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Read previewA Tesla investor accused Elon Musk of using insider information on his company to sell $7.5 billion worth of Tesla stock in 2022, according to a lawsuit filed Thursday in Delaware Chancery Court. "Musk's insider profits for his November and December sales were approximately $3 billion based on the January 3, 2023 closing price of $108.10 per share," the lawsuit alleged. AdvertisementPerry also accused Musk of misleading shareholders about what to expect in the fourth quarter of that year in an October 2022 earnings call. "So, Q4 is looking extremely good," Musk said in the call, according to a transcript published by The Motley Fool. AdvertisementMcCormick's ruling has caused Musk to sour on Delaware and has been pitching a move for Tesla to be incorporated in Texas.
Persons: , Elon Musk, Michael Perry, Tesla, Perry, Musk, Larry Ellison, Ellison, James Park, Kathaleen McCormick, McCormick Organizations: Service, Business, Oracle, New York Times, University of California, Investors Locations: Delaware Chancery, Los Angeles, Delaware, Texas
“Keystone Renewal is all in to elect David McCormick to the U.S. Senate,” Mr. Dorr said. So far, Mr. Casey’s campaign and the Democratic Senatorial Campaign Committee, the main campaign arm of Senate Democrats, have spent the most on ads in the race. The committee has spent about $9 million on broadcast, cable and digital ads, while Mr. Casey’s campaign has spent $8.5 million. “Pennsylvanians already know that McCormick can’t be trusted.”The Pennsylvania race is one of only a handful this year expected to determine control of the closely divided Senate. Mr. McCormick, a former hedge fund executive, is making his second bid for a Pennsylvania Senate seat in as many years.
Persons: David McCormick, ” Mr, Dorr, Ken Griffin, Paul Singer, Jeff Yass, “ David, ” Maddy McDaniel, Casey’s, McCormick can’t, McCormick, Casey Organizations: U.S . Senate, PAC, Wall Street, Citadel, Elliott Management, Susquehanna International Group, Democratic Senatorial, Committee, Democrats, Pennsylvania Senate Locations: Pennsylvania
Caledonia Investments could see its stock price soar by more than 35% if restrictions on share buybacks are lifted, according to fund manager Brian McCormick. McCormick, who runs the Jupiter Global Value fund at Jupiter Asset Management, said Caledonia's share buybacks are limited due to restrictions in share ownership as set out in the U.K.'s Takeover Code. In addition, when the fund performs a share buyback while its stock trades below its NAV, it is buying its own assets at a 37% discount. Caledonia's buyback limits When a company buys back shares, those shares are canceled, which can increase the percentage ownership of remaining shareholders. Analysts also agree that Caledonia's limits on share buybacks right now are holding back the share price.
Persons: Brian McCormick, Philip Morris, McCormick, Robert Memmott, Iain Scouller Organizations: Microsoft, Oracle, British American Tobacco, London Stock Exchange, Jupiter Asset, CNBC Pro, London Value Investor Conference Locations: Caledonia, United States
Polls consistently show that his support from Black voters has declined to alarming levels for a Democrat. Four years ago, nearly nine in 10 Black voters nationwide cast their ballots for Mr. Biden, according to exit polls. Image Recently, Mr. Biden and Ms. Harris have been speaking directly to Black audiences at multiple events per week. “The Biden campaign is panicking because they see that Black voters aren’t buying what Biden is selling,” Ms. Thomas added. Recently, Mr. Biden and Ms. Harris have been speaking directly to Black audiences at multiple events per week.
Persons: Biden, Donald J, Kamala Harris, Trump, George Floyd’s, ” Mr, Harris, Trump’s, Black, Wes Moore, Austin Davis of, Yuri Gripas, Mr, , Sherry Gay, surrogates, Sheff, Hallow, “ Trump’s MAGA, Janiyah Thomas, , Ms, Thomas, Brown, ” Ms, Michael Nutter, , Michael Gold Organizations: Republican, Black, Democratic, Mr, Gov, Girard College, The New York Times, New York Times, Siena College, Philadelphia Inquirer, Black Democrat, Biden, Bronx, Voters, Supreme, of Education, Morehouse College, Detroit, Democrats, Black voters Locations: Philadelphia, African, Maryland, Detroit, Milwaukee, Atlanta, New York
Several investors released a joint letter this month urging fellow shareholders to vote down the package as excessive. Tesla shareholders approved the pay package in 2018, with compensation tied to Tesla's performance including its market value. And he still has time to meet goals he hasn't reached, including on revenue, because the pay package had a 10-year term. In the 440-page proxy statement explaining the vote, a committee of the Tesla board noted the "novel circumstances." Some people began sharing screenshots of their votes in April, shortly after the Tesla board announced the vote, and the deadline to vote online is June 12.
Persons: Elon Musk, The Beverly Hilton, Tesla, James Park, Musk, He's, Judge Kathaleen McCormick, McCormick, Nadya Malenko, hasn't, Ann Lipton, Lipton, — I'm, Musk's, there's, , Rowe Price, didn't, Brad Lander Organizations: SpaceX, Tesla, The Beverly, Wall Street, University of California, CNBC, Bloomberg, Reuters, Boston College's, Tulane University, Disney, New York, Amalgamated Bank . Locations: Beverly Hills , California, U.S, Delaware, Austin , Texas, , Los Angeles, Texas, New York City
In contrast to previous research that assumed the sun’s magnetic field originates from deep within the celestial body, they suspect the the source is much closer to the surface. This view of the sun's magnetic field was generated by NASA's Solar Dynamics Observatory. NASA/GSFC/Solar Dynamics ObservaModeling the sun’s magnetic fieldIt’s difficult to see the sun’s magnetic field lines, which loop through the solar atmosphere to form a complicated web of magnetic structures far more complex than Earth’s magnetic field. To better grasp how the sun’s magnetic field works, scientists turn to mathematical models. Like the 11-year solar magnetic cycle, torsional oscillations also experience an 11-year cycle.
Persons: Galileo, , Daniel Lecoanet, ” Lecoanet, , Lecoanet, Geoff Vasil, Ellen Zweibel, Zweibel Organizations: CNN, Northwestern University’s McCormick School of Engineering, Center for Interdisciplinary Exploration, Research, Astrophysics, NASA's Solar Dynamics, NASA, Dynamics, University of Edinburgh, University of Wisconsin Locations: United Kingdom, Madison
The lack of female leadership in the financial industry is nothing new, but many companies have been making strides. But as I watch senior women continue their exodus from Goldman, I'm not sure the company actually wants to change. While many companies have modernized to embrace hybrid and remote work, Goldman has not. Rather than changing its "be in the office every day and grind it out" culture to better suit women, Goldman puts the onus on us to change ourselves to fit the model. But Goldman leadership seems to want the benefits of gender diversity without the hard work of supporting diverse leadership styles.
Persons: Goldman Sachs, , Dina Powell McCormick, Beth Hammack, Stephanie Cohen, Goldman, I'd, It's, it's, Morgan Stanley, Jamie Dimon, David Solomon, I'm, hadn't, Julia Boorstin, — Goldman, I've, she's, Asahi Pompey, Yassaman Salas, Rebecca Anderton, Davies, Lindsay MacMillan Organizations: Street Journal, Goldman, Citi, JPMorgan, International Workplace, McKinsey, LinkedIn, CNBC, Deloitte, Asahi Locations: Canada, London, New York
Two sitting House Republicans are dating each other — and one of them is getting a divorce. It's not the first time two lawmakers have dated while serving in Congress together. On Friday, Rep. Beth Van Duyne of Texas confirmed to the Daily Mail that she's "happily engaged in a relationship" with Rep. Rich McCormick of Georgia. That's appeared to cause some trouble back home for McCormick: according to the Daily Mail, his wife filed for divorce earlier this month. Van Duyne — who's been divorced for over a decade — told the outlet that the congressman's marriage has "been over for quite some time as I understand it."
Persons: It's, , Beth Van Duyne, Rich McCormick, That's, Van Duyne, who's Organizations: Republicans, Service, House Republican, Daily Mail, McCormick, Business Locations: Texas, Rich McCormick of Georgia
Read previewTesla is going all in on its efforts to push through approval of Elon Musk's $55 billion pay package. A screenshot of some of the paid ads Tesla ran in support of Musk's pay package proposal. SECThe company aims to pass two separate proposals, one moving its state of incorporation from Delaware to Texas and another reapproving Musk's pay, which was struck down by a Delaware judge earlier this year. Musk does not receive a salary from Tesla and his pay package centered on a series of goalposts around the carmaker's financial growth. AdvertisementEarlier in May, Denholm even sat down for a video promoting the pay plan.
Persons: , Elon, Tesla, Kathleen St, J, McCormick, Musk, Robyn Denholm, Denholm Organizations: Service, Elon Musk's, Securities and Exchange Commission, Google, Business, SEC, Street Journal, Bloomberg Locations: Tesla, Delaware, Texas
CNN —The Atlanta Hawks will be selecting first in the 2024 NBA Draft after winning the Draft Lottery conducted at the McCormick Place Convention Center in Chicago on Sunday. Atlanta had a 3% chance at landing the top pick after finishing 10th in the Eastern Conference this season with 36-46 record. The Hawks have never had the first pick since the NBA moved to a Draft Lottery in 1985. The Washington Wizards, who were tied with the Detroit Pistons for the highest odds to land the top pick at 14%, will have the second pick. The 2024 NBA Draft will take place from June 26-27, in the first-ever two-day event at Barclays Center in Brooklyn, New York.
Persons: David Thompson, Victor Wembanyama, Alex Sarr Organizations: CNN, The Atlanta Hawks, Sunday, Atlanta, Eastern Conference, Hawks, Orlando Magic, NBA, Washington Wizards, Detroit Pistons, Houston Rockets, San Antonio Spurs, Pistons, Barclays Center Locations: McCormick, Chicago, N.C . State, Brooklyn , New York
The reporting included a video obtained by CNN captured by a Marine’s GoPro camera that had not been seen publicly in full before. Much of the controversy about the Pentagon’s two investigations into the attack has focused on gunfire in the aftermath of the blast. “Lastly, why do journalists have this video footage and the Department does not? The recent discovery of new video released by CNN directly contradicts and exposes outright lies from our recent briefing last month from CENTCOM officials,” the Gold Star families said in a statement they sent to CNN. Haroon Sabawoon/Anadolu Agency/Getty Images/FileThe evidence also suggests the Pentagon may have more video footage than it has acknowledged in public.
Persons: Defense Lloyd Austin, Austin “, , , Mike Waltz, Darrell Issa, Tim Burchett, Brian Mast, Rich McCormick, Keith Self, Cory Mills, Chris Smith –, Sayed Ahmadi, Ahmadi, , ” James Adams, Hamid, Jared Schmitz, Humberto Sanchez, Taylor Hoover, Nicole Gee, Kareem Nikoui, Hunter Lopez, Rylee McCollum –, Biden, Erik Kurilla, CENTCOM, I’m, Haroon Sabawoon, Rob Lodewick, ” Lodewick Organizations: CNN —, Defense, CNN, Pentagon, House Foreign Affairs, Command, Marines, House Foreign Affairs Committee, Department, Gold Star, Department of Defense, Biden Administration, , Anadolu Agency, Getty, Army, DoD, Service Locations: Kabul, Afghanistan, US
Tesla Chairwoman Robyn Denholm has just sold $17.3 million worth of her shares in the electric vehicle maker, according to a filing Monday, bringing her total stock sales this year to more than $50 million. Former Tesla Senior Vice President Drew Baglino, who announced his resignation in mid-April, sold shares worth around $181.5 million soon after his departure, according to a filing. In Denholm's early years on the Tesla board, she served on the audit committee. Before joining the Tesla board, Denholm served in executive roles at Sun Microsystems, and in finance roles at Toyota in Australia and at accounting firm Arthur Andersen. In her opinion, Chancellor Kathaleen McCormick wrote that by serving on Tesla's board, Denholm received "life-changing" compensation, which "far exceeded the compensation she received from other sources."
Persons: Robyn Denholm, Tesla, Denholm, Drew Baglino, Kathleen Wilson, Thompson, Elon Musk, hasn't, Musk, Arthur Andersen, , Chancellor Kathaleen McCormick Organizations: Tesla Inc, American, of Commerce, Tesla, SEC, Sun Microsystems, Toyota Locations: Australia, Sydney, what's, Delaware
Their latest film, "The Fall Guy," looks to continue that streak of success. 'The Fall Guy' evolved from film noir to action rom-comRyan Gosling plays stuntman Colt Seavers in "The Fall Guy." Eric Laciste/Universal Pictures"The Fall Guy" movie adaptation had been bouncing around Hollywood for decades, with everyone from Nicolas Cage to Dwayne "The Rock" Johnson attached to star. AdvertisementIn "The Fall Guy," Gosling's Colt must clear his name after footage appears to implicate him in the death of another stuntman. AdvertisementThe Taylor Swift song "All Too Well" wasn't originally in the movieRyan Gosling and Emily Blunt in "The Fall Guy."
Persons: , David Leitch, Kelly McCormick, they've, Shaw, Guy, it's, Lee Majors, Colt Seavers, Ryan Gosling, Jody Moreno, Emily Blunt, Leitch, McCormick, who's, Brad Pitt, McCormack, Gosling, Blunt's, Eric Laciste, Nicolas Cage, Dwayne, Johnson, David, Blunt, Jody, Emily, " Leitch, Ryan, Leitch David Leitch, Kiss, Yungblud, I'm, Tom Cruise's, Taylor, Colt, Harry Nilsson's, Taylor's Organizations: Service, Business, Pictures, Universal, Colt, deepfakes, Hollywood Locations: Hollywood
That exceeds the margin of 81,660 votes by which Mr. Biden won the state in the 2020 election. Tomorrow, Mr. Biden will head to Syracuse, N.Y., for a White House event, while Mr. Trump will head back to court. It remains unclear whether his decision to bypass any reconciliation with Ms. Haley will matter as November approaches. Mr. McCormick won an unopposed Republican primary for Senate in Pennsylvania, pitting him against Mr. Casey, the Democratic incumbent. Mr. Trump helped sink Mr. McCormick’s first run when he backed a rival candidate, the celebrity physician Dr. Mehmet Oz.
Persons: Biden, Donald J, Trump, Nikki Haley, Trump’s, Mr, Kamala Harris, Drew Barrymore, David McCormick, Bob Casey, Summer Lee, ‘ Scranton Joe ’ Biden, Haley holdouts, Dean Phillips, Haley, Lee, Bhavini Patel, Lee’s, Alexandria Ocasio, Cortez, Jeff Swensen, McCormick, Casey, McCormick’s, Mehmet Oz, Dr, Oz, Oz eked Organizations: Republican, North, Unions, Democratic, South, Credit, The New York, Trump, Senate, Mr Locations: Manhattan, New York, Syracuse, N.Y, Pennsylvania, Gaza, Scranton, Pa, South Carolina, G.O.P, Wisconsin , Rhode Island , Connecticut, Michigan, Pittsburgh, Cortez of New York, Israel
Pennsylvania Primary Election Results
  + stars: | 2024-04-23 | by ( ) www.nytimes.com   time to read: 1 min
Other RacesThe Senate Republican primary Tuesday night will formalize a marquee general election match up between Dave McCormick, a former hedge fund executive, and Senator Bob Casey, a Democrat. Mr. McCormick faces no Republican opposition.
Persons: Dave McCormick, Bob Casey, McCormick Organizations: Republican
Three Takeaways From the Pennsylvania Primaries
  + stars: | 2024-04-23 | by ( Chris Cameron | Anjali Huynh | ) www.nytimes.com   time to read: +1 min
President Biden and former President Donald J. Trump, who had been heading toward a 2020 rematch for months before securing their parties’ nominations in March, scored overwhelming victories in their primaries, facing opponents who had long since dropped out of the race. But Nikki Haley, Mr. Trump’s former rival in the Republican primaries, still took more than 100,000 votes across the state. A long-awaited Senate matchup was officially set, as well, as David McCormick and Senator Bob Casey won their uncontested primaries. And Representative Summer Lee, a progressive first-term Democrat, fended off a moderate challenger who had opposed her criticism of Israel’s war in Gaza. While Mr. Biden has faced protest votes in a number of states, Ms. Lee’s race was one of the first down-ballot tests of where Democrats stand on the war.
Persons: Biden, Donald J, Trump, Nikki Haley, Trump’s, David McCormick, Bob Casey, Summer Lee Organizations: Republican Locations: Gaza
David McCormick’s origin story goes something like this: He grew up in rural Pennsylvania, southwest of Scranton. He baled hay, trimmed Christmas trees and otherwise worked on his family’s farm. And from those humble beginnings, he rose to achieve the American dream. “I spent most of my life in Pennsylvania, growing up in Bloomsburg on my family’s farm,” Mr. McCormick, now a Republican candidate for Senate, told Pittsburgh Quarterly in 2022. “I’ve truly lived the American dream,” he wrote in a fund-raising appeal in October.
Persons: David McCormick’s, , ” Mr, McCormick, “ I’ve, , Organizations: Republican, Senate, Pittsburgh Quarterly, West, 82nd Airborne Division Locations: Pennsylvania, Scranton, Bloomsburg, West Point, Pittsburgh
New York CNN —Despite overcoming a crisis in 2023, the pain isn’t over for America’s regional banks. Shares of New York Community Bank have tumbled 71%, Bank OZK shares have slid 16% and Webster Financial shares have lost 11%. Regional banks reported wide losses on their profits during the first quarter. PNC projects that its net interest income will fall between 4% to 5% in 2024 from last year. “I’m worried about a handful of [regional banks],” Bair told CNBC on Tuesday.
Persons: that’s, Jerome Powell, , ” Powell, Sheila Bair, “ I’m, ” Bair, ” Tesla, Tesla, Elon Musk, Chris Isidore, Musk, Chancellor Kathaleen McCormick, Read, Samantha Delouya, , Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh Organizations: CNN Business, Bell, New York CNN, Regional Banking, New York Community Bank, Bank OZK, Webster Financial, PNC Financial, T Bank, US Bancorp, Citizens, PNC, Valley Bank, Signature Bank, First Republic Bank, Federal Reserve, Wilson Center, Federal Deposit Insurance Corporation, CNBC, Tesla, Securities and Exchange Commission, United Nations, Potsdam, Climate, CNN, Stanford University Locations: New York, Delaware, ” Delaware
Tesla said Wednesday it will ask shareholders to reinstate CEO Elon Musk's $56 billion pay package, which a Delaware judge voided earlier this year after ruling that the record-setting compensation deal was "deeply flawed." Tesla said the court decision created a "fundamental problem for the company." Tesla has not hired Innisfree since 2018, when it first asked shareholders to vote on Musk's pay package. Musk's pay package was invalidated after a shareholder won a lawsuit against the company earlier this year. The company also noted that "dozens of institutional stockholders" have told Tesla that they disagree with the Tornetta decision.
Persons: Elon Musk, Lola, Tesla, Elon Musk's, Musk, Innisfree, Musk's, Chancellor Kathaleen McCormick, Richard Tornetta, McCormick Organizations: Regency Bruin Theatre, Twitter, Board, Delaware Court Locations: Los Angeles , California, U.S, Delaware, Texas
Tesla CEO Elon Musk sent an internal email on Wednesday, telling staffers that the company sent out some severance packages that were too low to a number of laid-off workers this week. "As we reorganize Tesla it has come to my attention that some severance packages are incorrectly low," Musk wrote in the brief email. His earlier CEO pay plan, worth $56 billion, was voided in a ruling by Delaware chancery court judge Kathaleen McCormick, who decided that, as CEO, Musk controlled Tesla, and the board's compensation committee wasn't independent, among other factors. Tesla shares have dropped about 37% this year as of Wednesday, closing at $155.45. WATCH: This is a 'fork in the road' period for Musk and Tesla
Persons: Elon Musk, Porte, Musk, Tesla, Kathaleen McCormick Organizations: Twitter, Viva Technology, Porte de, Reuters Locations: Paris, France, Delaware
Tesla is seeking shareholder approval for Elon Musk's pay package, which a judge previously struck down. AdvertisementWhy does Tesla's board think Elon Musk deserves a $55 billion pay package? Tesla plans to ask shareholders to vote again on Musk's $55 billion pay package after it was struck down by a Delaware Judge earlier this year. Tesla shareholders will be able to vote on the issue during the company's annual meeting in June. Musk does not receive a salary from Tesla and his pay package centered on a series of goalposts around the carmaker's financial growth, initially set in place in 2018.
Persons: Tesla, , Elon, Robyn Denholm, Denholm, Kathleen St, J, McCormick, Musk Organizations: Elon, Service, Delaware Judge, Securities and Exchange Commission, Delaware Court, Tesla, The New York Times Locations: Delaware, Texas
Zachary McCormick, a US Marine Corps instructor, walks us through 43 essential items a Marine officer would bring on a mission. According to the Marine Corps, the role of an officer is to lead his or her platoon in accomplishing missions by implementing three critical skills: tactical planning, delivering combat orders, and executing orders. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account?
Persons: Zachary McCormick Organizations: US Marine Corps, Marine Corps, Business
Here are Tuesday's biggest calls on Wall Street: Oppenheimer reiterates Nvidia as outperform Oppenheimer said it's sticking with its outperform rating on shares of Nvidia. Citi reiterates Eli Lilly as buy Citi said the biopharma company is "riding the GLP-1 rocket." Citi downgrades Clorox to neutral from buy Citi said that the bullish thesis for the stock has largely played out for now. Citi upgrades Estee Lauder to buy from neutral Citi said it sees a "topline inflection point" for the stock. Barclays upgrades Array Technologies to overweight from equal weight Barclays said it sees share gains for the solar company.
Persons: Oppenheimer, McCormick, Argus, Needham, it's, Nelson Peltz, Melius, Horton, Citi, Eli Lilly, Estee Lauder, ARRY, JMP, Piper Sandler, Piper, Nio, CFRA, Goldman Sachs, Goldman, Blackstone, Petco Organizations: Nvidia, JPMorgan, Disney, Boeing, Citi, Coca, MTH, RBC, GE Vernova, General Electric, Bank of America, Meta, Travel, Barclays, Eaton, MI, Olema Pharmaceuticals, UBS, Bank of, of America Locations: underperform, LEN, DHI, Asia, Eaton, 4Q23
The weeklong Koyukon Athabascan burial ceremony in September was traditional in all ways but one: McCormick died in 1931. The 2,500-mile (4,000 km) journey ended at Morningside Hospital. For more than 15 years, volunteers in Fairbanks and in Portland have been working to identify the people who were committed to the hospital. Most records at the private hospital were lost in a 1968 fire, and territorial officials didn’t document those who were committed. McCormick died within weeks from a post-surgery infection.
Persons: — Lucy Pitka, McCormick, , , Lucy, Wally Carlo, Karen Perdue, Niesje Steinkruger, Meg Green, Ellen Ganley, Robin Renfroe, Eric Cordingley, Ganley, Perdue, Gilford Kriska, Kriska, Henry Waldo Coe, Steinkruger, Cordingley, “ I’m, Baby Louise Haven, Lucy McCormick’s, , Fairbanks, Helen Callahan, Carlo, Grandma Lucy, they’re Organizations: Morningside Hospital, Interior, National Archives, Alaska Natives, Morningside Locations: ANCHORAGE, Alaska, Fairbanks, Portland , Oregon, Valdez, Portland, Morningside, Oregon, College Park , Maryland, Nulato, Juneau, www.findagrave.com, Rampart
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTuesday’s rapid fire: Mastercard, Visa, Reddit, McCormick, Hershey and UPSCNBC’s Jim Cramer on Tuesday weighed in on headlines around Mastercard, Visa, Reddit and more stocks.
Persons: Jim Cramer Organizations: Mastercard, Visa, Reddit, Hershey, UPS Locations: McCormick
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