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Foot Locker shares rally after retailer forecasts surprise profit

Stock Alert: Eastman Kodak Plunges 30% As $765 Mln Loan Is On Hold

Shares of Eastman Kodak Company (KODK) are down more than 30% Monday morning on the news of U.S. International Development Finance Corp. is halting a $765 million loan to the company to enter into generic drug manufacturing on allegations of insider trading.

“Recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared,” tweeted the U.S. International Development Finance Corporation on Friday.

Eastman Kodak stock is currently trading at at $10.31. It has traded in the range of $1.50- $60 in the last 52 weeks.

Nikola Takes Its First Steps Toward Actual Revenue

Nikola Corp. (NASDAQ: NKLA) stock shot up on Monday after the company announced a partnership with Republic Services Inc. (NYSE: RSG) to develop and purchase 2,500 electric waste and recycling collection trucks.

This agreement represents the industry’s first large-scale commitment to fleet electrification. The electric vehicles will have a range of 150 miles and be capable of recharging overnight.

These vehicles are expected to be integrated into the Republic Services fleet beginning in 2023. The deal is expandable to 5,000 vehicles over the life of the agreement.

For Republic Services, this collaboration represents a transformational step forward to leverage technology and innovation to reduce emissions, increase operational efficiency and provide economical, environmentally sustainable solutions to its customers.

Last year, Republic Services set a long-term sustainability goal to reduce greenhouse gas emissions by 35%.

For Nikola, this deal represents the first steps toward real revenue, even though the company has yet to get its production in line. In its most recent earnings report, the company only had revenues of $36,000, which were entirely attributable to installing solar panels for upper management.

Nikola stock traded up about 15% to $42.28 on Monday, in a post-IPO range of $10.27 to $93.99. The consensus price target is $58.33.

Republic Services traded at $90.90, in a 52-week range of $65.37 to $100.91. The consensus price target is $94.83.

Yemen: Floods wreak havoc in capital Sanaa

The roofs of hundreds of buildings in the UNESCO World Heritage Site have collapsed.

In Yemen, months of heavy rain and flash floods have caused significant damage to the ancient walled city of the capital, Sanaa.

The roofs of hundreds of buildings in the UNESCO World Heritage Site have collapsed.

Al Jazeera’s Priyanka Gupta reports.

LIC unveils campaign to revive lapsed policies

Scheme to remain in force till Oct. 9

Life Insurance Corporation of India (LIC) has announced a special scheme to revive lapsed policies.

The ‘Special Revival Campaign’ is open from Monday to October 9 during which customers can revive their individual lapsed policies.

Though it is not offering any concessions in medical requirements, some concessions may be allowed in late fee under plans other than term assurance and other high-risk plans.

Under this scheme, policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to certain terms and conditions, the LIC said.

Those policies that have lapsed during the premium- paying term and not completed policy term as on the date of revival, are eligible to be revived during the campaign, the LIC added.

“The campaign is launched to benefit those policyholders who were not able to pay premium due to unavoidable circumstances and their policy lapsed. It always makes better sense to revive an old policy to restore cover,” LIC said.

“LIC values its policyholders and their desire to continue their life insurance cover. This campaign is a good opportunity for LIC’s policyholders to revive their policies and restore life cover to ensure financial security for their family,” it added.

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Indian Ocean faces growing threat of fuel spill

The MV Wakashio ship still has more than half of its 4,000 tonnes of fuel on board after running aground off Mauritius last month.

The MV Wakashio ship still has more than half of its 4,000 tonnes of fuel on board after running aground off Mauritius last month.

A state of emergency has been declared because of the threat of catastrophic damage to coral reefs in the Indian Ocean.

According to the country’s prime minister, the ship is breaking apart.

It is feared the vessel could break up as cracks in the hull widen.

Al Jazeera’s Catherine Soi reports.

Turkey's Erdogan hopes market interest rates will fall further

ISTANBUL, Aug 10 (Reuters) – Turkish President Tayyip Erdogan said on Monday he hopes market interest rates will fall further in order to make investments in the country easier.

Speaking after a cabinet meeting, Erdogan said the Turkish banking sector’s short forex position did not pose a risk and the non-performing loan ratio was at a sustainable level. (Reporting by Ezgi Erkoyun and Ali Kucukgocmen Editing by Chris Reese)

Foot Locker shares rally after retailer forecasts surprise profit

Foot Locker expects to turn a second-quarter profit thanks in part to aid sent to Americans to help during the pandemic.

The announcement caught Wall Street, which had expected big losses from the retailer, by surprise Monday. Shares jumped 6 percent.

Foot Locker, based in New York, reports earnings next week.

The company said the pent-up demand and checks from the US helped push comparable-store sales up by about 18 percent in the second quarter. Industry analysts had been projecting a 9.1 percent decline, according to a survey by FactSet.

The company now expects to report a per-share adjusted profit between 66 and 70 cents. Wall Street had been projecting a loss of 16 cents.

“As we continued to reopen stores throughout the quarter, we saw a strong customer response to our assortments, which we believe was aided by pent-up demand and the effect of fiscal stimulus,” said Chairman and CEO said Richard Johnson. “This fueled our in-store sales and also drove continued momentum across our digital channels.”

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