LG Chem Ltd. shares slumped Monday after General Motors Co. expanded its safety recall of its all-electric Chevy Bolt vehicles carrying possibly faulty LG batteries.
Shares in the South Korean company, which fully owns battery maker LG Energy Solution, fell as much as 9.8% to KRW810,000 in Monday morning trading. The stock was recently 8.9% lower at KRW818,000, underperforming the benchmark Kospi’s gains of more than 1%.
Detroit-based GM said Friday that the expanded recall will cost an additional $1 billion, as it added another 73,000 newer Bolt EVs to its recall campaign aimed at addressing fire risks. The auto maker last year recalled about 69,000 older Bolts.
GM said it is working closely with LG Chem to replace the entire battery module with a new one in the affected vehicles.
Top 5 Performing Stocks To Invest In 2023: Rocket Companies, Inc.(RKT)
Rocket Companies, Inc. engages in the tech-driven real estate, mortgage, and eCommerce businesses in the United States and Canada. It operates in two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to national car rental and online car purchasing platforms; and Rocket Loans, an online-based personal loans business. Its solutions also include Core Digital Media, a digital social and display advertiser in the mortgage, insurance, and education sectors; Nexsys, a fintech company, which offers a suite of essential tech solutions for mortgage origination and closing processes through digitization and automation; Lendesk, a technology services company that provides a point of sale system for mortgage professionals and a loan origination system for private lenders; and Edison Financial, a digital mortgage startup. In addition, the company originates, closes, sells, and services agency-conforming loans. Rocket Companies, Inc. was founded in in 1985 and is headquartered in Detroit, Michigan. Rocket Companies, Inc. is a subsidiary of Rock Holdings, Inc.
- [By Thomas Niel]
As our Ian Bezek discussed back in June, focusing more on new purchase mortgages rather than refinancing mortgages, UWM may be better positioned than its well-known rival, Rocket Companies (NYSE:RKT). You can argue that the stock’s low valuation also takes into account the risk that the housing market today is in another bubble, at risk of a burst.
- [By ]
Ishbia is not afraid to mention the competition either. He said Rocket Companies (RKT) – Get Report is a great company and it's only because they're such a good competitor that UWM is forced to become the best version of themselves they can be. If you think UWM is making a lot of money now when interest rates are super low, just wait until rates start rising next year, he said.
- [By ]
Other news in the stock market today:
Top 5 Performing Stocks To Invest In 2023: Coherus BioSciences, Inc.(CHRS)
Coherus BioSciences, Inc., incorporated on September 29, 2010, is a late-stage clinical biologics platform company. The Company is focused on the global biosimilar market. The Company operates through developing and commercializing biosimilar products segment. The Company’s business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta), in late clinical-stage, and bevacizumab (Avastin), in preclinical-stage; Immunology (Anti-TNF) biosimilar candidates, etanercept (Enbrel) and adalimumab (Humira), which are both in late clinical-stage; Ophthalmology biosimilar candidate ranibizumab (Lucentis) in preclinical stage, and Multiple sclerosis small molecule therapeutic candidate, CHS-131 (formerly INT-131), in Phase II proof-of-concept trial.
The Company’s long-acting granulocyte colony-stimulating factor (G-CSF) product candidate, CHS-1701, is a pegfilgrastim (Neulasta) biosimilar. G-CSF stimulates production of granulocytes (a type of white blood cell) in order to promote the body’s ability to fight infections. The Company is developing master cell banks for various new biosimilar candidates of biologic therapeutics in oncology. The Company’s clinical-stage pipeline consists of two anti-Tumor Necrosis Factors (anti-TNFs). TNF is a substance in the body that is involved in the inflammatory response. Its anti-TNF product candidate, CHS-0214 is an etanercept (Enbrel) biosimilar candidate. The Company has completed two Phase III clinical trials with CHS-0214 in rheumatoid arthritis and psoriasis. The Company’s second anti-TNF product candidate, CHS-1420 is an adalimumab (Humira) biosimilar candidate, and has completed Phase I studies.
CHS-1701 (Pegfilgrastim (Neulasta) Biosimilar Candidate)
The Company’s CHS-1701 is a G-CSF product candidate. It is a pegfilgrastim (Neulasta) biosimilar, which has completed a Phase I study. Pegfilgrastim (Neulasta), the reference product for CHS-1701, is a PEGylated form of the recombinant human G-CSF analog, filgrastim. Neulasta is indicated as a treatment to reduce the incidence of infection, as manifested by febrile neutropenia, in patients with non-myeloid malignancies receiving myelosuppressive anticancer drugs associated with an incidence of febrile neutropenia.
CHS-5217 (Bevacizumab (Avastin) Biosimilar Candidate)
The Company’s Bevacizumab is a recombinant humanized monoclonal antibody that blocks angiogenesis by inhibiting vascular endothelial growth factor A (VEGF-A). VEGF-A is a protein that stimulates angiogenesis, which is the formation of blood vessels. In turn, the formation of new blood vessels may contribute to promote the growth of certain solid tissues, including solid tumors. Bevacizumab is used as a combination use with standard chemotherapy for metastatic colon cancer. It is also indicated for certain lung cancers, renal cancers, ovarian cancers and glioblastoma.
CHS-0214 (Etanercept (Enbrel) Biosimilar Candidate)
The Company’s Etanercept (Enbrel) is the reference product for CHS-0214, which is a complex fusion protein that combines the protein for tumor necrosis factor receptor 2 (TNFR-2), to another protein (called IgG1 Fc), which enables the fusion protein to attach to cells in the body. The TNFR-2 portion of the fusion protein binds to soluble and cell bound tumor necrosis factors alpha and beta (TNF- a and TNF- b), and inhibits TNF- a and TNF- b from binding to cell surface proteins that recognize them. Etanercept (Enbrel) treats these diseases by inhibiting TNF- a, thus inhibiting the inflammatory cytokine cascade, which is a sequence of events in the body, caused by cytokines, leading to inflammation in a tissue or organ. Enbrel is indicated for treatment of rheumatoid arthritis; juvenile idiopathic arthritis; psoriatic arthritis; ankylosing spondylitis, and psoriasis.
CHS-1420 (Adalimumab (Humira) Biosimilar Candidate)
The Company’s Adalimumab (Humira) is the reference or originator, product for CHS-1420, is a monoclonal antibody that can bind to a substance in the body known as TNF, thereby inhibiting the known effect of this substance as a potent mediator of inflammation. Humira thus provides a therapeutic benefit for treatment of various inflammatory diseases characterized by increased production of TNF in the body. Humira can also bind to receptors on white blood cells, which may lessen the ability of the body’s immune system to fight infections. Humira is indicated for the therapies, including rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn’s disease, ulcerative colitis and psoriasis.
CHS-3351 (Ranibizumab (Lucentis) Biosimilar Candidate)
Ranibizumab is a monoclonal antibody fragment (Fab) created from the mouse antibody as bevacizumab and produced through a microbial culture. It is an anti-angiogenic, which is indicated to treat age-related wet macular degeneration (AMD). Ranibizumab blocks angiogenesis by inhibiting Vascular endothelial growth factor A (VEGF-A).
The Company competes with Pfizer, Inc., Sandoz International GmbH, Samsung Bioepis Co Ltd., AbbVie, Amgen, Actavis, Plc, Momenta Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Apotex Inc., Hospira, Teva Pharmaceutical Industries, Ltd. and Hanwha Chemical Corporation.
- [By Maxx Chatsko]
Shares of Coherus BioSciences (NASDAQ:CHRS) gained nearly 49% last month, according to data provided by S&P Global Market Intelligence. The company announced a global settlement with AbbVie that will allow the small-cap biopharma to commercialize a biosimilar to Humira, which was developed as CHS-1420. The pair had previously sparred over patents related to formulating the antibody.
- [By Maxx Chatsko]
Shares of Coherus BioSciences (NASDAQ:CHRS) fell over 18% last month, according to data provided by S&P Global Market Intelligence.
The biopharma stock erupted higher in July after Coherus announced that the Committee for Medicinal Products for Human Use (CHMP) — a European Union regulatory body that makes recommendations to the European Medicines Agency (EMA), which is the equivalent to the U.S. Food and Drug Administration — would reconsider the company’s application for a generic version of Neulasta (pegfilgrastim). That put it on track to getting its first commercial product on the market.
Top 5 Performing Stocks To Invest In 2023: Home BancShares, Inc.(HOMB)
Home BancShares, Inc. operates as the bank holding company for Centennial Bank that provides commercial and retail banking, and related financial services to businesses, real estate developers and investors, individuals, and municipalities. Its deposit products include checking, savings, and money market accounts, as well as certificates of deposit. The companys loan portfolio comprises non-farm/non-residential real estate, construction/land development, residential mortgage, consumer, and commercial and industrial loans. It also provides Internet banking, mobile banking, voice response information, cash management, overdraft protection, direct deposit, safe deposit boxes, the United States savings bonds, and automatic account transfer services. Further, the company writes policies for commercial and personal lines of business, including insurance for property, casualty, life, health, and employee benefits; and offers trust services focusing primarily on personal trusts, corporate trusts, and employee benefit trusts. As of December 31, 2015, it operated through 79 branches in Arkansas, 61 branches in Florida, 6 branches in Alabama, and a loan production office in New York City. Home BancShares, Inc. is headquartered in Conway, Arkansas.