Tuesday, 22 Sep 2020

Walmart, CVS, Walgreens To Stop Locking Up Black Beauty Products

European Economics Preview: Eurozone Foreign Trade Data Due

Foreign trade data from euro area is due on Monday, headlining a light day for the European economic news.

At 1.00 am ET, Statistics Finland is set to issue consumer prices for May. Prices had decreased 0.3 percent on year in April.

At 2.30 am ET, producer price data is due from Switzerland. Economists forecast producer and import prices to drop 4.6 percent annually in May after falling 4 percent a month ago.

At 4.00 am ET, Italy’s Istat releases final consumer prices data. Consumer prices are forecast to fall 0.1 percent on year in May.

In the meantime, Poland’s consumer price figures for June are due. Inflation is seen easing to 2.9 percent from 3.4 percent in May.

At 5.00 am ET, Eurostat is slated to publish euro area foreign trade figures for April. The trade surplus is forecast to fall to EUR 15.9 billion versus EUR 28.2 billion in March.

Stock Alert: Net Element Hits New 52-week High On Merger News

Shares of Net Element, Inc. (NETE) are surging almost 167 percent or $7.68 in Monday’s morning trade at $12.28, after earlier touching a new 52-week high of $13.40.

Florida-based Net Element operates as a financial technology and value-added solutions company.

Monday, Net Element said it has entered into a binding letter of intent to merge with privately-held Mullen Technologies, Inc. in a stock-for-stock reverse merger in which Mullen’s stockholders will receive the majority of the outstanding stock in the post-merger company.

Mullen Technologies is a Southern California-based electric vehicle company. The merger is expected to close in the third quarter. Immediately prior to completion of the merger, Net Element said that subject to approval by its stockholders, it will divest itself of its payments processing business and portfolio.

Founded in 2014, Mullen expects to launch the Dragonfly K50, a luxury sports car, in the first half of 2021 through Independent Commercial Importers or ICI. Mullen currently has eight retail locations in California and one in Arizona.

The stock has traded in a range of $1.47 to $13.40 in the past 52 weeks.

Stock Alert: Humanigen Gains 30% On Positive News Related To Its Drug Candidate Lenzilumab

Shares of Humanigen, Inc. (HGEN) are climbing more than 30% Monday morning after the clinical-stage biopharmaceutical company announced that its drug candidate lenzilumab showed rapid recovery and discharge in critical Covid-19 patients. The stock hit a new high of $6.30, currently trading at $5.40.

Humanigen announced positive data from the study of Lenzilumab, the company’s proprietary Humaneered anti-human granulocyte macrophage-colony stimulating factor (GM-CSF) monoclonal antibody, in 12 Covid-19 patients.

Patients showed rapid clinical improvement with a median time to recovery of five days, median time to discharge of five days, and 100% survival to the data cut-off date. Patients also demonstrated rapid improvement in oxygenation, temperature, inflammatory cytokines, and key hematological parameters consistent with improved clinical outcomes.

Dr. Cameron Durrant, chief executive officer of Humanigen, stated, “It is extremely encouraging to see this initial group of high-risk patients with severe and critical COVID-19 pneumonia show clinical improvement on lenzilumab..”

Stock Alert: Shopify Ticking Higher

Shares of cloud-based multi-channel commerce platform provider Shopify Inc. (SHOP) are advancing more than 7% Monday morning on the news of Walmart partnering with it.

Walmart Inc. has partnered with Shopify to expand its online market place by adding small businesses and to take advantage of the current pandemic situation driven surge in the sales.

The e-commerce giant plans to add 1,200 Shopify sellers this year.

Shopify stock is currently trading at $797.73. It has traded in the range of $281.69- $844 in the past 52 weeks.

Stock Alert: Net Element Hits New 52-week High On Merger News

Shares of Net Element, Inc. (NETE) are surging almost 167 percent or $7.68 in Monday’s morning trade at $12.28, after earlier touching a new 52-week high of $13.40.

Florida-based Net Element operates as a financial technology and value-added solutions company.

Monday, Net Element said it has entered into a binding letter of intent to merge with privately-held Mullen Technologies, Inc. in a stock-for-stock reverse merger in which Mullen’s stockholders will receive the majority of the outstanding stock in the post-merger company.

Mullen Technologies is a Southern California-based electric vehicle company. The merger is expected to close in the third quarter. Immediately prior to completion of the merger, Net Element said that subject to approval by its stockholders, it will divest itself of its payments processing business and portfolio.

Founded in 2014, Mullen expects to launch the Dragonfly K50, a luxury sports car, in the first half of 2021 through Independent Commercial Importers or ICI. Mullen currently has eight retail locations in California and one in Arizona.

The stock has traded in a range of $1.47 to $13.40 in the past 52 weeks.

Walmart, CVS, Walgreens To Stop Locking Up Black Beauty Products

Retail majors Walmart,CVS, and Walgreens have taken the decision to stop locking up Black beauty and hair products in line with their support for the Black Lives Matter movement for racial equality and justice, multiple reports said.

In America, it was the practice for many retailers to display beauty products targeted at white women conveniently on shelves, but to lock up beauty products for Black customers. The retailers claim the practice was stop to theft.

Walmart also faced a lawsuit in 2018 by Essie Grundy for allegedly locking hair and body products meant for African-Americans behind glass shelves, segregated from products for non African-Americans. However, the case was later dismissed after Walmart defended that they take enhanced security measures for any products that have high rates of theft.

The latest decision to end that practice by the three retailers come at a time as protests across the country is intensifying against racial inequality following the merciless killing of African American George Floyd by Minneapolis police.

CVS, which said their product protection measures were not based on race or ethnicity, said it is taking steps in stores to ensure that no hair, beauty or personal care products for communities of color are kept in locked displays or shelving units. The drugstore chain also said it had expanded its stock of products that appeal to communities of color by 35 percent last year.

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