Earnings call: Coda Octopus Group posts solid Q2 despite defense hurdles
Coda Octopus Group, Inc. (CODA), a global leader in marine technology solutions, reported a steady performance in its second quarter of 2024 financial results, despite facing challenges in the defense sector. The company’s financial health appeared robust, with an increase in operating income, net income, and earnings per share, alongside a stable revenue stream from […]
Oracle surges as annual revenue growth outlook tops estimates amid solid AI demand
Shares in Oracle (NYSE:ORCL) spiked in early U.S. trading on Tuesday after the computer technology group unveiled a forecast for revenue growth in its 2025 fiscal year (FY25) that topped estimates, in a sign of solid demand for its artificial intelligence cloud services. The firm also said it had struck two new partnerships with ChatGPT-maker […]
Federal Government to revise Medicare Advantage Plans ratings
The US federal government is set to revise this year’s quality ratings of private Medicare plans, according Wall Street Journal report. This action could lead to substantial additional bonus payments for insurers in the next year, a welcome development for Medicare insurers grappling with escalating healthcare costs and lower-than-anticipated rates for the coming year. The […]
Cocoa back above $10,000/ton as chocolate industry supply outlook worsens
Cocoa prices rose back above $10,000 per metric ton on Thursday, heading toward all-time highs, as the chocolate industry’s supply crisis worsened after top producer Ivory Coast halted cocoa exports for June and forward sales for next season. That followed reports on Wednesday that Ghana, the world’s second largest producer of the chocolate ingredient, is […]
Canadian national pleads guilty to stealing Tesla trade secrets
A Canadian resident of China pleaded guilty in New York federal court on Thursday to stealing Tesla (NASDAQ:TSLA) electric-vehicle battery manufacturing trade secrets and conspiring to sell them to undercover government agents, according to the U.S. Department of Justice (DOJ). Klaus Pflugbeil, 58, the operator of a China-based business that sells technology used in electric […]
GameStop postpones shareholder meet to June 17 after technical difficulties
Video game retailer GameStop (NYSE:GME) said that its virtual annual shareholders’ meeting on Thursday was postponed without any business being conducted due to technical difficulties. The company, at the center of a meme stock frenzy, said that the meet scheduled for 10 a.m. CT (1500 GMT) was adjourned due to technical problems with the third-party […]
Musk’s small-investor army cheers approval of $56 billion Tesla pay package
Elon Musk’s army of small-investor allies took a victory lap on Thursday as the Tesla (NASDAQ:TSLA) CEO won a critical shareholder vote for his $56 billion pay package despite opposition from major institutions. Mom-and-pop investors, who hold an unusually high share of the electric-vehicle maker, are typically apathetic toward voting. But in an unusual show of […]
Teva sues Corcept over mifepristone ‘monopoly’ for rare disorder
Teva Pharmaceuticals sued rival drugmaker Corcept Therapeutics (NASDAQ:CORT) in federal court in San Francisco on Thursday, accusing it of monopolizing the market for mifepristone-based Korlym, used to treat a rare hormonal disorder called Cushing’s syndrome. The lawsuit said Corcept and specialty pharmacy Optime Care, the sole distributor of Korlym, orchestrated “a multifaceted scheme to prolong Corcept’s monopoly […]
Wall Street notches record closing highs on cooler inflation data
The Nasdaq and the S&P 500 recorded their fourth consecutive record closing highs on Thursday and U.S. Treasury yields touched their lowest levels since early April as investors reconciled cooler-than-expected inflation data with tempered rate-cut expectations from the Federal Reserve. The dollar gained ground against a basket of world currencies as the Fed’s hawkishness and possibility of […]
US fines Emirates $1.5 million for operating in prohibited airspace
The U.S. Transportation Department said on Thursday it fined Emirates $1.5 million for operating flights carrying JetBlue Airways’ designator code in prohibited airspace. The department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways (NASDAQ:JBLU) code between the United Arab Emirates and the United States […]