NF Energy Saving’s stock soars over 500% on very heavy volume

Shares of NF Energy Saving Corp. BIMI, +512.85% soared more than 6-fold on very heavy volume in afternoon trading Monday, to pace all Nasdaq gainers, and has now run up nearly 9-fold in three days. The rally started on Thursday, when the stock rose 15% on volume of about 81,700 shares, after the China-based provider of energy conservation solutions said it engaged Dragon Gate Investment Partners to lead an investor relations program. The stock then rose 20.3% on Friday on volume of about 54,900 shares. On Monday, the stock rocketed 525% on volume of 20.2 million shares, compared with the full-day average of 30,500 shares, to put it on track for a 9-month high. The company said earlier that it completed the acquisition of China-based pharmacy chain Boqi Zhengji Pharmacy Chain Co. Prior to the announcements, short interest, or bearish bets, totaled about 151,640 shares, or 8.3% of the tradeable stock outstanding. The stock has still slumped 41.2% year to date, while the S&P 500 SPX, -0.04% has gained 18.5%.

Poland's PiS wins narrow majority in parliament: final vote count

WARSAW (Reuters) – Poland’s nationalist Law and Justice (PiS) party secured a narrow majority in the lower house of parliament in Sunday’s general election, the Electoral Commission said on Monday, citing the final result count.

The Commission said PiS secured 235 seats, in the 460-seat legislature.

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Uber lets go of 350 more employees across several departments in last wave of layoffs

Uber has cut hundreds of employees this year. (Photo: Richard Drew, AP)

NEW YORK – Uber is laying off 350 employees from its food delivery, autonomous vehicles, safety, insurance and other teams.

The move is the latest in a string of staff reductions at the ride-hailing giant since its ill-fated initial public offering.

CEO Dara Khosrowshahi said in an email to employees Monday that it would be the last wave of the layoff process that began months ago.

Uber laid off 435 employees on its product and engineering teams in September. In July, 400 employees in the marketing department lost their jobs.

Khosrowshahi said everyone has to play a part in identifying and eliminating duplicate work and taking actions when expectations aren’t met.

Uber’s stock was up 4% in afternoon trading.

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Poland's PiS leader sees bills delayed in upper house of parliament

WARSAW (Reuters) – Poland’s nationalist Law and Justice (PiS) party expects delays to its legislative agenda, PiS leader Jaroslaw Kaczynski said on Monday, after the party lost its majority in the upper house of parliament, the Senate.

PiS party won a parliamentary election on Sunday, a final vote count showed on Monday, securing a narrow lead in the more powerful lower house.

Hilton Grand Vacation’s stock surges after Bloomberg report of Apollo buyout bid

Shares of Hilton Grand Vacations Inc. HGV, +6.43% rallied 6.4% in active afternoon trading Monday, after Bloomberg reported that private-equity firm Apollo Global Management Inc. made an offer to buy the timeshare company for $40 a share. That would represent a 23% premium to Friday’s closing price of $32.64, and would be the highest price seen in the stock since June 2018. Trading volume reached 4.1 million shares, compared with the full-day average of about 1.2 million shares. Hilton Grand did not immediately respond to a request for comment. At $40 a share, Hilton Grand’s market capitalization would be about $3.44 billion. In August, the New York Post had reported that Apollo could bid as much as $36 a share for Hilton Grand. Bloomberg’s Monday report, which cited people familiar with the matter, said BlackStone Group Inc. BLK, -0.43% also bid for Hilton Grand. The stock has rallied 31.6% year to date, while the S&P 500 SPX, -0.01% has gained 18.4%.

Sports Direct demands inquiry into Nike-Adidas dominance

Sports Direct, led by leisurewear tycoon Mike Ashley, has called for a Europe-wide investigation into the dominance of Nike and Adidas in the sportswear market.

The firm issued a statement in the light of reports that Nike has told independent retailers that it will stop supplying them within two years because their sales methods were “no longer aligned” with the US company’s own strategy.

Sports Direct referred to concerns that Adidas would follow suit, stifling access to the goods sold by companies that between them rack up £50bn of revenues a year.

“The sports industry has long been dominated by the ‘must-have’ brands such as Adidas,” the company said. “These ‘must-have’ brands hold an extremely strong bargaining position vis-a-vis the retailers within their supply networks and use their market power to implement market wide practices aimed at controlling the supply and, ultimately, the pricing of their products.”

It said brands such as Nike and Adidas had sufficient market power to restrict the range of products offered by retailers or refuse supply altogether.

“Sports Direct believes that the industry as a whole would benefit from a wide market review by the appropriate authorities in both the UK and Europe,” the company said.