week comparable basis mainly driven by strong customer demand and benefits from cross-selling. The company’s retail identical store sales jumped 21% year-on-year during the quarter. (See UNFI stock analysis on TipRanks).In 4Q, United Natural Foods...
Shares of Inovio Pharmaceuticals plunged 28.3% on Monday after the biotechnology company announced that the US Food and Drug Administration (FDA) halted the start of the Phase 2/3 trials of its COVID-19 vaccine. The stock dropped another 3.6% in Monday's extended market session.Inovio (INO) said that the US regulatory body is seeking more information about its vaccine candidate INO-4800, including details of the delivery device used to inject genetic material into cells. The company stated that it would respond to FDA’s queries in October, after which the agency will have up to 30 days to make a decision.“This partial clinical hold is not due to the occurrence of any adverse events related to INOVIO's ongoing expanded Phase 1 study of INO-4800, the conduct of which may continue and is not impacted by the FDA's notification,” the company said in a statement. (See INO stock analysis on TipRanks).Meanwhile, Maxim Group analyst Jason McCarthy upgraded...
