![]() ![]() Also, Luminar said TPK will invest in the company with the purchase of an unspecified amount of stock. ![]() TW:3673 to build and operate a factory in Asia to meet growing demand for Luminar’s products in the region. Late Monday, the company said at the Shanghai Auto Show it signed a deal with TPK Holding Co. Adding another 3.3% gain after hours, Luminar shares rose 3.5% to close at $6 for a year-to-date gain of 21.2%, or 59% off their price 12 months ago. TSLA supplier to expand its manufacturing capacity in Asia to better serve the Chinese market. LAZR shares received a boost late Monday after the autonomous-driving component maker said it was partnering with a major Apple Inc. Luminar stock surges on expansion in Asia to serve Chinese market The results follow Silicon Valley Bank’s collapse, and come as Wall Street tries to gauge any potential impact of rising rates on regional banks and trends in deposits. ServisFirst reported first-quarter net interest income of $108.3 million, up from $105.7 million a year ago. Analysts polled by FactSet expected adjusted earnings per share of $1.05. Adjusted for taxes and PPP loan income, the company earned 99 cents a share. However, new accounts opened jumped 23%, a figure executives attributed to “our financial stability, our commitment to customer service, and our team of responsive bankers.” The bank said it reported net income of $57.9 million, or $1.06 a share, compared with $57.6 million, or $1.06 a share, in the same quarter last year. Total deposits fell 6% year over year, while non-interest demand deposits, a smaller part of the bank’s overall deposits, fell 41%. SFBS, a bank based in Birmingham, Ala., that operates in the southeast U.S., reported a year-over-year drop in deposits for its first quarter but a sharp increase in new accounts. “Although the actions we are taking today are difficult, we are incredibly grateful for the contributions of the employees departing Nektar.” The company reported it had about $456 million in cash at the end of March, and expects the workforce reduction and its $8 million severance charge to save about $30 million a year.ĭeposits fall at regional bank ServisFirst, but new accounts jump “The strategic initiative we announced today is intended to further streamline our operations and to extend considerably our cash runway into the middle of 2026,” said Howard Robin, Nektar chief executive, in a statement. Meanwhile, the company said it will continue with two early stage immunology drug candidates, one of which it hopes to file with the Food and Drug Administration in 2024, continue its work with Eli Lilly on its Rezpeg atopic dermatitis drug candidate, and look for a “strategic development partner” for its NKTR-255 cancer drug candidate. The company said that it plans to keep current staff at its Huntsville, Ala., manufacturing plant, and said it expects the restructuring to be “substantially” complete by June. Also, Brian Kotzin, Nektar’s chief medical officer, will step down from that position to that of an adviser, while Mary Tagliaferri will become the new CMO. Nektar also said its Chief Financial Officer Jillian Thomsen was “stepping down,” and Sandra Gardiner would serve as acting CFO. ![]() At the end of 2022, Nektar reported a staff of 216, of which 140 were involved with research and development. ![]() The 60%-cut figures a reduction of about 88 employees in San Francisco, resulting, as the company stated, in a staff of about 55 employees. Nektar shares popped as much as 7% in the extended session, after they closed the regular session up 6.3% at 98 cents a share. Nektar Therapeutics NKTR shares rallied late Monday after the biotech drug maker said it was cutting staff by 60% in San Francisco, where the company is based, and shifting its focus to immunology drugs in a partnership with Eli Lilly & Co. Nektar stock pops as more than half of San Francisco office loses jobs, new CFO appointed ![]()
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