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Business

SEC: Melissa Hodgman Named Acting Director of Division of Enforcement

Washington, DC (STL.News) The Securities and Exchange Commission Friday, January 22nd, announced Melissa R. Hodgman, currently an Associate Director in the Commission's Division of Enforcement, has been named Acting Director of the Division of Enforcement. "Melissa's dedication to investor protection, broad experience in the Division, and proven track record of collaboration and creative problem solving make her ideally suited to this role," said SEC Acting Chair Allison Herren Lee. "As Associate Director, Melissa has overseen a wide range of complex and programmatically important matters, and has been a leading voice in the Division on critical issues of diversity, hiring, and labor-management relations. She is highly respected by her colleagues in the Division and across the agency ...

Business

SEC News: Paul Munter Named the Acting Chief Accountant

Washington, DC (STL.News) The Securities and Exchange Commission Friday announced that Paul Munter will serve as the Acting Chief Accountant upon the departure of Sagar Teotia in February. Since 2019, Mr. Munter has served as Deputy Chief Accountant leading the international work in the agency’s Office of the Chief Accountant. As Acting Chief Accountant, Mr. Munter will serve as the principal advisor to the Commission on accounting and auditing matters. He also will be responsible for assisting the Commission in discharging its oversight of the Financial Accounting Standards Board and the Public Company Accounting Oversight Board. “I am grateful that Paul has agreed to lead the SEC’s Office of the Chief Accountant,” Acting Chair Allison Herren Lee stated. “Paul brings decades of ex...

Business

Northrop: GEM 63XL rocket motors to launch ULA’s Vulcan Centaur rocket

PROMONTORY, UT (STL.News) Northrop Grumman Corporation (NYSE: NOC) conducted a validation ground test of an extended length 63-inch-diameter Graphite Epoxy Motor (GEM 63XL) today in Promontory. This variation of the company’s GEM 63 strap-on booster was developed in partnership with United Launch Alliance (ULA) to provide additional lift capability to the Vulcan Centaur rocket. “This new motor optimizes our best-in-class technologies and leverages flight-proven solid rocket propulsion designs to provide our customers with the most reliable product,” said Charlie Precourt, vice president, propulsion systems, Northrop Grumman. “Evolving the original GEM 63 design utilizes our decades of GEM strap-on booster expertise while enhancing capabilities for heavy-lift missions.” During today...

Business

US Air Force Order 15 KC-46 Tankers for Fueling

New multi-role tanker contract brings number of U.S. Air Force orders to 94 Digitally advanced KC-46 an essential link connecting Air Force to broader battlefield EVERETT, WA (STL.News) The U.S. Air Force on Wednesday awarded Boeing [NYSE: BA] a $2.1 billion contract for 15 KC-46A tankers, expanding its fleet of aircraft that will not only set the standard for aerial refueling but will also help enable the integrated digital battlespace. Like a cellular tower in the sky, the KC-46 connects air forces to data needed to maintain the decision advantage and win on the 21st century battlefield. “The KC-46’s adaptability is going to be a game-changer for the U.S. Air Force,” said Jamie Burgess, Boeing KC-46 tanker vice president and program manager. “We know our defense customers will nee...

Business

Phillips 66 Receives $3 Million Grant

Phillips 66 Receives $3 Million Grant to Advance Reversible Solid Oxide Fuel Cell Technology HOUSTON, TX (STL.News) Phillips 66 (NYSE: PSX) today announced it has received a $3 million grant from the U.S. Department of Energy to advance the development of high-performance reversible solid oxide fuel cells. Phillips 66 will collaborate with the Georgia Institute of Technology (Georgia Tech) to demonstrate the commercial feasibility of a low-cost and highly efficient reversible solid oxide fuel cell (RSOFC) system for hydrogen and electricity generation. The technology is one of many Phillips 66 is pursuing as part of its commitment to a sustainable, lower-carbon energy future. “Our scientists and engineers are at the forefront of solid oxide fuel cell technology,” said Ann Oglesby, ...

Business

SEC filed Administrative Proceeding against Reginald Buddy Ringgold III

Washington, DC (STL.News) The US Securities and Exchange Commission filed an Administrative Proceeding (File No. 3-20208) against Reginald Buddy Ringgold, III a.k.a. Rasool Abdul Rahim El for order instituting Administrative Proceedings pursuant to Section 203 (f) of the Investment Advisors Act of 1940 and Notice of Hearing. CLICK to VIEW FILING - PDF

Business

Dover Fueling Solutions releases new MagLink LX 4 Console

DOWNERS GROVE, IL (STL.News) Dover Fueling Solutions ("DFS"), a part of Dover (NYSE: DOV) and a leading global provider of advanced customer-focused technologies, services and solutions in the fuel and convenience retail industries, announced the launch of its next-generation console, the ProGauge MagLink LX 4. The new tank gauge console features several impressive upgrades and enhancements from the previous MagLink LX model, including state-of-the-art "touch and swipe" technology that results in a truly immersive and interactive experience for the user. Coupled with enhanced graphics, including realistic three-dimensional storage tank renderings that give accurate visualizations of the fuel stored in underground tanks, this intelligent technology enables fuel retailers to seamlessly t...

Business

WEC Energy Group raises quarterly dividend 7.1%

MILWAUKEE, WI (STL.News) The board of directors of WEC Energy Group (NYSE: WEC) today declared a quarterly cash dividend of 67.75 cents per share on the company's common stock, an increase of 7.1 percent over the current quarterly dividend of 63.25 cents a share. This raises the annual dividend rate to $2.71 a share. The higher dividend is payable March 1, 2021, to stockholders of record on Feb. 14, 2021. This marks the 314th consecutive quarter — dating back to 1942 — that the company will have paid a dividend to its stockholders. "With today's action by our board, 2021 will be the eighteenth consecutive year of dividend increases for our stockholders," said Gale Klappa, executive chairman. "We continue to target a dividend payout of 65 to 70 percent of earnings." WEC Energy G...

Business

Federal Reserve Board Approves Reappointment of Pres and VP’s

Federal Reserve Board approves reappointment of Reserve Bank presidents and first vice presidents (STL.News) The Federal Reserve Board on Thursday announced the approval of the reappointment of 12 Federal Reserve Bank presidents and 11 first vice presidents, as previously made by their respective boards of directors. Each individual has been approved to serve a new five-year term beginning March 1, 2021. Under section 4 of the Federal Reserve Act, all Reserve Bank presidents and first vice presidents serve five-year terms that expire at the end of February in years ending in 1 or 6. Presidents and first vice presidents who take office in intervening years are initially appointed for the remainder of the current term. Class B and C Reserve Bank directors who are not affiliated with a...

Business

SEC files Administrative Proceeding – Dominick & Dominick LLC

Washington, DC (STL.News) The US Securities and Exchange Commission filed an Administrative Proceeding (File No. 3-15987) against Dominick & Dominick LLC and Robert X. Reilly for order authorizing the transfer of the US Treasury of the remaining funds and any funds returned to the Disgorgement Fund in the future and terminating the Disgorgement Fund. CLICK to VIEW PROCEEDING - PDF

Business

CFTC News: Rostin Behnam Named as Acting Chairman

Washington, DC (STL.News) The Commodity Futures Trading Commission announced that the members of the Commission have unanimously elected Commissioner Rostin Behnam as Acting Chairman effective immediately. Acting Chairman Behnam succeeds Heath P. Tarbert who served as Chairman since July 15, 2019, and announced his departure from the role earlier today. Mr. Tarbert remains a Commissioner, serving a term expiring on April 13, 2024. “I want to express gratitude to President Biden for the opportunity to serve in this capacity,” said Acting Chairman Behnam. “The work of the CFTC is critical to supporting the stability and growth of the American economy through strong oversight and regulation of derivatives markets. As a commissioner, I have focused on ensuring our rules prioritize cus...

Business

CSX Corp – Fourth Quarter EPS of .99 Per Share

JACKSONVILLE, FL (STL.News) CSX Corp. (NASDAQ: CSX) today announced fourth quarter 2020 net earnings of $760 million, or $0.99 per share. These results include a charge of $48 million, or $0.05 per share after-tax, related to the early retirement of debt. CSX’s operating ratio set a company fourth quarter record of 57.0 percent, compared with 60.0 percent in the prior year. Despite the lower level of economic activity and operating challenges presented by the COVID-19 pandemic, CSX produced a full year 2020 operating ratio of 58.8 percent, exceeding the Company’s initial guidance of a 59.0 percent operating ratio. “I am extremely proud of how CSX’s team of railroaders continuously rose to the challenges this year presented,” said James M. Foote, president and chief executive office...

Business

SEC Updates List of Firms Using Inaccurate Information to Solicit Investors

Washington, DC (STL.News) The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 28 soliciting entities, three impersonators of genuine firms, and six bogus regulators. The SEC's list of soliciting entities that have been the subject of investor complaints, known as the Public Alert: Unregistered Soliciting Entities (PAUSE) list, enables investors to better inform themselves and avoid being a victim of fraud. The latest additions are firms that SEC staff found were providing inaccurate information about their affiliation, location, or registration. Under U.S. securities laws, firms that solicit investors generally are required to register with the SEC and...

Business

National Restaurant Association – Biden Immigration Announcement

Washington, DC (STL.News) National Restaurant Association Executive Vice President of Public Affairs Sean Kennedy Wednesday (yesterday) released the following statement in support of President Biden’s comprehensive immigration reform plan: “The restaurant industry today reflects the cultural traditions and hard work of immigrants who come to America seeking a better life. They add to the vast diversity that makes our smallest to largest restaurants cornerstones of their communities. The National Restaurant Association continues to support comprehensive immigration reform that expands opportunities for businesses seeking employees and immigrants pursuing the American Dream, and we applaud President Biden for making it a top priority. “We encourage Congress and the Administration to ...

Business

Iron Mountain Incorporated – Tax Treatment of 2020 Distributions

BOSTON, MA (STL.News) Iron Mountain Incorporated (NYSE: IRM), the global leader in storage and information management services, announced the tax treatment for all 2020 distributions on its common stock. CLICK to VIEW BREAKDOWN Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across approximately 1,450 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information managem...

Business

Bristol Myers Squibb – Conference Call – Financial Results

Bristol Myers Squibb Announces Earnings Call Time Change; Fourth Quarter 2020 Earnings Call to Occur on February 4, 2021 at 10 a.m. (Eastern Time) NEW YORK (STL.News) Bristol Myers Squibb (NYSE:BMY) today announced that it has changed the timing of its previously announced earnings conference call. The Company will now host a conference call to discuss results for the fourth quarter of 2020 on Thursday, February 4, 2021 at 10 a.m. ET. During the call, company executives will review financial results and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com or by dialing in the U.S. toll free 800-458-4121 or international +1 313-209-6672, confirmation code: 4441406, or using this l...

Business

FLEETCOR Technologies: Fourth Quarter 2020 Results – February 4, 2021

FLEETCOR Technologies to Announce Fourth Quarter 2020 Results on February 4, 2021 ATLANTA, GA (STL.News) FLEETCOR Technologies, Inc. (NYSE: FLT), today announced that the Company will host a conference call to discuss fourth quarter financial results on Thursday, February 4, 2021 at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Charles Freund, chief financial officer and Jim Eglseder, investor relations. A press release with fourth quarter financial results will be issued after the market close that same day. The call will be webcast live from the Company's investor relations website at http://investor.fleetcor.com/. Due to increased call volumes, we encourage you to utilize the live webcast. However, the conference call can also be accessed live over the...

Business

SEC: Microcap Company, Preston Corp Charged with Fraud

(STL.News) On January 15, 2021, the Securities and Exchange Commission charged the CEO of a Texas-based microcap issuer with fraud for making material misstatements in numerous press releases and for misappropriating investor funds raised in an unlawful securities offering. According to the SEC's complaint, during the relevant period, Preston Corp. (a/k/a Preston Royalty Corp.), a now-defunct microcap issuer, purported to be a financial services provider specializing in royalty financing for mining operations, but in reality had no actual operations. The complaint alleges that the defendant, William Andrew Stack, Esq., a licensed lawyer who had no experience in the mining industry, served as Preston Corp.'s nominal CEO at the behest of the company's undisclosed control person, William ...