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Lockdown Winners Fade as Reopen Trade Roars After Covid Data

November 9, 2020 Editor Comments Off on Lockdown Winners Fade as Reopen Trade Roars After Covid Data

(Bloomberg) — Investors cashed out of companies that benefited from virus-induced lockdowns after promising results for a Covid-19 vaccine developed by Pfizer Inc. and BioNTech SE reawakened hopes that a return to normal is on the horizon.Zoom Video Communications Inc. plunged 16% in early trading, while Peloton Interactive Inc. slumped 13% and Netflix Inc. was down 5% as investors piled into risk assets and dumped shares of firms that have been winners during global lockdowns. Futures contracts on the Nasdaq reversed earlier gains and fluctuated.“The rotation that the market is doing is beyond any imagination with Nasdaq in negative territory …read more […]

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Biogen plunges 30% after FDA panel votes against Alzheimer's drug

November 9, 2020 Editor Comments Off on Biogen plunges 30% after FDA panel votes against Alzheimer's drug

Wall Street analysts largely believe the panel’s near-unanimous votes against the drug, aducanumab, make it difficult for the FDA to go against the panel. “Approving aducanumab, in the face of such an overwhelmingly negative vote and commentary, is virtually impossible and would destroy the agency’s reputation at a very tenuous time for the regulator, ahead of potential actions on COVID vaccines,” Baird analyst Brian Skorney said. The FDA is expected to make its decision on aducanumab by March and is not obligated to follow the recommendations of the panel, but usually does. …read more […]

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Biogen Plunges After Alzheimer’s Blow, Analysts Downgrade

November 9, 2020 Editor Comments Off on Biogen Plunges After Alzheimer’s Blow, Analysts Downgrade

(Bloomberg) — Biogen Inc. shares plunged early on Monday and analysts braced for further declines after a U.S. Food and Drug Administration advisory panel harshly judged the efficacy of the company’s experimental Alzheimer’s disease therapy, dimming prospects it will be approved by the agency.The stock fell 32% as futures trading resumed on Nasdaq after shares were halted on Friday.Wall Street firms didn’t mince words over the weekend about the panel’s findings, which was that data from a single clinical trial with positive results was insufficient to show the treatment worked. Raymond James called it a “disaster,” while Baird wrote that …read more […]

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Apple's new Macs could revive the PC chip wars, analysts say

November 9, 2020 Editor Comments Off on Apple's new Macs could revive the PC chip wars, analysts say

Apple Inc on Tuesday is expected to unveil new Mac computers using its own in-house processor chips, a move that could reignite a race to control the market for desktop and laptop chips and benefit players such as Qualcomm Inc. The market has been dominated by Intel Corp and Advanced Micro Devices Inc since 2006, when Apple joined most other major computer makers in using chips based on Intel’s ‘x86’ computing architecture. On Tuesday Apple is expected to start a two-year process of ending its nearly 15-year relationship with Intel by introducing Mac computers with Apple-designed chips based …read more […]