Archer Daniels Midland has placed Chief Financial Officer Vikram Luther on administrative leave while the agriculture company awaits an investigation by outside counsel and the board's audit committee “regarding certain accounting practices and procedures related to ADM's nutrition reporting.” After being disposed of, it fell by 17%. segment. ” The company said it is responding to voluntary document requests from the Securities and Exchange Commission.
new star energy
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Shares jumped 13% to $20.40 after liquid terminal and pipeline operator Sunoco agreed to buy the company for $7.3 billion, including debt. Based on the terms of the transaction, NuStar was valued at approximately $23.78. NuStar's Friday closing price was $18.03. Sunoco fell 8.8% on Monday.
Gilead Sciences fell 9.7% after its Phase 3 trial of Trodelvy in previously treated patients with metastatic non-small cell lung cancer failed to meet its primary endpoint of improved overall survival.
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Spirit Airlines and JetBlue Airways announced they will appeal a federal judge's decision to block their $3.8 billion airline merger. The airline said the process was “consistent with the requirements of the merger agreement.” Spirit shares were up 3.4%. 17 on Friday, as the low-cost carrier expected fourth-quarter revenue to hit the high end of its initial outlook and sought to reassure investors with an update that bookings remained strong over the holiday period. % soared. JetBlue rose 1.1%.
SolarEdge Technologies announced Sunday that it will cut about 900 jobs, or about 16% of its global workforce. “We have made the very difficult but necessary decision to reduce our workforce and implement other cost reduction measures to align our cost structure with rapidly changing market trends,” CEO Zvi Land said in a statement. ”. The Israel-based solar equipment maker's shares have fallen 26% this year and 77% over the past 12 months. The company announced a weak earnings outlook in early November, citing weak demand. The stock price rose 5.2%.
Western Digital rose 5% to $57.49 after Morgan Stanley named it the top semiconductor stock, replacing Nvidia.
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Morgan Stanley raised Western Digital's price target to $73 from $52 and maintained an “overweight” rating on the stock.
Macy's has rejected an unsolicited bid by Arkhouse Management and Brigade Capital Management to take the department store retailer private. In a statement, Macy's
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The bidders said they failed to address the board's concerns about financing the $5.8 billion deal, saying non-binding offers from Arkhouse and Brigade Capital “lack compelling value.” There is,” he added. Ark House threatened to “take all necessary measures,” including making a proposal directly to shareholders. Macy's rose 3.2%.
The Federal Aviation Administration is forcing airlines to visually inspect Boeing 737-900ER planes because they have the same door plug design as the one that erupted from Alaska Airlines 737 MAX Flight 9 earlier this month. Boeing fell 0.5% after the recommendation. “Although the Boeing 737-900ER aircraft is not part of the new MAX fleet, the door plug design is the same,” the FAA said in a statement.
Earnings reports from United Airlines and Logitech are expected to be released after the stock market closes on Monday.
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Johnson & Johnson is expected to release a report later this week.
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procter and gamble
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Netflix
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verizon
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general electric
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lockheed martin
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tesla
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AT&T
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international office machine
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texas instruments
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comcast
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visa
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american airlines
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southwest airlines
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intel
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and American Express
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Email Joe Weelfel at joseph.woelfel@barrons.com.
