Market Watch

  • Tesla is dramatically changing its board
    on April 19, 2019 at 11:39 pm

    Tesla Inc. disclosed Friday afternoon that several directors will leave its board, which has been criticized for failing to rein in actions by Chief Executive Elon Musk. Brad Buss, Antonio Gracias, Stephen Jurvetson and Linda Johnson Rice are expected to leave the board over the next two years. Buss and Rice will not stand for re-election at the 2019 shareholders meeting, which will be held in June, while Jurvetson -- who has officially been on leave since allegations of misconduct at his venture-capital firm in 2017 -- will remain until the 2020 meeting. Tesla shareholders will vote to reduce director terms from three years to two at the 2019 shareholder meeting; if the Tesla-introduced resolution passes, Gracias will also not stand for re-election at the 2020 meeting, Otherwise, he will leave in 2021. Tesla recently added Oracle Corp. founder Larry Ellison and Kathleen Wilson-Thompson, a human-resources executive with Walgreens Boots Alliance Inc. to its board, along with naming Robyn Denholm as chairwoman as a result of a settlement with the Securities and Exchange Commission, giving the board 11 members currently.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]

  • Retailer Torrid cancels plans for initial public offering
    on April 19, 2019 at 9:22 pm

    Plus-sized women's apparel retailer Torrid Inc. pulled its plans for an initial public offering late Friday, according to a filing with the Securities and Exchange Commission. Torrid, which filed for an IPO in July 2017, had planned to raise up to $100 million and list on the New York Stock Exchange. "The company believes that the withdrawal of the registration statement would be consistent with the public interest and the protection of investors," Torrid said in its Friday filing. The retailer was spun off in 2015 from Hot Topic, which was taken private by Sycamore Partners back in 2013.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]

  • Visa board elects CEO Kelly as chairman
    on April 19, 2019 at 8:18 pm

    Visa Inc. said late Friday its board elected Chief Executive Alfred Kelly as chairman. Kelly's chairmanship was effective on Tuesday, Visa said. Kelly succeeds Robert Matschullat as chairman, and Matschullat will continue to serve as the board's finance committee chair. Kelly has been Visa's CEO since December 2016.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]

  • FDA approves first generic naloxone nasal spray to treat opioid overdose
    on April 19, 2019 at 4:04 pm

    The Food and Drug Administration has given Israeli drugmaker Teva Pharmaceuticals Inc. final approval to market the first generic naloxone nasal spray to treat opioid overdose, the agency announced Friday. The spray, currently sold under the brand name Narcan by Emergent BioSolutions Inc. subsidiary Adapt Pharma, is a life-saving medication that can stop or reverse the effects of an opioid overdose. Shares of Teva have lost 6.9% so far this year, while the S&P 500 has gained 15.9%. Shares of Emergent BioSolutions have fallen 10.6%. This marks the first time a generic naloxone nasal spray has been approved for use by people without medical training, though generic injectable naloxone products have been available for years. "In the wake of the opioid crisis, a number of efforts are underway to make this emergency overdose reversal treatment more readily available and more accessible. In addition to this approval of the first generic naloxone nasal spray, moving forward we will prioritize our review of generic drug applications for naloxone," said Douglas Throckmorton, deputy center director for regulatory programs in the FDA's Center for Drug Evaluation and Research, in a statement. The U.S. in the midst of a deadly opioid epidemic. Almost 400,000 people died from opioid overdose between 1999 and 2017, according to the Centers for Disease Control and Prevention. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]

  • Peer-to-peer lender Prosper to pay $3 million to settle fraud charges
    on April 19, 2019 at 3:11 pm

    The Securities and Exchange Commission said Friday that peer-to-peer lender Prosper Funding LLC will pay a $3 million penalty for miscalculating and materially overstating annualized net returns to investors. The SEC said that Prosper excluded certain non-performing charged off loans from its calculation of annualized net returns that it reported to investors from about July 2015 until May 2017. As a result, Prosper reported overstated annualized net returns to more than 30,000 investors on individual account pages on Prosper's website and in emails soliciting additional investments, according to the agency. Without admitting or denying the agency's findings, Prosper consented to the entry of an SEC order finding that it violated the antifraud provision.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]