Stock Alert: InnerWorkings Shares Climb 122% In Early Trade

Shares of InnerWorkings Inc. (INWK) are rallying over 122% in pre-market today, after the company announced a definitive agreement with HH Global Group Ltd. to combine operations.

As per the deal, HH Global would acquire InnerWorkings for $3.00 per share in an all-cash transaction representing about $177 million in equity value, representing a premium of 127% to the closing price, and a premium of 104% to the 90-day volume weighted average price as of July 15, 2020.

The stock has been trading in the range of $0.87 – $5.81 for the past one year, and closed Wednesday’s trade at $1.32, up 7 cents or 5.60%. INWK is currently trading at $2.94, up $1.62 or 122.73% in the pre-market session.

US Proposes To Deny Asylum On Public Health Concerns

The Trump administration has proposed a new legislation that aims to block immigrants from countries with disease outbreaks who seek asylum in the United States.

According to a notice published on Federal Register, the proposed rule would amend existing regulations by the Department of Homeland Security and Department of Justice.

These Departments consider asylum applicants as “potential international threats from the spread of pandemics” and as a danger to the security of the United States”.

“Thus, they are ineligible to be granted asylum or the protection of withholding of removal in the United States under Immigration and Nationality Act (“INA”) sections 208 and 241 and DHS and DOJ regulations”.

“Protection of withholding of removal” is a protected immigration status for those who prove that they are likely to face danger if returned to their h countries of origin.

Before implementing, the proposed rule will be open to a public comment.

It doesn’t specify if the amendment is proposed in the wake of global coronavirus pandemic.

Taiwan flexes military might amid China tensions

Taiwan has held annual military drills, meant to show off its readiness to defend itself against an attack from mainland China.

Taiwan has held annual military drills, meant to show off its readiness to defend itself against an attack from mainland China.

President Tsai Ing-wen says the war games are important to show determination and efforts to protect the island.

Al Jazeera’s Rob McBride reports from Seoul, South Korea.

Sonoco Products Q2 adjusted earnings Beat Estimates

Sonoco Products (SON) revealed earnings for second quarter that declined from last year.

The company’s earnings totaled $55.21 million, or $0.55 per share. This compares with $81.16 million, or $0.80 per share, in last year’s second quarter.

Excluding items, Sonoco Products reported adjusted earnings of $80.13 million or $0.79 per share for the period.

Analysts had expected the company to earn $0.78 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 8.1% to $1.25 billion from $1.36 billion last year.

Sonoco Products earnings at a glance:

-Earnings (Q2): $80.13 Mln. vs. $96.47 Mln. last year.
-EPS (Q2): $0.79 vs. $0.95 last year.
-Analysts Estimate: $0.78
-Revenue (Q2): $1.25 Bln vs. $1.36 Bln last year.

-Guidance:
Next quarter EPS guidance: $0.73 to $0.83

Taiwan flexes military might amid China tensions

Taiwan has held annual military drills, meant to show off its readiness to defend itself against an attack from mainland China.

Taiwan has held annual military drills, meant to show off its readiness to defend itself against an attack from mainland China.

President Tsai Ing-wen says the war games are important to show determination and efforts to protect the island.

Al Jazeera’s Rob McBride reports from Seoul, South Korea.

Trump Ends Special Privileges For Hong Kong

President Donald Trump signed an executive order Tuesday ending U.S. preferential treatment for Hong Kong in retaliation for China enacting a repressive new security law in the self-administered region.

Hong Kong will now be treated the same as mainland China, which does not enjoy any special privileges or special economic treatment such as the export of sensitive technologies.

Hong Kong was conferred the special status under the United States-Hong Kong Policy Act of 1992.

As Hong Kong loses its special status, mainland Chinese companies will lose the advantage of exporting their goods to other parts of the world through the self-administered region.

Trump said he also signed legislation to hold China accountable for its oppressive actions against the people of Hong Kong.

The Hong Kong Autonomy Act “gives my administration powerful new tools to hold responsible the individuals and the entities involved in extinguishing Hong Kong’s freedom,” he told reporters.

In the press conference, Trump also blamed China for “concealing the virus and unleashing it upon the world.”

Heartland Express Q2 Profit Tops Estimates; Operating Revenues Up 18.4% Excl. Items

Heartland Express, Inc. (HTLD) reported second quarter earnings per share of $0.24 compared to $0.27, a year ago. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.13, for the quarter. Analysts’ estimates typically exclude special items.

Second quarter operating revenue was $160.9 million, an increase of 13.2% over prior year. Operating revenues rose 18.4%, excluding the impact of fuel surcharge revenues. Analysts expected revenue of $150.57 million for the quarter.

RedHill: Clinical Trial Application Approved In Russia For Phase 2/3 Study With Opaganib

RedHill Biopharma Ltd. (RDHL) received approval in Russia for a phase 2/3 study evaluating opaganib in patients hospitalized with severe SARS-CoV-2 infection and pneumonia. The multi-center, randomized, double-blind, parallel-arm, placebo-controlled phase 2/3 study is set to enroll up to 270 patients with severe COVID-19 pneumonia requiring hospitalization and treatment with supplemental oxygen.

The study was also recently approved in the UK and a similar application is under review in Italy. The company also has received approval from the Israeli Ministry of Health to initiate a study evaluating opaganib in up to 50 patients with severe COVID-19 infection and pneumonia.