QQQ   309.16 (-2.90%)
AAPL   122.06 (-2.45%)
MSFT   227.56 (-2.70%)
FB   255.41 (-1.39%)
GOOGL   2,011.41 (-2.57%)
TSLA   653.20 (-4.84%)
AMZN   3,005.00 (-2.89%)
NVDA   512.19 (-4.49%)
BABA   236.27 (+0.79%)
CGC   33.24 (-5.70%)
GE   13.44 (+3.54%)
MU   89.11 (-2.17%)
NIO   41.53 (-4.07%)
AMD   80.86 (-3.89%)
T   28.72 (+1.77%)
F   12.17 (-3.03%)
ACB   10.46 (-5.17%)
DIS   192.26 (-0.87%)
BA   228.56 (+2.43%)
NFLX   520.70 (-4.95%)
PFE   34.39 (+2.63%)
QQQ   309.16 (-2.90%)
AAPL   122.06 (-2.45%)
MSFT   227.56 (-2.70%)
FB   255.41 (-1.39%)
GOOGL   2,011.41 (-2.57%)
TSLA   653.20 (-4.84%)
AMZN   3,005.00 (-2.89%)
NVDA   512.19 (-4.49%)
BABA   236.27 (+0.79%)
CGC   33.24 (-5.70%)
GE   13.44 (+3.54%)
MU   89.11 (-2.17%)
NIO   41.53 (-4.07%)
AMD   80.86 (-3.89%)
T   28.72 (+1.77%)
F   12.17 (-3.03%)
ACB   10.46 (-5.17%)
DIS   192.26 (-0.87%)
BA   228.56 (+2.43%)
NFLX   520.70 (-4.95%)
PFE   34.39 (+2.63%)
QQQ   309.16 (-2.90%)
AAPL   122.06 (-2.45%)
MSFT   227.56 (-2.70%)
FB   255.41 (-1.39%)
GOOGL   2,011.41 (-2.57%)
TSLA   653.20 (-4.84%)
AMZN   3,005.00 (-2.89%)
NVDA   512.19 (-4.49%)
BABA   236.27 (+0.79%)
CGC   33.24 (-5.70%)
GE   13.44 (+3.54%)
MU   89.11 (-2.17%)
NIO   41.53 (-4.07%)
AMD   80.86 (-3.89%)
T   28.72 (+1.77%)
F   12.17 (-3.03%)
ACB   10.46 (-5.17%)
DIS   192.26 (-0.87%)
BA   228.56 (+2.43%)
NFLX   520.70 (-4.95%)
PFE   34.39 (+2.63%)
QQQ   309.16 (-2.90%)
AAPL   122.06 (-2.45%)
MSFT   227.56 (-2.70%)
FB   255.41 (-1.39%)
GOOGL   2,011.41 (-2.57%)
TSLA   653.20 (-4.84%)
AMZN   3,005.00 (-2.89%)
NVDA   512.19 (-4.49%)
BABA   236.27 (+0.79%)
CGC   33.24 (-5.70%)
GE   13.44 (+3.54%)
MU   89.11 (-2.17%)
NIO   41.53 (-4.07%)
AMD   80.86 (-3.89%)
T   28.72 (+1.77%)
F   12.17 (-3.03%)
ACB   10.46 (-5.17%)
DIS   192.26 (-0.87%)
BA   228.56 (+2.43%)
NFLX   520.70 (-4.95%)
PFE   34.39 (+2.63%)
Log in

President of US shipbuilder resigns following investigation

Tuesday, February 23, 2021 | The Associated Press

MOBILE, Ala. (AP) — The head of Austal USA, which constructs ships for the U.S. Navy on the Gulf Coast, has resigned following an investigation by federal and Australian authorities into practices dating back more than four years, the company said Tuesday.

Craig Perciavalle, chief executive of the Mobile-based company, submitted his resignation and will be replaced by an interim leader, according to a statement by Austal Limited, the Australia-based parent company of Austal USA, which builds littoral combat ships for the Navy and is a major employer in Mobile.

The Justice Department, Securities and Exchange Commission and Australian securities regulators have been investigating financial and procurement practices involved in the construction program dating back to before July 2016, the statement said.

The aluminum-hulled ships cost more to build than anticipated, the company said, and some valves installed on ships did not meet government standards. The company said it also had identified misallocation of some labor hours in the program.

Perciavalle's resignation was announced about two years after a law enforcement raid at the offices of Austal USA. No charges were announced and the company said it was still working with U.S. regulators.

Austal USA has delivered 13 Independence-class littoral combat ships, which are designed to operate in shallow coastal waters, and it said its work with the Defense Department included a $100 million project that will allow it to build ships from steel as well as aluminum in Mobile, where it has a workforce of around 4,000 people.


Analysts Hate These 12 Stocks

When a single Wall Street analyst downgrades one of your stocks, you might think they are just having a bad day or have an incorrect investment thesis. One downgrade typically won't have a significant impact on the price of one of your stocks, but what if analysts repeatedly downgraded a company over the last 30, 60, or 90 days? You would know something is seriously wrong.

Today, we invite you to take a free exclusive look at our up-to-the-minute list of 12 "Most Downgraded" stocks. These are true strong sell stocks. Analysts are abandoning them in droves and issuing rare downgrades and sell ratings. If any of these stocks are lurking around in your portfolio, seriously consider whether or not they still belong in your portfolio. .

View the "Analysts Hate These 12 Stocks".

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.