Hawaiian Electric Industries (HE) stock is experiencing a sharp decline on Tuesday following the announcement of a secondary offering of 54 million shares at a price of $9.25 per share. The company intends to use the proceeds to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes. Despite analyst price targets suggesting potential upside, HE stock is trading below its 50-day moving average and approaching its 52-week low.
Piper Sandler has initiated coverage on Abbott Laboratories (ABT), highlighting the company’s diversified business model, strong growth potential, and attractive valuation despite ongoing litigation. Analyst Adam C. Maeder initiated coverage with an Overweight rating and a price target of $131, citing Abbott’s solid growth prospects and discount compared to its peers.
Michiko Vartanian joins Melmed Law Group, bringing her expertise in employment law and passion for advocating for employees’ rights. She has extensive experience in litigating wage and hour, harassment, and discrimination claims. Vartanian’s background in education and her dedication to justice make her a valuable addition to the firm.
A proposal to give farmworkers protections under Maine’s minimum wage law has been vetoed by Gov. Janet Mills. The Labor and Housing Committee had amended the bill to allow farmworkers to pursue private litigation in response to alleged violations, which Mills opposed due to concerns about the potential financial impact on farmers. Advocates for farmworkers criticized the veto, saying it sends a message that farmworkers are of second-class status. The bill passed the House of Representatives with narrow margins, but a two-thirds vote in each chamber is needed to override the governor’s veto, which is seen as unlikely.
Reckitt’s shares have rebounded after the consumer goods giant reported better-than-expected sales for the past quarter. The company’s performance was driven by strong growth from brands like Dettol, Durex, and Finish. However, the firm’s nutrition division continued to struggle, facing legal challenges and declining sales. Despite these setbacks, Reckitt remains confident in its ability to deliver value for shareholders through investment and innovation.
