Teck Resources Slips 7%

Phoenix Motor Stock Gains 25%

Shares of Phoenix Motor Inc. (PEV) are gaining over 25% on Wednesday morning despite no stock-related news to drive the shares.

PEV is currently trading at $4.2936, up $0.8736 or 25.54%, on the Nasdaq. The stock opened its trading at $3.51 after closing Tuesday’s trading at $3.42. The stock has traded between $2.90 and $6.50 in the past 52-week period.

Phoenix Motor Inc. designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles. The company offers buses and trucks.

Qualcomm Wins Appeal Against $1 Bln EU Antitrust Fine

Chipmaker Qualcomm (QCOM) on Wednesday won an appeal against a 997 million euro ($1.05 billion) fine imposed by EU antitrust regulators four years ago over anti-competitive practices.

The General Court, Europe’s second-highest court, passed a verdict in favor of Qualcomm, after the company appealed against the hefty fine. In 2018, the European Commission alleged Qualcomm had paid billions of dollars to Apple from 2011 to 2016 to use its chips exclusively in all iPhones and iPads, thus taking rival Intel Corp. out of the frame.

The fine imposed on Qualcomm was one of the several ones charged by EU Antitrust Chief Margrethe Vestager against big tech companies, including Alphabet’s Google. The regulator is also investigating Apple, Amazon and Facebook over anti-competitive practices.

“A number of procedural irregularities affected Qualcomm’s rights of defence and invalidate the Commission’s analysis of the conduct alleged against Qualcomm,” the judges said.

“The Commission did not provide an analysis which makes it possible to support the findings that the payments concerned had actually reduced Apple’s incentives to switch to Qualcomm’s competitors in order to obtain supplies of LTE chipsets for certain iPad models to be launched in 2014 and 2015,” they said.

The regulator can now appeal to the EU Court of Justice (CJEU), Europe’s highest court, regarding the issue.

Ormat Tech Slips 7% After Announcing Plan To Raise $350 Mln Via Private Convertible Senior Notes

Shares of Ormat Technologies, Inc. (ORA) are slipping over 7% on Wednesday morning after the company announced plans to offer a $350 million aggregate principal amount of Green Convertible Senior Notes due 2027 in a private offering.

ORA is currently trading at $69.87, down $5.09 or 6.79%, on the NYSE. The stock opened its trading at $74.19 after closing Tuesday’s trading at $74.96. The stock has traded between $60.32 and $88.52 in the past 52-week period.

The company expects to use up to $25 million of the proceeds to repurchase concurrently with the closing of this offering common shares in privately negotiated transactions at a price per share equal to the closing price of such common stock on the date of the pricing of this offering. The company will also use a portion of the proceeds to pay the cost of the capped call transactions and about $221.9 million to fund the previously announced prepayment of its Series 3 Bonds, and accrued and unpaid interest thereon.

Federal Reserve Raises Interest Rates By The Most Since 1994

In an effort to combat elevated inflation, the Federal Reserve on Wednesday announced the biggest increase in interest rates in almost thirty years.

The Fed revealed that it has decided to raise the target rate for the federal funds rate by 75 basis points to 1.50 to 1.75 percent, marking the biggest rate hike since 1994.

The widely expected move by the Fed comes as a recent report from the Labor Department showed consumer price inflation at the fastest annual rate in forty years.

Citing its goals of maximum employment and inflation at a rate of 2 percent over the longer run, the Fed also indicated that further rate hikes are likely to be appropriate.

The Fed also said it will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities.

In its assessment of the U.S. economy, the Fed said overall economic activity appears to have picked up after edging down in the first quarter.

The central bank described recent jobs gains as “robust” and noted the unemployment rate has remained low.

“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures,” the Fed said.

However, the decision to raise interest rates by 75 basis points was not unanimous, as Kansas City Fed President Esther George preferred raising rates by 50 basis points.

The Fed’s next monetary policy meeting is scheduled for July 26-27.

U.S. 6 reopens after boulder comes down on car

Both directions of U.S. 6 in Golden were closed after a crash that ended with a boulder on top of a car.

Colorado State Patrol Trooper Josh Lewis confirmed a call came in at 6:34 a.m. for the crash in Clear Creek Canyon.

A car crashed into the rock wall and a boulder came down on top of it, according to Lewis.

A driver and a 3-year-old were inside the car. Lewis said there are very minor injuries from the crash, and neither have to go to the hospital.

Read more at thedenverchannel.com.

LegalZoom.com Shares Slip 7%

Shares of online legal technology company LegalZoom.com, Inc. (LZ) are down 7 percent on Wednesday’s trading, continuing its downward movement since Tuesday.

There has not been any company announcement to impact the stock.

Currently at $11.93, the stock has traded between $10.16 and $40.94 during the past 52 weeks.

Teck Resources Slips 7%

Shares of Canadian mining company Teck Resources Ltd. (TECK) are down 7 percent on Wednesday’s trading.

On Wednesday, the stock must be reacting to news that Foundation Resource Management Inc. cut its stake in Teck Resources by 5.6 percent during the first quarter. The firm owned 1,064,895 shares of the basic materials company’s stock after selling 63,633 shares during the period.

Currently at $35.08, the stock has traded between $19.32 and $45.90 during the past 52 weeks.