Hertz Global Holdings, Inc. (NYSE:HTZ) reported a 2% gain in revenue in Q3 and as it said it plans to restate 2011, 2012 and 2013 financial statements and shave $100 million off its cost base by end of 2015. HTZ is trading in the lower half of the 52-week range between $18.50 and $31.61. The car rental and leasing company is implementing a cost cutting program to save $100 million in costs by year end 2015 through lower general and administrative costs, information technology and capital investments, external strategic advisor expenses, as well as the previously announced pension plans freeze. It said it also plans a new fleet strategy for its U.S. rental car business that includes buying 350,000 model year 2015 cars, approximately 60% more than the model year 2014 vehicles.Hertz Global Holdings, Inc. (NYSE:HTZ) also said that its audit committee has concluded it must not only restate the 2011 financial statements but also the 2012 and 2013 statements. Hertz meanwhile said Q3 revenue rose to $3.12 billion from $3.07 billion a year ago. No analyst estimate was available for comparison. For FY2014, corporate EBITDA is expected to be between $1.30 billion and $1.45 billion. reflecting the impact of adjustments identified to date related to the accounting review. It added that 2014 and 2015 "should not be viewed as a base for the company's go-forward financial results" because of the costs incurred amid the accounting and financial review, changes being implemented to improve its competitive position and the expected timing for the associated benefits to be realized.CASI Pharmaceuticals Inc (NASDAQ:CASI) reported that for Q3 ended Sept. 30, 2014, its loss widened from the same period last year, reflecting the company's acquisition of greater China rights for three late-stage products from Spectrum Pharmaceuticals. The biopharmaceutical company posted Q3 net loss of $21.5 million or $0.77 loss per share, compared with the prior-year period's $1.4 million or $0.05 loss per share. Excluding non-cash expense of $19.7 million associated with the in-license agreements with Spectrum Pharmaceuticals, adjusted net loss was $1.9 million or $0.07 loss per share. CASI Pharmaceuticals Inc (NASDAQ:CASI) did not record revenue for the quarter, unchanged from the same quarter last year. No analyst estimates were available for comparison. CASI also said it expects its operating expenses to increase for the remainder of 2014.Provectus Biopharmaceuticals Inc (NYSEMKT:PVCT) Friday said it extended a memorandum of understanding with Sinopharm-China State Institute of Pharmaceutical Industry and Sinopharm A-THINK Pharmaceutical, regarding the injectable anti-cancer drug PV-10. PVCT said in the last 90 days it has visited China and reviewed PV-10 with the Chinese entities, which distribute, research and produce anti-cancer therapies. PVCT will cooperate with the two bodies on PV-10. Provectus Biopharmaceuticals Inc (NYSEMKT:PVCT) said recently filed a phase 3 protocol for PV-10 with the FDA, and has completed phase 2 tests on the drug for treatment of metastatic melanoma.
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