Stock Alert: Jumia Technologies Climbs 10%

Gilead Says HSR Waiting Period For Immunomedics Tender Offer Expires – Quick Facts

Biopharmaceutical company Gilead Sciences, Inc. (GILD) announced Wednesday that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) with respect to Gilead’s cash tender offer for Immunomedics, Inc. expired at 11:59 p.m. on October 13, 2020.

On September 25, Gilead and Immunomedics filed the Premerger Notification and Report Forms required under the HSR Act with the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice.

The expiration of the HSR waiting period satisfies one of the conditions to consummate the tender offer.

Other conditions remain to be satisfied, including, among others, a minimum tender of shares of common stock of Immunomedics representing a majority of the total number of outstanding shares of common stock of Immunomedics.

Unless the tender offer is extended, the offer and withdrawal rights will expire at one minute after 11:59 p.m., Eastern Time, on October 22, 2020.

Live Updates: Amy Coney Barrett SCOTUS confirmation hearing

Supreme Court confirmation hearing for Amy Coney Barrett

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Judge Amy Coney Barrett faces the third day of her Supreme Court confirmation hearings on Wednesday after another tense day in which Democrats pressed President Trump’s nominee on topics ranging from abortion to gay rights.

Democrats questioned Barrett about cases that they suggested might be at odds with her Catholic faith.

Follow below for updates on the Supreme Court nomination process. Mobile users click here.

 

Day 3 of Judge Barrett’s confirmation hearings is expected to start soon. Watch live.

'The Next Wave' With Congresswoman Katie Porter

On March 12th, for example, at a House Oversight and Reform Committee hearing, Porter took out her dry-erase board and sketched out the costs the average uninsured American might incur if they went to the hospital suspecting they have the coronavirus — a blood-count test, a metabolic panel, a flu test, an ER visit fee. It added up to more than $1,300, a daunting figure considering roughly half of all Americans can’t cover an unexpected $400 expense. But the CDC has the legal authority to says tests will be free for every American, and that day, Porter extracted a pledge from CDC director Robert Redfield that he would use it. 

In 2018, Porter flipped an Orange County district that had been held by a Republican since 1983. Her race hasn’t been polled this year, but she’s dramatically outraised her GOP challenger, Greg Raths. This summer she had more than $7 million in the bank, compared to his $334,000. FiveThirtyEight gives her a 93 in 100 chance of holding on to her district. But even as she has her sights set on another term in Congress, some people have other ideas — her name has been floated for the director of the Consumer Financial Protection Bureau under a Biden administration.

Porter spoke with Rolling Stone for “The Next Wave,” a new video series spotlighting the politicians and activists shaping the future of America.

Samsung Sees 58% Rise In Q3 Operating Profit

Samsung Electronics Co Ltd (SMSN.L,SSNNF.OB,SSNLF.OB) expects that its third-quarter operating profit will rise about 58.10 percent from last year. It projects sales will increase 6.45 percent. The company’s mobile and chip businesses benefited from U.S. restrictions on Huawei Technologies Co.

The South Korean tech giant projects operating profit of about 12.30 trillion Korean won in the third-quarter, compared to 7.78 trillion won reported last year. While it reported operating profit of about 8.15 trillion won in the second-quarter.

The company also expects third-quarter consolidated sales of about 66.00 trillion won compared to 62.00 trillion won last year. It reported consolidated sales of about 52.97 trillion won in the second-quarter.

Third-quarter earnings results will be released later this month.

Stock Alert: Grubhub Rises To New 52-week High

Shares of food delivery company Grubhub Inc. (GRUB) are rising more than 5 percent or $4.00 in Wednesday’s morning trade at $79.82, after touching a new 52-week high of $80.23.

Grubhub had said in June that it agreed to be acquired by European peer Just Eat Takeaway.com N.V. (JET.L) in an all-stock transaction valued at $7.3 billion.

Wednesday, Just Eat Takeaway.com reported 46 percent growth in orders for the third quarter to $151.4 million, and said it is well positioned for autumn and winter, its traditional growth season. Just Eat also said its acquisition of Grubhub was approved by the Extraordinary General Meeting on October 7 and that the deal is expected to be completed in the first half of 2021.

Grubhub has traded in a range of $29.35 to $80.23 in the past 52 weeks.

CANADA STOCKS-TSX opens higher on energy boost

Oct 14 (Reuters) – Canada’s main stock index opened higher on Wednesday, helped by energy stocks as oil prices gained, despite renewed fears about fuel demand recovery due to surging coronavirus cases.

* At 9:31 a.m. ET (13:31 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 41.03 points, or 0.25%, at 16,551.86.

Stock Alert: Jumia Technologies Climbs 10%

Shares of Jumia Technologies AG (JMIA), operator of an e-commerce platform in Africa, are rising almost 10 percent or $1.23 in Wednesday’s morning trade at $13.59 despite no company-specific news that could influence the stock.

U.S. stocks are rising on Wednesday as investors digested better than expected third-quarter earnings results from investment bank Goldman Sachs and health insurer UnitedHealth.

Jumia Technologies has traded in a range of $2.15 to $23.90 in the past 52 weeks.