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AMERICA

US to Receive First Batch of Pfizer Covid-19 Vaccine on Monday

Initial shots of Pfizer-BioNTech Covid-19 vaccine will be delivered to states from Monday morning, said General Gustave Perna, Head of the Trump-led administration’s Operation Warp Speed, on Saturday.
US news website The Hill quoted Perna, saying that 145 distribution sites will receive the vaccine doses on Monday, 425 sites and 66 sites on Wednesday. The first shipment of RNA (mRNA) technology based Pfizer vaccine would likely to leave Kalamazoo, Michigan, on Sunday, reported CNN.
On Friday, the US Food and Drug Administration (FDA) authorized Pfizer’s coronavirus vaccine on the recommendation of expert committee for emergency use to prevent the spread of coronavirus disease in individuals 16 years of age and older.
Britain became the first country to roll out Pfizer’s Covid-19 vaccine followed by Bahrain, Canada, Saudi Arabia and Mexico. Now, the US is the sixth country to authorise the use of Pfizer’s vaccine and will soon start vaccinations.
According to Johns Hopkins University latest update, about 15,998,522 coronavirus cases are tested positive in the US and 296,977 deaths have been reported so far.

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AMERICA

Wall Street Dips Amidst Bank Stocks Rally as Rate Hike Expectations Firm

Chinmay Bohra

Wall Street ended in the red on Friday as mixed economic data and the potential for another Federal Reserve interest rate hike dampened investors. Despite this, all three major US stock indexes closed the week with gains. The previous day’s rally caused some investors to reconsider and assess the situation.

The big US banks such as JPMorgan Chase & Co, Citigroup Inc, and Wells Fargo & Co beat earnings expectations, with rising interest rates and a reduction in banking system stress being the main factors. The S&P 500 banking sector saw a 3.5% jump, while JPMorgan Chase’s share surged by 7.6%.

However, despite the positive earnings news, the slew of mixed economic data caused concern among investors. Retail sales, industrial production, and consumer sentiment data led to an expectation that the Fed would increase interest rates by another 25 basis points during next month’s policy meeting.

At the end of the trading day, the Dow Jones Industrial Average fell 0.42%, the S&P 500 decreased by 0.21%, and the Nasdaq Composite dropped by 0.35%. The S&P 500’s financials enjoyed the biggest percentage jump among other sectors, advancing by 1.1%, while the real estate sector experienced the most significant decline.

Boeing Co halted some 737 MAX deliveries due to a supplier quality issue attributed to Spirit AeroSystems leading to a slide of 5.6% in the shares. Shares of Lucid Group Inc fell 6.3% following a. disappointing first-quarter production and delivery numbers. Meanwhile, BlackRock Inc rose 3.1% after the world’s largest asset manager beat quarterly profit expectations.

First-quarter earnings season will hit full stride next week, with results expected from high-profile companies, including Goldman Sachs Group Inc, Morgan Stanley, Bank of America Corp, Netflix Inc, and many regional banks and industrials. Analysts predict that S&P 500 earnings have fallen by 4.8% from a year ago, reversing the 1.4% year-on-year gain seen at the beginning of the quarter.

A total of 9.98 billion shares were traded on the US exchanges, compared with the 11.31 billion average over the last 20 trading days. The S&P 500 recorded 11 new 52-week highs and two new 52-week lows, while the Nasdaq Composite recorded 47 new 52-week highs and 205 new 52-week lows.

AMERICA

Tupperware Shares Fall 49% over Doubts that it May go out of Business

Chinmay Bohra

Tupperware, the well-known brand for its storage containers and kitchenware, has hired financial advisors to help improve its capital structure and address its doubts about remaining a going concern. This move caused its shares to drop by almost 49%, the largest recorded decline, to reach an all-time low.

The company is struggling with declining sales, a decrease in the number of sellers, a consumer pullback on home products, and a brand that doesn’t resonate with younger consumers. Despite enjoying a surge in popularity from pandemic shut-ins trying their hand at cooking, Tupperware has fallen on harder times since then. The company reported disappointing earnings in November, announced concerns about its future, and hired advisers.

Tupperware is implementing measures to enhance its liquidity, which includes engaging in talks with prospective investors or financing partners and examining opportunities for its long-term debt worth nearly $700 million. Additionally, the company is assessing its real estate portfolio to simplify operations and boost available funds.

However, Tupperware is facing several challenges, including the possibility of delisting from the New York Stock Exchange and cash constraints due to higher interest costs and the timing of re-engineering actions. The company has expressed “substantial doubt about its ability to continue as a going concern” in a press release and securities filing.

To turn around its operations and address its capital and liquidity position, Tupperware is attempting to attract younger customers with newer and trendier products, shedding its staid image, and growing its business through multiple retail channels. The company’s entry into Target last year is part of its reinvention plan.

AMERICA

Moderna COVID-19 Vaccine Gets US Authorization

Amrita Chakravorty

Moderna Inc’s coronavirus vaccine on Friday became the second to receive emergency use authorization (EUA) from the US Food and Drug Administration.
The FDA announced the authorization the day after the agency’s panel of outside experts endorsed its use and a week after the FDA authorized a vaccine from Pfizer Inc and German partner BioNTech SE.
The vaccine from Pfizer and BioNTech, based on similar technology, has been put into the arms of thousands of US healthcare workers this week in a massive nationwide rollout. Moderna injections are expected to begin in the coming days for adults 18 years old and up.
“With the availability of two vaccines now for the prevention of COVID-19, the FDA has taken another crucial step in the fight against this global pandemic that is causing vast numbers of hospitalizations and deaths in the United States each day,” FDA Commissioner Stephen M. Hahn, M.D, said in a statement.
“I hope that all Americans will protect themselves by getting vaccinated when the vaccine becomes available to them. That is how our country will begin to heal and move forward,” top U.S. infectious disease scientist Anthony Fauci said in a statement.
Older people in long-term health facilities are expected to get vaccines next, with a US Centers for Disease Control and Prevention expert panel on Sunday set to recommend what groups follow, as industries compete to have their workers given precedence.

AMERICA

Tesla Set to Join S&P 500, Musk Adds $9 Billion

Amrita Chakravorty

Elon Musk’s personal fortune hit a new high Friday as Tesla Inc. prepares to make its debut in the S&P 500 Index.
A late jump in Tesla’s share price pushed Musk’s net worth up almost $9 billion to $167.3 billion, according to the Bloomberg Billionaires Index. The 49-year-old entrepreneur has added $139.7 billion this year, an amount that exceeds the total net worth of anyone else on the planet other than Amazon Inc. founder Jeff Bezos. Bezos, for now, tops the wealth index with $187.3 billion.
Tesla shares have soared 731 per cent this year, closing at a record $695 on Friday. Most recently, they’ve gained on expectations that inclusion in the S&P 500 would spur a new round of buying. The stock has climbed 70 per cent since inclusion was announced in November.
Musk is the most prominent in a range of electric-vehicle entrepreneurs who have seen their fortunes jump this year, spurring a raft of new entrants. At least 15 electric vehicle companies have been taken public or announced listings in 2020.

AMERICA

US Expert Committee Recommends Approval of Pfizer Vaccine

Amrita Chakravorty

On Thursday, an expert committee convened by the US Food and Drug Administration (FDA) voted heavily recommending the approval of Pfizer-BioNTech Covid-19 vaccine for emergency use.
The committee includes independent experts and researchers, biostatisticians and other scientists which were tasked to answer whether, “based on the totality of scientific evidence available, do the benefits of the Pfizer-BioNTech Covid-19 vaccine outweigh its risk for use in individuals 16 years of age and older?”
The final voting of the committee tally 17 votes in the favor of using the vaccine while four against and one abstention. Although, the recommendation of committee does not bind the FDA but it is expected to be followed in the coming days.
Britain became the first country to roll out Pfizer-BioNTech COVID-19 vaccine followed by Britain, Canada, Bahrain and Saudi Arabia. While the Russian and Chinese vaccines are also administered on a large scale without completing comparable clinical trials.
Pfizer Inc. and its German partner BioNTech have reported preliminary findings of more than 90 per cent effective vaccine are based on the innovative messenger RNA (mRNA) technology. Pfizer scientist Kathrin Jansen told the panel the RNA technology behind the vaccine is an approach that has never before been approved.

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