(Bloomberg) -- Institutional investors are bidding for JD.com’s Hong Kong shares before this week’s debut at slightly more than the listing price.Some institutional investors have bid to buy the Chinese e-commerce company’s shares at between HK$226.10 to HK$237 apiece in gray market trading Wednesday, according to people familiar with the matter. That represents a premium of as much as 4.9% compared to the listing price of HK$226. Brokers quoted offers to sell the shares at between HK$239 and HK$245 each, the people said.JD.com, which went public on Nasdaq in 2014, is expected to start trading in Hong Kong on June 18. The stock rose 2.5% in U.S. trading on Tuesday. Traders will be able to short the stock immediately after its debut, as well as hedge with futures and options, according to the Hong Kong exchange operator.JD.com raised $3.9 billion last week selling 133 million new shares in Hong Kong in...
Tesla Inc. (TSLA) said it has signed a three-year pricing agreement with Panasonic Corp. for the manufacturing and supply of lithium-ion battery cells at the Gigafactory Nevada.The agreement effective from April 1 until March 31, 2023, sets the specific terms between the two parties with respect to pricing, planned investments and new technology. It also determines production capacity commitments by Panasonic and purchase volume commitments by Tesla over the first two years of the agreement. Financial terms of the deal weren’t disclosed.The new agreement builds on previous deals between Tesla and Panasonic related to the production and supply of lithium-ion battery cells. In November 2010, Panasonic invested $30 million in a private placement of Tesla common stock.In addition, Tesla also signed an amendment to the company’s general terms and conditions of its 2014 partnership agreement with Panasonic, which modifies the term to expire 10 years after Panasonic achieves certain manufacturing milestonesThe...
Amarin (AMRN) has announced a settlement agreement with Apotex Inc. that resolves a patent litigation over Apotex’s abbreviated new drug application (ANDA) seeking US approval of a generic form of Vascepa capsules. Shares in Amarin rose 5% in Tuesday’s after-market trading.Amarin’s lead product Vascepa was initially launched in the US in 2013 as an adjunct therapy to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia. A new, cardiovascular risk indication for the fish-oil derivative was approved by the FDA in December 2019 based on the results of the landmark Reduce-It trial.The company is currently appealing to the U.S. Court of Appeals a March 2020 patent invalidity ruling in favor of generic companies, Hikma Pharmaceuticals USA Inc. and Dr. Reddy’s Laboratories, Inc. Because Apotex is not a party to that litigation, it is not directly subject to related rulings.As part of the new settlement agreement, Apotex can not sell a generic...
Shares in daily-deal site Groupon (GRPN) rose 4% after-hours on Tuesday after the company reported earning results that surpassed the Street’s very low expectations.Specifically, first quarter non-GAAP EPS of -$1.63 beat Street estimates by $0.28 while revenue of $374.15M beats by $22.45M. Nonetheless revenue still plunged 35.3% year-over-year, while GAAP EPS of -$7.53 fell short of Street expectations by $4.11.Total Gross Billings of $526.66M also represented a significant year-over-year drop of 31.5%, while gross profit was $201.2 million in the first quarter 2020, down 34%.“COVID-19 has had a major impact on our business and we have moved quickly to position Groupon to weather the pandemic and to help our merchants face these unprecedented challenges,” said Aaron Cooper, Interim CEO of Groupon.In terms of geographical breakdown, North America gross profit in the first quarter decreased 31% to $143.8 million, primarily due to the negative impact of COVID-19 on demand and refund levels in March...
Tesla Inc. (NASDAQ: TSLA) has entered a three-year deal with Panasonic Corp. (OTC: PCRFY) under which the Japanese battery maker will manufacture and supply lithium-ion battery cells at Tesla's Gigafactory in Nevada.What Happened The agreement was signed June 10, according to a Securities and Exchange Commission filing Tesla made Tuesday. The deal is effective from April 1, 2020, until March 31, 2023, and covers the terms of production capacity commitments by Panasonic and purchase volume commitments by Tesla over the first two years of the agreement.Tesla's general terms and conditions of partnership with Panasonic have been amended.The automaker has modified the term to expire 10 years after certain manufacturing milestones are achieved by Panasonic. Why It Matters Last month Panasonic's CFO, Hirokazu Umeda, said they were seeing "strong demand" for Tesla's battery cells. Umeda signaled interest in expanding the Nevada factory.Panasonic and Tesla's relationship has been worsening over the past years...
The shares of Norwegian Cruise Line Holding Ltd. (NYSE: NCLH) dipped nearly 12.4% in the after-hours session on Tuesday.What Happened The dip followed the Florida-based company's announcement that it is extending the suspension of its cruise voyages to October. Certain voyages in October, including Canada and New England trips, have also been canceled.Norwegian said Seattle-based Alaska voyages set to take off in September are an exemption.The cruises were earlier expected to be in the sea by August, following the ease of lockdown restrictions related to the novel coronavirus (COVID-19) pandemic.Why It Matters Rival Carnival Corp.'s (NYSE: CCL) Princess Cruises earlier this month also announced its operations would remain suspended through mid-September at least, Reuters reported.The travel and leisure industry has been hit hard by the pandemic, as operations remain suspended for most of the year. A number of cruises were stuck at sea during the early days of the pandemic in...
