DIRS.INFO The most relevant business & tech news

☆ FTX might not have been the only crypto exchange using customer money for other things
▼ + stars: | 2023-03-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

As if the universe knew that I hadn't written a crypto newsletter in some time, here we go: Binance, the world's largest crypto exchange, has been under some scrutiny this week. The world's largest crypto exchange reportedly transferred nearly $1.8 billion in stablecoin collateral to hedge funds, the report said. Any move by Binance to shuffle customer money around isn't exactly illegal, but the risks are apparent in the wake of the FTX disaster, part of which involved the exchange using customer money for making big bets via its affiliated trading arm. That account, Reuters reported, was used to send $400 million to a trading firm managed by Zhao. In other news:Traders work on the main trading floor of the New York Stock Exchange March 21, 2007.

The company — which has its COVID-19 vaccine as the only marketed product after 35 years in business — on Tuesday flagged significant uncertainty around its 2023 revenue, funding from the U.S. government, and pending arbitration with global vaccine alliance Gavi. Syringes with needles are seen in front of a displayed Novavax logo in this illustration taken, November 27, 2021. Novavax faces near-term risks as protein-based vaccines take longer to produce than mRNA-based competitors, Novavax CEO John Jacobs has said. "While there is the potential for a substantial booster market ... we don't expect Novavax to be a major player in the booster opportunity." As of last close, Novavax's U.S.-listed shares were down 97% from their February 2021 record high of $331.68.

The stock had dropped 26.2% to $6.83 around 8:55 ET (13:55 GMT), while its Frankfurt-listed shares slumped more than 27%. The company - whose COVID vaccine is its only marketed product after 35 years in business - on Tuesday flagged significant uncertainty around its 2023 revenue, funding from the U.S. government, and pending arbitration with global vaccine alliance Gavi. Syringes with needles are seen in front of a displayed Novavax logo in this illustration taken, November 27, 2021. Novavax faces near-term risks as protein-based vaccines take longer to produce than mRNA-based competitors, Novavax CEO John Jacobs has said. As of last close, Novavax's U.S.-listed shares are down 97% from their February 2021 record high of $331.68.

☆ Novavax stock plunges 25% after the COVID-19 vaccine maker warns it could go out of business
▼ + stars: | 2023-03-01 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Novavax shares sank 25% after it said it has "substantial doubt" about its ability to stay in business. The biotech plans spending cuts after it fourth-quarter loss was twice as deep as analysts expected. "Given these uncertainties, substantial doubt exists regarding our ability to continue as a going concern through one year from the date that these financial statements are issued," Novavax said in a statement Tuesday. The warning came as the Maryland-based company reported a fourth-quarter earning loss that was nearly twice as bad as some analysts had predicted. The company said it plans to focus on delivering an updated COVID-19 vaccine for the fall of 2023, as required by regulators to adapt to new strains of the coronavirus.

☆ Morning Bid: Markets March on China boomlet
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +5 min

And after a bruising setback for stocks and bonds in February, investors now have to assess whether the unfolding economic rebound is sustainable given the eye-watering revision that it's forcing in inflation and interest rate expectations. This is emboldening both the hawks at the European Central Bank and markets keen to re-price the interest rate horizon. Money markets have already moved beyond that and now price peak ECB rates at year-end almost 150 bps higher at 3.90%. Even though U.S. consumer confidence and housing data on Tuesday questioned some of the reheating narrative, markets now assume peak Federal Reserve rates will be as high as 5.42% by July. And homebuilder Persimmon (PSN.L) dropped almost 10% after it warned the housing slowdown and higher mortgage rates would hit profit and home-building targets.

The yield on two-year Treasury notes , which closely tracks short-term interest rate expectations, rose to 4.9%, its highest level since 2007. "You also got a tick up in the ISM prices paid, which means that prices generally are rising now for manufacturing. That's higher than where Fed policymakers in December signaled they would need to raise the policy rate. Money market traders see an about 80% chance of a 25-basis-point rate hike later this month, but the odds of a bigger 50 bps rate hike have grown recently. The main U.S. benchmarks ended February with losses as investors braced for the possibility that the Fed will hike rates more than initially thought on signs of resilience in the economy.

☆ Jim Cramer's top 10 things to watch in the stock market Wednesday: China, stocks, retail
▼ + stars: | 2023-03-01 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

(See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Stocks making the biggest moves premarket: Rivian, Kohl's, Novavax and more
▼ + stars: | 2023-03-01 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Revenue for the quarter came in at $663 million, falling well below analysts' estimates of $742 million, according to Refinitiv. Sarepta Therapeutics — The biotech stock soared by 17% after Morgan Stanley upgraded Sarepta shares to overweight from equal weight. Kohl's reported a loss of $2.49 per share on $5.78 billion of revenue. Analysts surveyed by Refinitiv had expected positive earnings of 98 cents per share on $5.99 billion of revenue. Monster reported $1.51 billion in revenue, falling short of analysts' expectations of $1.6 billion.

☆ Futures rise in positive start to March
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.22%, S&P 0.31%, Nasdaq 0.50%March 1 (Reuters) - U.S. stock index futures rose on Wednesday, putting Wall Street on course for a positive start to March, as strong Chinese manufacturing data outweighed concerns that the Federal Reserve's policies will remain restrictive for longer. Traders are pricing in expectations that the Fed will raise rates in coming months to a 5.25%-5.50% range, from the current 4.50%-4.75% range. That's slightly higher than where Fed policymakers in December signaled they would need to take the policy rate. ET, Dow e-minis were up 71 points, or 0.22%, S&P 500 e-minis were up 12.25 points, or 0.31%, and Nasdaq 100 e-minis were up 60 points, or 0.5%. The electric carmaker is readying a production revamp of its top-selling Model Y, Reuters reported, citing people familiar with the plan.

☆ Covid vaccine maker Novavax says it may not survive
▼ + stars: | 2023-03-01 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

New York CNN —Novavax, which makes the Nuvaxovid vaccine used to treat Covid-19, posted huge sales gains for the past three years during the height of the pandemic. But the company is now facing serious financial challenges — and has even warned it may not be able to survive. Shares of Novavax (NVAX) plunged more than 25% in early morning trading to a new multi-year low of under $7. Novavax hit a 52-week high of about $91 last year and was trading above $330 in February 2021. Novavax isn’t the only Covid-vaccine maker to disappoint Wall Street, though.

☆ Stocks making the biggest moves midday: Lowe's, 3M, First Horizon, Nio and more
▼ + stars: | 2023-03-01 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Rivian also shared an electric vehicle production outlook that fell short of analysts' expectations. First Solar — Shares of First Solar gained 15% after the solar company issued full-year guidance on Tuesday that came out ahead of expectations on per-share earnings and revenue. First Solar reported a fourth-quarter loss of 7 cents per share compared with a 17 cent per-share loss expected by analysts surveyed by FactSet. The company's revenue was in line with analysts' expectations of $1 billion. Ambarella gave first-quarter guidance that missed analysts' expectations on Tuesday, according to FactSet.

☆ Novavax raises doubts about ability to remain in business, shares fall
▼ + stars: | 2023-02-28 | by ( Michael Erman | ) www.reuters.com time to read: +5 min

The company lost $182 million, or $2.28 per share, in the fourth quarter on weaker-than-expected sales of $357 million. Novavax's shares closed at $9.26 on Tuesday and fell to $6.90 in extended trading after reporting on its financial situation. "We're in the process of assessing the global footprint of Novavax, rationalizing our supply chain, rationalizing the portfolio and rationalizing the company structure and our infrastructure," he said. In the U.S., where the Novavax vaccine was authorized in July 2022, only around 80,000 of its shots have been administered. Jacobs said that while Novavax's vaccine may take longer to manufacture than its rivals from Pfizer (PFE.N)/BioNTech (22UAy.DE) and Moderna (MRNA.O), he believes FDA regulators want a protein-based option this fall for U.S. citizens.

☆ Novavax shares plunge as company raises doubts about its ability to remain in business
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: +4 min

A health worker prepares a dose of the Novavax vaccine as the Dutch Health Service Organization starts with the Novavax vaccination program on March 21, 2022 in The Hague, Netherlands. Covid-19 vaccine maker Novavax on Tuesday raised doubts about its ability to remain in business and announced plans to slash spending as it works to prepare for a fall vaccination campaign. The company lost $182 million, or $2.28 per share, in the fourth quarter on weaker-than-expected sales of $357 million. "We're in the process of assessing the global footprint of Novavax, rationalizing our supply chain, rationalizing the portfolio and rationalizing the company structure and our infrastructure," he said. In the U.S., where the Novavax vaccine was authorized in July 2022, only around 80,000 of its shots have been administered.

☆ Novavax stock down on concern over whether the company can continue
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNovavax stock down on concern over whether the company can continueCNBC's Meg Tirrell joins 'Closing Bell: Overtime' to report on Novavax's warning that it may not be able to continue as a company. Also, Sarepta shares rise on FDA signaling no advisory meeting on gene therapy.

☆ Novavax raises doubts about its ability to remain in business
▼ + stars: | 2023-02-28 | by ( Michael Erman | ) www.reuters.com time to read: +4 min

NEW YORK, Feb 28 (Reuters) - COVID-19 vaccine maker Novavax Inc (NVAX.O) on Tuesday raised doubts about its ability to remain in business and announced plans to slash spending as it works to prepare for a fall vaccination campaign. The company lost $182 million, or $2.28 per share, in the fourth quarter on weaker-than-expected sales of $357 million. "We're in the process of assessing the global footprint of Novavax, rationalizing our supply chain, rationalizing the portfolio and rationalizing the company structure and our infrastructure," he said. In the U.S., where the Novavax vaccine was authorized in July 2022, only around 80,000 of its shots have been administered. Jacobs said that while Novavax's vaccine may take longer to manufacture than its rivals from Pfizer (PFE.N)/BioNTech (22UAy.DE) and Moderna (MRNA.O), he believes FDA regulators want a protein-based option this fall for U.S. citizens.

☆ Stocks making the biggest moves after the bell: Novavax, First Solar, Rivian and more
▼ + stars: | 2023-02-28 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The company reported a fourth-quarter loss of 7 cents per share compared with a 17 cent per-share loss forecasted by analysts, according to FactSet. Revenue came in line with expectations at $1 billion. Revenue came in lower than expected at $663 million compared with analysts' $742.4 million expectation. Adjusted earnings per share came in at 75 cents, one cent above the Street's estimate. Revenue came in at $13.83 billion, which is less than the $14.12 billion expected.

☆ Shionogi sees COVID pill reaping $2 billion in annual sales upon U.S. approval
▼ + stars: | 2023-02-27 | by ( Rocky Swift | ) www.reuters.com time to read: +3 min

Xocova, a protease inhibitor like the COVID treatments developed by Pfizer Inc (PFE.N) and Merck & Co (MRK.N), was granted emergency approval by Japanese regulators in November, making it the nation's first domestically produced oral treatment for COVID. "If you kill the virus fast enough and sharp enough, the lower the probability of long COVID. According to one study by the Veterans Affairs St. Louis Health Care System, Pfizer's antiviral drug Paxlovid cuts the risk of developing many long COVID symptoms. Shionogi is hoping for Xocova sales of around $1 billion to $1.5 billion this year. "I have no regrets," Teshirogi said, adding that expectations among shareholders and the public had demanded that Shionogi devote its resources to fighting COVID.

☆ A.I.-guided strategies for the ETF investor. Here's what to know.
▼ + stars: | 2023-02-24 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +4 min

As investors weigh what the growing interest in artificial intelligence means for the marketplace, one analyst thinks that ETF investors should be cautious in utilizing it to aid in strategy selection. "ChatGPT knows a lot about a lot of things," Art Amador, EquBot Co-Founder, told Bob Pisani on CNBC's 'ETF Edge' on Wednesday. Amador runs the AI Powered Equity ETF (AIEQ) , an actively managed fund of U.S. stocks selected with a model that uses artificial intelligence. Studebaker's ROBO Global launched the ROBO Global Robotics and Automation ETF (ROBO) in 2013 as a fund that invests in innovative companies driving robotics, automation, and AI spaces. "You want to make sure you're investing with people that have done this before, that have deep expertise and deep knowledge in this space."

☆ Novavax to Sell 1.5 Million More Covid Vaccines to U.S. Government
▼ + stars: | 2023-02-13 | by ( Liz Essley Whyte | Stephanie Armour | ) www.wsj.com time to read: 1 min

The U.S. government has agreed to buy 1.5 million more doses of Novavax Inc.’s Covid-19 vaccine, the company said, part of efforts preparing for the end of government purchases and the start of a commercial market for the shots. Novavax wouldn’t provide the monetary value of the deal or the price that the federal government would pay per dose.

☆ U.S. government to buy 1.5 mln more Novavax COVID vaccine doses
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - The U.S. government has agreed to buy 1.5 million more doses of Novavax Inc (NVAX.O) COVID-19 vaccine, the company said on Monday, adding that the modified agreement includes funds for development of an updated vaccine by fall this year. Sales of the company's vaccine have been hurt by a global supply glut and waning demand, with Novavax cutting its full-year revenue forecast for the shots twice last year. The protein-based vaccine was expected to convince those skpetical of the new mRNA-based vaccines against the virus from rivals such as Pfizer Inc (PFE.N) and Moderna (MRNA.O). The U.S. Food and Drug Administration is also in the process of simplifying its COVID-19 vaccine policy as it considers whether to recommend that Americans get an annual booster shot for the virus. Shares of the vaccine maker rose 3.2% before the bell on Monday after the Wall Street Journal first reported the news.

☆ These are the top 10 holdings of the AI-driven investment fund powered by Watson that has been crushing the market this year
▼ + stars: | 2023-02-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The AI Powered Equity ETF has doubled the performance of the S&P 500 so far in 2023. These are the top 10 holdings in the AI Powered Equity ETF that's driven by IBM's Watson. One ETF has been utilizing aspects of artificial intelligence to drive its investment decisions since its launch in 2017: the AI Powered Equity ETF. These are the top 10 holdings in the AI Powered Equity ETF that's driven by IBM's Watson supercomputer. Norwegian Cruise Line HoldingsTicker: NCLH% of ETF: 1.9%Industry: Cruise Ships6.

☆ Fact Check-No evidence for claims FAA updated its pilot ECG guidelines due to COVID-19 vaccine injury
▼ + stars: | 2023-02-03 | by ( Reuters Fact Check | ) www.reuters.com time to read: +5 min

Very concerned.”“After the vaccine rolled out, the FAA secretly widened the EKG parameter range for pilots so they wouldn’t be grounded. A PR interval between 120 and 200 milliseconds (ms) is considered normal, according to standard medical practice (here ). A PR interval greater than 200ms is considered to be a first degree atrioventricular block (AV block), which means that the signals are delayed (though not blocked), as explained (here). According to the American Heart Association (here), "A first-degree heart block occurs when the electrical impulse moves through the heart’s AV node slower than normal. First-degree heart block rarely causes symptoms and may not require treatment."

☆ The end of the Covid health emergency won't slow FDA clearance of shots and treatments
▼ + stars: | 2023-01-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The Food and Drug Administration on Tuesday said its emergency authorizations of Covid vaccines, tests and treatments will not be impacted by the end of the public health emergency this spring. President Joe Biden is planning to terminate in May the public health and national emergencies declared in response to the Covid pandemic three years ago, the White House said Monday. The public health emergency gave U.S. health regulators expanded powers to respond faster to the pandemic. The FDA's emergency powers, however, aren't directly tied to public health declaration, according to the agency. This allows the agency to respond more swiftly to public health crises.

☆ Novavax needs 6 months to produce annual COVID shots that match new variants
▼ + stars: | 2023-01-26 | by ( Leroy Leo | ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Novavax Inc (NVAX.O) said on Thursday it would require six months to produce a COVID-19 vaccine designed to match whichever coronavirus variants are circulating for an annual immunization program each fall season in the United States. The FDA in documents released on Monday proposed June for deciding on an annual COVID shot's make-up. It took those companies about three months to produce the currently available boosters updated to target newer Omicron subvariants. The FDA is seeking recommendations from its panel of external experts on adopting an annual COVID shot for the United States and the process for choosing the vaccine's targets each year. Reporting by Leroy Leo in Bengaluru Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ FDA proposes simplifying the Covid vaccine schedule, making it similar to the flu shot
▼ + stars: | 2023-01-23 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Berkeley-Lovelace-Jr.Jpg | Berkeley Lovelace Jr. | ) www.nbcnews.com time to read: +3 min

Food and Drug Administration advisers will meet Thursday to discuss simplifying the Covid vaccination schedule, allowing most people to get the currently available booster, regardless of how many doses they had received before that. The FDA is proposing skipping over that primary series, meaning that most unvaccinated individuals could go ahead and get the latest booster shot if they decided to get a Covid vaccine. The FDA’s proposal, experts say, would greatly simplify the Covid vaccination schedule in the United States — aligning it more closely with the annual flu shot. In another similarity to the flu shot, the FDA is considering whether the Covid vaccine should be updated at least once a year, based on what strains are in circulation. Dr. Anna Durbin, a vaccine researcher at Johns Hopkins University in Baltimore, said simplifying the Covid vaccine schedule makes sense.

Search resuls for: "Novavax"

25 mentions found