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Stock Alert: Scorpio Tankers Up 5% After Announcing Securities Buyback

SIGN UP NOW TO TUNE IN NEXT WEEK: Hear from top recruiters at McKinsey, Bain, and PwC about how to land a 6-figure consulting job

The management consulting industry is notoriously hard to break into and highly competitive. 

Each year, thousands of business school and college students compete for a coveted spot at firms like McKinsey and Bain & Co., where they'll earn a six-figure salary, access an extensive network of clients from Fortune 500 companies, and solve the most complex problems in the corporate world. 

Join Business Insider on Tuesday, September 15 at 1 p.m. ET when BI strategy reporter Weng Cheong will speak with Kerry Casey, North America recruitment director at McKinsey, Keith Bevans, global head of consultant recruitment at Bain & Co., and Rod Adams, US and Mexico talent acquisition leader at PricewaterhouseCoopers (PwC). 

They'll discuss how they're approaching recruitment during the coronavirus pandemic, and how candidates can stand out in applications. The recruiters will also be taking reader questions on how to increase your chances of landing a consulting job.

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BioMarin: Phase 3 Data Show Clinical Benefits Of Vosoritide In Children With Achondroplasia

BioMarin Pharmaceutical Inc. (BMRN) said data from a randomized, double-blind, phase 3, placebo-controlled, multicenter trial for vosoritide showed that daily subcutaneous administration of vosoritide to children with achondroplasia resulted in significantly increased growth velocity and height Z scores over baseline after one year of treatment as compared to those who received placebo with similar adverse effect profiles. Vosoritide was generally well tolerated in the study.

BioMarin said an ongoing, open-label, phase 3, extension study will continue to evaluate the balance of benefits and harms of vosoritide until the children reported in the study reach final adult height.

Eos Energy Storage To Combine With B. Riley Principal Merger Corp II

Eos Energy Storage LLC and B. Riley Principal Merger Corp. II (BMRG), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (RILY), announced a merger deal that would result in Eos becoming a publicly listed company. The business combination values Eos at an implied $550 million pro forma enterprise value. Upon closing, the combined company will be renamed Eos Energy Enterprises, Inc. It intends to list common stock on Nasdaq under the ticker, EOSE.

Eos Energy said the net proceeds will be used to fund the rapid growth of Eos’s corporate strategy, which includes the expansion of its manufacturing capacity to meet customer demand, investment in personnel to further drive research, development and commercialization, in addition to general corporate purposes.

Tesla stock drops 15 percent after S&P 500 snub

Tesla’s supercharged stock rally may have finally run out of juice.

Shares of the electric automaker — which have increased fivefold since the beginning of the year — were down more than 15 percent Tuesday morning as investors reacted to the company not being added to the S&P 500 on Friday.

Tesla had been widely expected to be added to the index after the company reached its fourth-consecutive profitable quarter. An addition to the S&P would have forced a slew of investment funds that duplicate the S&P’s holdings to buy an estimated $40 billion worth of Tesla shares to avoid errors tracking the index’s performance.

“Clearly the S&P decision is weighing heavily on the stock,” CFRA Research analyst Garrett Nelson told The Post. “The news was really a surprise.”

CFRA on Friday changed its Tesla rating from “sell” to “buy”, with Nelson saying that inclusion could still be around the corner.

“They might not want to telegraph their moves because it’s going to cause such a seismic change in the overall holdings of the S&P 500,” Nelson said. “But we still think there’s a deepend chance they do this in the coming weeks.”

Tesla investors were also reacting to the news that the company’s largest outside shareholder, Baillie Gifford, last week reduced its stake in the company from 6.3 percent to just under 5, as well as to the company’s announced plan to raise $5 billion by selling stock.

Tesla shares were down 15.6 percent Tuesday morning, at $352.99 per share.

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Trump reverses Obama bid to prevent racism in US housing

Removal of rule that sought to end racial segregation and discrimination in country’s housing appears to be election campaign strategy.

Effective from Tuesday, the Trump administration is replacing an Obama-era rule that sought to end racial segregation and discrimination in American housing.

President Trump says the rollback of the rule, which forced cities to report on housing discrimination in their communities, is to give local governments more freedom from federal regulations.

But the move also fits neatly into Trump’s campaign strategy that ties race to the safety of suburban communities.

Al Jazeera’s Heidi Zhou-Castro has the story.

Tesla Plunges as Much as 18% in Worst One-Day Loss Since March

Tesla shares dropped as much as 18% in the worst one-day loss since March.

See earlier story:Tesla Shares Slump After GM’s Nikola Stake, S&P Omission

Stock Alert: Scorpio Tankers Up 5% After Announcing Securities Buyback

Shares of Scorpio Tankers Inc. (STNG) are rising more than 5 percent or $0.59 in Tuesday’s morning trade at $12.09 after the company announced a $250 million securities repurchase program.

Tuesday,.Scorpio Tankers said its board of directors authorized a new securities repurchase program to purchase up to $250 million of its securities which, in addition to its common shares, currently consist of its convertible notes due 2022 and senior unsecured notes due 2025.

Between July 1, 2020 and today, Scorpio Tankers repurchased $52.3 million face value of its convertible notes due 2022 at an average price of $894.12 per $1,000 principal amount, or $46.7 million. The current outstanding face value of the convertible notes due 2022 is $151.2 million.

So far in September 2020, Scorpio Tankers has acquired a total of 1.17 million of its common shares at an average price of $11.18 per share, for a total of $13.1 million. The repurchased shares are being held as treasury shares.

Scorpio Tankers has traded in a range of $10.82 to $40.45 in the past 52 weeks.