Dada Nexus Rally Continues; Stock Up 9%

Dada Nexus Limited (DADA) rally continues, as shares gain over 9% on Thursday morning.

DADA is currently trading at $6.70, up $0.58 or 9.40%, on the Nasdaq. The stock opened its trading at $6.29 after closing Wednesday’s trading at $6.12. The stock has traded between $2.98 and $15.59 in the past 52-week period. The stock has gained nearly 50% in the month-to-date period.

Dada Nexus Limited operates a platform of local on-demand retail and delivery in the People’s Republic of China.

CAVA Group Up 91% On IPO Pricing

Shares of restaurant brand, CAVA Group, Inc. (CAVA) are up 91% on Thursday after the company announced the pricing of its initial public offering.

CAVA is trading on the New York Stock Exchange at $42.17, up 91.68% or $20.17 per share.

The company priced its initial public offering of 14.44 million shares of its common stock at a price of $22.00 per share to the public.

CAVA granted the underwriters in the offering a 30-day option to purchase up to an additional 2.16 million shares of common stock at the initial public offering price.

The shares are expected to begin trading on the New York Stock Exchange on June 15, 2023, under the symbol CAVA, and are expected to close on June 20, 2023.

The company intends to use the net proceeds from the offering to fund future new restaurant openings, and general corporate purposes, which may include the repayment of its delayed draw term.

Biden Vetoes Bill Rolling Back Strong EPA Emissions Standards For Trucks

President Joe Biden has vetoed a Republican-supported Senate Resolution that would have repealed a rule by the Environmental Protection Agency that set stronger vehicle emissions standards to reduce air pollution by heavy-duty trucks.

The Senate passed S.J. Res. 11, that would disapprove the rule entitled “Control of Air Pollution From New Motor Vehicles: Heavy-Duty Engine and Vehicle Standards,” by a 50-49 vote.

The House later passed it by 221 to 203 votes.

This rule amends the Environmental Protection Agency’s heavy-duty emissions control program — including its standards, test procedures, and other requirements — to further reduce the air quality impacts of heavy-duty engines.

EVA’s heavy-duty emissions control program cuts pollution, boosts public health, and advances environmental justice in communities across the country.

It will prevent hundreds of premature deaths; thousands of childhood asthma cases; and millions of missed school days every year, according to President Joe Biden.

In a message to the Senate returning the resolution without his approval, Biden said it would deny communities these health benefits by resulting in weaker emissions standards for heavy-duty vehicles and engines, which are significant sources of pollutants that threaten public health.

“If enacted, the resolution would squander $36 billion in benefits to society — and an opportunity to lead on the defining crisis of our time,” he added.

Oil Futures Settle Sharply Higher

Crude oil prices rose sharply on Thursday, buoyed by reports saying a jump in demand from Chinese refineries, and additional stimulus from the Chinese central bank.

The dollar’s weakness contributed as well to the uptick in oil prices. The dollar index dropped to 102.12, losing about 0.8%.

West Texas Intermediate Crude oil futures ended higher by $2.35 or about 3.4% at $70.62 a barrel.

Brent crude futures were up $2.50 or 3.4% at $75.70 a barrel a little while ago.

According to data from China, the nation’s oil refinery throughput in May rose 15.4% from a year earlier, hitting its second highest total on record.

China’s central bank today cut its one-year medium-term lending facility rate by 10 basis points to 2.65%, marking the first rate cut in 10 months.

Tennis ball-sized hail hits Fort Lyon area in Bent County

Tennis ball-sized hail pounded the Fort Lyon area on Thursday afternoon, according to the National Weather Service.

A severe thunderstorm warning is posted for the area in Bent County until 8 p.m. Thursday, according to the weather service. Other counties in the warning are Baca, Cheyenne, Kiowa and Prowers.

The severe hail, 2 1/2 inches in diameter, hit about noon, said Stephen Rodriguez, a meteorologist and spokesman with the weather service in Pueblo.

“That size hail is definitely significant,” Rodriguez said.

There were no immediate reports of injuries.

This story will be updated.  

HUTCHMED Up 9% On Marketing Authorization Application Of Fruquintinib

Shares of HUTCHMED (China) Limited (HCM) are up 9% on Thursday after the company together with Takeda, announced that the European Medicines Agency has accepted for regulatory review, the marketing authorization application (MAA) for fruquintinib.

HCM is trading on the Nasdaq at $13.36, up 9.55% or $1.16 per share. It has traded between $7.39 and $21.28 in the past 52-week period.

The company stated that the MAA for fruquintinib includes results from the Phase III FRESCO-2 trial along with data from the Phase III FRESCO trial conducted in China.

Fruquintinib is a highly selective and potent inhibitor of vascular endothelial growth factor receptors (VEGFR) -1, -2, and -3 for the treatment of adult patients with previously treated metastatic colorectal cancer (CRC).

If approved, fruquintinib will be the first and only highly selective inhibitor of all three VEGF receptors approved in the E.U. for previously treated metastatic CRC.

Chart Industries Up 6% On Extended Partnership With Kathairos

Shares of Chart Industries, Inc. (GTLS), are up 6% on Thursday after the announcement, that Chart and the cleantech startup, Kathairos Solutions, would be expanding their partnership to reduce methane emission.

GTLS is trading on the New York Stock Exchange at $148.43, up 6.99% or $9.70 per share. It has traded between $101.44 and $242.59 in the past 52-week period.

The two companies have agreed to extend their contract for a minimum of two more years.

The partnership includes Chart’s MicroBulk tanks with new products such as Orca Delivery Systems.

The company stated that they are extending their partnership due to the positive feedback from the market about their combined solution, that have been effective to mitigate 21.69 million standard cubic ft of methane emissions, and eliminated nearly 20 thousand metric tons of CO2 equivalent emissions from their customers’ operations.