Michael Jordan Announces First Recipients of $100 Million Pledge
Michael Jordan and his eponymous Jordan Brand named legal and voter rights groups as the first recipients of their$100 million pledge to the Black community.
The NAACP Legal Defense and Educational Fund and the Formerly Incarcerated, Convicted Peoples and Families Movement will each receive $1 million, Jordan said Wednesday in a statement. Black Voters Matter, a charity that focuses on increasing voter registration and turnout, will get $500,000.
The former National Basketball Association great said the priority areas for his philanthropy will be social and economic justice, as well as education and awareness causes. His Jordan Brand of sneakers and clothing is produced by Nike Inc.
“I’m all in with Jordan Brand, the Jordan Family and our partners, who share a commitment to address the historical inequality that continues to plague Black communities in the U.S.,” said Jordan, who is principal owner of the NBA’s Charlotte Hornets.
On Tuesday, MacKenzie Scott, the former wife of Amazon.com Inc. founder Jeff Bezos, announced a $1.7 billion donation to causes such as racial equity, climate change and public health.
Read more: MacKenzie Scott Gives Away $1.7 Billion to Fight Inequities
Stock Alert: Alector Down 18%
Shares of Alector Inc. (ALEC) are losing nearly 18% on Wednesday morning. ALEC is currently trading at $17.44, down $3.90 or 18.28%, on the Nasdaq.
In its preliminary data, Alector said its lead candidate AL001 in patients with frontotemporal dementia with a progranulin gene mutation was generally safe and well-tolerated in the Phase 1b study and after continuous dosing in 15 FTD-GRN patients in the Phase 2.
However, the company said that due to the COVID-19 pandemic, several clinical sites for the Phase 2 study were temporarily closed or conducted reduced or remote patient assessments during the evaluation period. As a result, some participants missed a dose of AL001 or missed clinical assessments during the treatment period. Alector is working closely with the sites, investigators and participants to manage future effects of the COVID-19 pandemic on the study.
In the mid-stage study, treatment with AL001 restored plasma progranulin levels in all subjects back to normal range while the majority of symptomatic FTD-GRN participants showed decreases in plasma neurofilament light chain levels from baseline.
A phase 3 study was initiated in July 2020, the company said.
Tesla Motors Q2 Profit Trounces Street; Shares Up 7%
Shares of Tesla Motors Inc. (TSLA) jumped 7% in extended trading session on Wednesday after the luxury electric car maker reported a profit for the second quarter, while analysts expected the company to post a loss.
Palo Alto, California-based Tesla reported second-quarter profit of $104 million or $0.50 per share, compared to last year’s loss of $408 million or $2.31 per share.
Excluding items, adjusted earnings for the quarter were $2.18 per share, compared to a loss of $1.12 per share last year. On average, 16 analysts polled by Thomson Reuters expected loss of $0.11 per share for the quarter.
Tesla’s revenues for the quarter dropped 5% to $6.04 billion from $6.35 billion last year. Analysts had a consensus revenue estimate of $5.23 billion.
In the quarter, Tesla said it delivered 75,946 Model 3s/Y to customers, up 5% from last year and down 13% from previous quarter. Model S/X deliveries were 6,326 down 56% from last year and 59% from previous quarter.
Looking forward, Tesla said, “We have the capacity installed to exceed 500,000 vehicle deliveries this year, despite recent production interruptions. While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target.”
TSLA closed Wednesday’s trading at $1,592.33, up $23.97 or 1.53%, on the Nasdaq. The stock further gained $113.67 or 7.14% in the after-hours trade.
Stock Alert: Brink’s Trades 18% Higher On Upbeat Earnings
Shares of cash management, route-based secure logistics, and payment solutions provider The Brink’s Company (BCO) are raising more than 18% Wednesday morning on positive surprise in its second-quarter earnings.
In the second quarter, the company reported adjusted earnings of $0.67 per share compared with $0.86 last year. Analysts polled by Thomson Reuters expected the company to report loss of $0.12 per share for the quarter.
Revenue for the quarter, however, decreased to $826 million compared with $914 million last year, while beating the consensus estimate of $724 million.
“After a difficult start to the quarter in April and early May due to government-mandated Covid-19 shutdowns, our retail customers rebounded quickly and to higher levels than expected. In the U.S., our largest market, revenue was down 24% at the low point in April, but recovered to an 11% decline in June,” Doug Pertz, president, and chief executive officer, said.
Dr. Fauci says all the 'valid' scientific data shows hydroxychloroquine isn't effective in treating coronavirus
White House coronavirus advisor Dr. Anthony Fauci said Wednesday that all the "valid" scientific data shows malaria drug hydroxychloroquine isn't effective in treating the coronavirus, contradicting President Donald Trump's opinion of the drug.
"You look at the scientific data and the evidence. And the scientific data … on trials that are valid, that were randomized and controlled in the proper way, all of those trials show consistently that hydroxychloroquine is not effective in the treatment of coronavirus disease or Covid-19," the director of the National Institute of Allergy and Infectious Diseases said during an interview on MSNBC.
This is a developing story. Please check back for updates.