Trending Stocks: Wal-Mart Stores, Inc. (NYSE:WMT), General Motors Company (NYSE:GM), AstraZeneca plc (ADR) (NYSE:AZN)
Dallas, Texas, 09/16/2014 (ustrademedia) – As per the Bloomberg report, Wal-Mart Stores, Inc. (NYSE:WMT)’s Chief Spokesman Mr. David Tovar has resigned from his post recently, after the company found that in his resume, he had lied about his academic record. According to report, the company discovered that Mr. Tovar had lied about obtaining a Bachelor’s degree in Arts from the University of Delaware in 1996, at the time of conducting a due-diligence screening. Form the University of Delaware, an academic-records official confirmed to Bloomberg that Mr. Tovar never received a diploma. Mr. Tovar, who announced his resignation previous week, did not respond to an email, and he also could not be reached by phone looking for comment.
General Motors Company (NYSE:GM)’s Opel division in Russia is reducing production and cutting around 500 jobs, impacted by the Western sanctions, slowing economy and a plunge in local demand. However, the company will scale back production during August to October to a total of 16 days in three-month period at its St. Petersburg plant. Auto sales have slumped in Russia with passenger car sales decreasing 23 percent in July 2014. Geo-political instability amid Ukraine issues, Western sanctions and approximately 15 percent year-to-date devaluation of Rouble are further impacting the automakers. General Motors’ share in the Russian market declined to 7.8 percent during the first eight months of 2014 as compared to 9 percent in the same prior year period.
AstraZeneca plc (ADR) (NYSE:AZN) has recently inked a partnership deal with Eli Lilly and Co. (NYSE:LLY) for its clinical-stage Alzheimer’s drug, which is ready for late-stage Phase III trial. The deal is valued to be up to $500 million worth. In May, the company reported that it was looking to find a partner for its drug candidate AZD3293, a BACE inhibitor. As per the agreement, Eli Lilly will pay to the company up to $500 million, depending on progress in the drug’s development. The company said that it anticipated receiving the first payment of $50 million during the 1H15. All cost in relation to development and commercialization of AZD3293, and net global sales following its launch, will be shared by two companies equally.