Monday, February 26

Vaccine Maker Novavax Rises on Wall Street After Good Test Results

Biotech company Novavax is one of the eye-catchers on Wall Street on Monday.


The company reported good results from tests with its corona vaccine, which is comparable in effectiveness to similar vaccines from Pfizer/BioNTech and Moderna. These vaccinations also use the mRNA technique. Novavax was up 7.6 percent.

The good news for Novavax caused a price drop at Moderna (minus 3.2 percent). That company also announced that a new medical director is being appointed. Pfizer (minus 0.4 percent) and BioNTech (minus 0.2 percent) barely moved on the news.

The American stock market indicators showed small results at the opening. US investors await the Federal Reserve’s policy meeting. They are curious about what the central bank will decide in response to the increased inflation in the United States. The Fed’s stimulus measures may be phased out more quickly.

Furthermore, the manufacturer of electric pick-up trucks, Lordstown Motors, made a price drop of more than 15 percent. The start-up’s chief executive and chief financial officer resigned after an investigation revealed that they had made false claims about the number of orders the company had won, which may have misled investors. Last week, Lordstown announced that it needed more money actually to produce cars.

Oil companies such as Occidental, Chevron and ExxonMobil rose to 2.2 percent. Shell reportedly wants to sell all its assets in the Permian Basin, an oil-rich area in Texas and some neighbouring states. A barrel of American oil became 0.9 percent more expensive and cost $71.54. Brent oil cost $73.24 a barrel, an increase of 0.8 percent.

Bitcoin rose above $40,000. The cryptocurrency skyrocketed after Tesla CEO Elon Musk said on Twitter that his company would again accept bitcoins as a means of payment if so-called mining for at least half of it was done on green energy. Since March, Tesla (plus 0.1 percent) had accepted the digital currency but stopped within two months due to environmental concerns.

The American cloud software company Oracle (minus 0.2 percent) opens the books aftermarket.

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