Hawaii-based Cardax Inc.’s stock more than doubled over the two-day period that ended Tuesday after its chief executive officer said the anti-inflammatory product that the company is developing will be commercially available next year and has a potential market of maybe a billion people.
Cardax’s stock, which is thinly traded over the counter, soared 26 cents, or 162.5 percent, during the two days to close at 42 cents Tuesday. Most of the stock’s gains occurred Monday when it jumped 15 cents, or 93.8 percent, to 31 cents on volume of 121,734 shares. The volume Tuesday was nearly identical at 121,291 shares. The stock’s average daily volume over the last 52 weeks is 14,913.
Cardax CEO David Watumull said the yet-to-be-named product that the company has been developing for nearly a decade achieves a blood level of astaxanthin three times higher than competing products yet is safe enough to consume daily without side effects.
Cardax’s shares have jumped 200 percent since closing at 14 cents Thursday.
Tesla’s first SUV is hitting the road
FREMONT, Calif. >> Electric-vehicle maker Tesla Motors has mastered the sporty two-seater and the elegant sedan. Now it wants to conquer the family hauler.
Tesla’s Model X — one of the only all-electric SUVs on the market — was officially unveiled Tuesday night near the company’s California factory. SUVs were delivered to the first six buyers.
CEO Elon Musk says the Model X includes rear falcon-wing doors, which open upward, and a driver’s door that opens on approach and closes itself when the driver is inside.
The Model X is the third vehicle from 12-year-old Tesla, after the Roadster — which was discontinued in 2012 — and the Model S sedan. It should attract new customers — particularly women — to the brand, and it goes on sale as the market for luxury SUVs is booming.
Fiat Chrysler admits reporting violation
DETROIT >> Federal regulators said Tuesday that Fiat Chrysler Automobiles had significantly underreported to regulators the number of death and injury claims linked to possible defects in its cars.
Fiat Chrysler’s admission of the underreporting, discovered in an internal review tied to the company’s recent $105 million settlement over its handling of recalls, could result in new penalties.
Mark Rosekind, head of the National Highway Traffic Safety Administration, said that early information pointed to flaws in Fiat Chrysler’s systems for gathering and reporting the claims data, as required under federal law.
The agency provided no details on the number of deaths and injury claims involved or the period of time in which they occurred.
U.S. home prices rose steadily in July
WASHINGTON >> U.S. home prices rose at a solid pace in July as would-be buyers competed for a diminished supply of available housing.
The Standard & Poor’s/Case-Shiller 20-city home price index, which doesn’t include Honolulu, climbed 5 percent in July from a year earlier. That’s up from a 4.9 percent annual pace in June.
Home prices rose in all 20 cities over the past 12 months. San Francisco posted the biggest gain of 10.4 percent, followed by Denver with 10.3 percent.
ON THE MOVE
Carlsmith Ball has announced that Kenji Price has joined the firm. He will focus his practice on white-collar criminal defense as well as complex civil litigation, appeals and alternative dispute resolution. Price was previously an assistant U.S. attorney in the Eastern District of New York.
Pacific Health Ministries has named the Rev. Anke Flohr as its new executive director. She has more than 20 years of chaplaincy experience in Hawaii and overseas, including having served as an education supervisor and professional leader at Sunnybrook Health Center in Toronto. Prior to her experience in supervisory training, Flohr served as a chaplain at Kapiolani Medical Center, the Hawaii State Hospital, the Queen’s Medical Center and the Good Samaritan Pohai Nani.