ConocoPhillips raises quarterly dividend by 38% to 42 cents, to buy back $3 billion of stock in 2020
ConocoPhillips COP, -0.30% said Monday it is raising its quarterly dividend by 38% to 42 cents a share and said it expects to buy back $3 billion of its shares in 2020. The new dividend will be payable Dec. 2 to shareholders of record as of close of business on Oct. 17. The company will hold an investor meeting in Houston on Nov. 19. Shares rose 1.8% premarket, but have fallen 14% in 2019, while the S&P 500 SPX, +1.42% has gained 18%.
Michaels will now serve as a pick-up and drop-off point for UPS packages
Michaels Cos. Inc. MIK, +2.47% said Monday that 1,100 of its stores will now serve as pick-up and drop-off points for United Parcel Service Inc. UPS, +1.37% packages. In total, Michaels has 1,200 stores in the U.S. and Canada. Customers can have packages routed to their local Michaels store for delivery, and can ship returns from one of the arts-and-crafts stores. A similar program, through a partnership between Kohl’s Corp. KSS, +1.31% and Amazon.com Inc. AMZN, +0.88%, allows customers to send Amazon returns through Kohl’s locations. Experts say it’s a cost saver for Amazon and a traffic driver for Kohl’s. Michaels stock has sunk 39% over the past year, UPS shares have inched up 0.2%, and the S&P 500 index SPX, +1.42% has gained 2.3% for the period.
Heely’s parent Sequential Brands hires Stifel to explore strategic options as CEO steps down
Sequential Brands Group Inc. stock SQBG, +0.15% surged 6% in premarket trade Monday, after the company said it has hired Stifel to help explore its strategic options as Chief Executive Karen Murray steps down. The owner of brands including Heely’s and Jessica Simpson, said options under review include the sale of brands, the acquisition of new brands, a stock buyback program and others. "After having received unsolicited interest for several of our brands from multiple parties, Sequential’s Board of Directors is engaging in this formal process to ensure that we are evaluating all alternatives to best further the interest of our shareholders, Chairman William Sweedler said in a statement. The company has named Chad Wagenheim, currently executive vice president of strategic development and operations, as president to help with the CEO search. Shares have fallen 67% in 2019, while the S&P 500 SPX, +1.42% ha gained 18%.
Harbor Freight Tools Recalls 1.1 Mln Pocketknives
Harbor Freight Tools is recalling around 1.1 million Gordon brand folding knives citing laceration hazard.
The U.S. Consumer Producer Safety Commission stated on its website that the locking mechanism of the pocketknives can fail to engage on extension of the blade.
Harbor Freight Tools recalled the knives after receiving seven reports of the knife failing to lock. This has resulted in six reports of laceration injuries, of which four required medical attention.
The recall involves knives in stainless steel with black metal on the handle and five cutouts on each side of the handle. The knife, which measures about 3-inches, also has a silver-colored metal belt clip attached to the back of the handle. On the knife’s blade, “China” is printed on one side and “Stainless Steel” on the other side.
The knives were made in China and sold by Harbor Freight Tools through its more than 1,000 stores and online from July 2008 through July 2019 for about $5.
The California-based company asked the consumers to return them for a full refund in the form of a $5 store gift card plus sales tax.
Among recent product recalls, Lifetime Brands in July had recalled about 150,000 Fitz and Floyd Nevaeh White Can Mugs, noting that they can crack or break when used with or exposed to hot liquids, posing burn and laceration hazards.
Whirlpool in August recalled about 26,300 Glass Cooktops with touch controls due to burn and fire hazards.
Kopin In Asset Purchase Agreement With Solos Technology – Quick Facts
Kopin Corp. (KOPN), a developer of wearable computing technologies and solutions, announced Monday that it has entered into an Asset Purchase Agreement with Solos Technology Ltd.
The Purchase Agreement will see Kopin selling and licensing to Solos certain assets of its Solos product line and Whisper Audio technology. On August 8, 2019 Kopin announced its intention to spin out these assets to a group of employees and investors.
As consideration for the transaction, Kopin received 1.17 million common shares representing a 20.0 percent equity stake in the buyer’s parent company, Solos Inc.
Kopin’s 20.0 percent equity stake will be maintained until Solos Inc. has raised a total of $7.5 million in equity financing.
Kopin will also receive a royalty in the single digits on the net sales amount of Solos products for a four-year period, after commencement of commercial production. Kopin’s Hong Kong employees have been offered employment with the Buyer and most are expected to transition to the new company.
Additionally, Kopin has a non-exclusive, limited, fully paid-up, royalty-free worldwide license, including modification of or improvement or enhancement to the Whisper technology, for enterprise and military customers.
London police arrest 135 climate change protesters
LONDON (Reuters) – London’s Metropolitan Police have arrested 135 people taking part in protests organized by the climate change protest group Extinction Rebellion, the police said on Monday.
Activists were blocking roads, bridges and squares all over London’s government district of Westminster to call on the government to take urgent action to curb carbon emissions.
“As of 12:30hrs today (1130 GMT) there have been a total of 135 arrests,” the Metropolitan Police said in a tweet.