The Daily Times Newspaper

Vaccine Maker Novavax Rises on Slightly Lower Wall Street

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Novavax rose 4 percent on the New York stock exchange on Wednesday. Investors welcomed the news that a panel of FDA regulators has recommended that Novavax’s corona vaccine be approved for adults in the United States.

 

Panel recommendations are generally followed by the FDA. Novavax’s vaccine will be the fourth coronavirus vaccine to be approved in the US.

The overall mood on Wall Street was cautious after two wins in a row. Investors are mainly anticipating the US inflation figure, which will be released at the end of the week. That figure plays a major role in the interest rate policy of the US central bank, the Federal Reserve. The Fed has already started raising interest rates to curb the soaring inflation.

Shortly after opening, the Dow Jones Index was down 0.7 percent at 32,962 points. The broad S&P 500 fell 0.4 percent to 4142 points and tech gauge Nasdaq remained virtually flat at 12,174 points.

Moderna won 3.7 percent. The vaccine maker is positive about the preliminary research results of its modified corona vaccine. As hoped, a booster shot of it arms the immune system better against the omikron variant of the coronavirus than the original vaccine, the company reports. Moderna hopes the modified version will be approved by the end of the summer.

Campbell Soup lost 0.5 percent, although the soup maker posted more sales and profits than analysts had expected in the quarter and raised its full-year revenue forecast.

Western Digital rose 0.7 percent. The tech company said it was considering its strategic options, including a possible split of its flash memory and disk drive businesses. The company thus meets the demands of activist shareholder Elliott Management, who has pushed for a split of the company.

Microsoft lost 0.4 percent. The software and tech group is withdrawing further from Russia because of the war in Ukraine. In March, the company already stopped selling new products and services in the country, but continued to support existing customers and maintain offices.

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