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Front-line coronavirus workers could be vaccinated as soon as this year, Novavax CEO says - CNBC
"Our target for next year is quite ambitious, but we think doable, which is to produce over a billion doses of vaccine," Novavax CEO Stanley Erck said.
Workers on the front lines of the coronavirus pandemic will be first to receive a vaccine and that could come as soon as later this year, Stanley Erck, CEO of vaccine development company Novavax, said Tuesday. Novavax announced Monday that it has launched phase one clinical trials of its coronavirus vaccine candidate and it expects preliminary results in July. "I think everybody agrees that the first broad distribution will be to the front-line workers, the health-care workers," he said on CNBC's "Squawk Alley." "If our phase two data support the safety and immunogenicity that we hope it will and we're able to see a signal for efficacy, it's possible that that first line would be vaccinated some time in the fourth quarter of this year." Novavax is among the latest companies to join the race for a coronavirus vaccine as the world's largest drugmakers and biotech companies pause research into other diseases to accelerate development of a cure for Covid-19. The virus has infected more than 5.5 million people around the world since it emerged in Wuhan, China, about six months ago. The space of companies vying to produce a successful vaccine is increasingly crowded. It includes large and small drugmakers and biotech companies, such as Moderna, Pfizer, Johnson & Johnson, AstraZeneca, Sanofi, GlaxoSmithKline and Merck. Novavax has a long road to prove that its vaccine candidate is both safe for human use and actually effective in fighting the coronavirus. Erck said the phase one trial will confirm safety of the potential vaccine and the phase two trial will determine whether it's effective. Novavax, like other companies developing a vaccine candidate, has begun to ramp up its ability to manufacture its potential vaccine before it's been approved to shave months off the delivery date, if it proves safe and effective, Erck said. "Our target for next year is quite ambitious, but we think doable, which is to produce over a billion doses of vaccine," he said. "We'd like to do it in various continents. We'd like to do it in Europe, the U.S., perhaps India and in Asia. It's an aggressive goal." Pricing on any potential vaccine remains unknown. Erck said his company plans to price its potential vaccine on a tiered approach based on affordability. "There's got to be broad distribution. There's got to be equitable access," he said. "There will certainly be tiered pricing depending upon affordability so that the vaccine can be used globally." Novavax announced earlier this month that the European nonprofit Coalition for Epidemic Preparedness Innovations will invest up to $384 million to accelerate development of the company's potential vaccine. "We do know that this is one of the largest opportunities or obligations to distribute vaccines globally. We're talking billions of doses. It's never been done before," Erck said. "There's lots of ways to go down this pathway, none of which have been well defined yet. We're only in this business for four months now."
Watch live: New York Gov. Andrew Cuomo holds a press conference on the coronavirus outbreak from the NYSE - CNBC
New York Gov. Andrew Cuomo is holding his daily press conference on the Covid-19 outbreak.
[The stream is slated to start at 11:30 a.m. ET. Please refresh the page if you do not see a player above at that time.] div > div.group > p:first-child"> New York Gov. Andrew Cuomo is holding his daily press conference on the Covid-19 outbreak from the New York Stock Exchange in Manhattan as the state works toward reopening more companies for business. The virus has spread to more than 362,700 people and killed at least 29,220 across the state as of Tuesday morning, according to data compiled by Johns Hopkins University. On Friday, Cuomo said the daily number of new Covid-19 infections in New York had dropped below the case counts when the state first began fighting its outbreak. New York has started to deploy its phased reopening plan in regions of the state that have met seven health criteria, including declining hospitalizations and new cases, as well as sufficient hospital bed and testing capacity, among other requirements. The Centers for Disease Control and Prevention recently outlined a "three-phased approach" for reducing social distancing and proposed the use of six "gating" indicators to assess when to move through another phase. CNBC's Noah Higgins-Dunn contributed to this report. Read CNBC's live updates to see the latest news on the Covid-19 outbreak.
Stock market live updates: Dow futures rally 500 points, vaccine hope, Southwest jumps - CNBC
A conversation about the latest market-moving news, including progress on a coronavirus vaccine candidate.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. This is a live blog. Please check back for updates. 8:51 am: Canaccord sees opportunity in 'value, banks and tanks' Canaccord strategist Tony Dwyer expects a "relative bounce" in "value, banks and tanks (industrials)" as the economy continues to reopen. "The SPX has seen a historic move on the back of the mega-cap 'COVID-19' beneficiaries of the shelter-in-place policy for most of the country," Dwyer wrote in a note. "As the economy accelerates the reopening and the financial conditions reverse their recent tightening, there is likely to be a shift into those areas that benefit from a broader and more vibrant recovery." Imbert, Bloom 8:14 am: NYSE partially reopens Select traders and personnel returned to the New York Stock Exchange floor on Tuesday for the first time since March 23. There are slated to be about 80 floor brokers at the exchange, which is about 25% of the pre-pandemic level. NYSE President Stacey Cunningham said repeatedly during the intervening period that the floor would reopen as soon as it was safe to do so, arguing that the in-person experience made trading more efficient. Pound, Pisani 8 am: U.S. oil on track for best month ever West Texas Intermediate, the U.S. oil benchmark, is on track for its best month ever after an increase in demand as well as ongoing production cuts have lifted prices. WTI gained 79 cents on Tuesday, or 2.4%, to trade at $34.04 per barrel, bringing its month-to-date gain to more than 70%. International benchmark Brent crude rose 1.5% to trade at $36.06 per barrel. Still, WTI is well below its January high of $65.65 per barrel, and experts warn that factors including a second wave of coronavirus cases could prompt a return to historic lows. Stevens 7:58 am: Reopening stocks rip higher Shares of stocks positioned to benefit from the economy reopening rose in premarket trading on Tuesday. Airlines were a big winner with United Airlines jumped more than 7%. Delta and American Airlines rose more than 6%. Southwest rallied 6.5%, helped by an upgrade to buy at UBS. Cruise lines Carnival and Norwegian Cruise Line rose 9.3% and 8.8%, respectively. Retailers and restaurant companies also jumped, with hopes consumers will return to their stores and dining rooms. TJX Companies rose 2.3% and Nordstrom popped more than 3%. Darden Restaurants ticked nearly 4% higher. Casino stock MGM Resorts gained more than 7% before the bell. Fitzgerald 7:47 am: S&P 500 set to reach key level Tuesday's gains set up the S&P 500 on track to reach or break its 200-day moving average for the first time since March 5. S&P 500 futures implied a gain of more than 50 points at the open. That would put the broader-market index close to its 200-day average of 2,999.81. Breaking above that level could signal a change in the market's long-term trend from bearish to bullish. Imbert 7:37 am: Stocks run higher on positive news on vaccines and reopenings Wall Street latched onto more positive news Tuesday on the coronavirus front, with progress made both on the reopening of several states and progress made towards a vaccine. On the medical front, Novamax said it has started a human study of its vaccine, while Merck added that it is in collaboration with scientific research organization IAVI to develop a potential vaccine. Testing also accelerated, with nearly 500,000 reported Monday and a new low of 3.8% positives, according to Tom Lee at Fundstrat. At the same time, New Jersey continued its steps forward, reopening its beaches over the Memorial Day weekend largely without incident. Overall, states that reopened prior to May 1 have seen a 29% reported drop in cases over the past three weeks. Futures popped on the combination of positive news and pointed to a 500-point in the Dow two hours before the market open. Cox 7:26 am: Southwest shares jump after UBS upgrades to buy Shares of Southwest jumped more than 6% during Tuesday's premarket trading after UBS upgraded the stock to a buy rating. "We see a clearer path for domestic traveland have started to see enough evidence of LUV's cash burn reduction that some of the tail risk is removed," the firm said. UBS also said that the company has the clearest balance sheet restoration and fundamental valuation among the group. The firm's 12-month price target of $41 is about 42% above where the stock currently trades. Last week, Southwest said that new bookings began to outpace cancellations. Shares of the airline have dropped 46% this year. Stevens 7:24 am: Stock futures rally on coronavirus vaccine hopes U.S. stock futures were sharply higher on Tuesday morning as traders grew more optimistic about the prospects of the economy successfully reopening and a potential coronavirus vaccine. Dow Jones Industrial Average futures traded about 500 points higher, or 2%. S&P 500 and Nasdaq 100 futures gained 1.8% and 1.6%, respectively. Stocks that would benefit from the reopening of the economy led the sharp gains. Carnival, MGM Resorts and United Airlines all rose at least 6.8%. With reporting by Jeff Cox, Jesse Pound and Bob Pisani. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
Treasury yields rise as coronavirus vaccine hopes drive risk-on sentiment - CNBC
U.S. government debt prices were lower on Tuesday in a holiday-shortened week, with mounting optimism about a coronavirus vaccine driving some risk-on sentiment from investors.
U.S. government debt prices were lower on Tuesday in a holiday-shortened week, with mounting optimism about a coronavirus vaccine driving some risk-on sentiment from investors. At around 4:25 a.m. ET, the yield on the benchmark 10-year Treasury note was up at 0.6949% and the yield on the 30-year Treasury bond rose to 1.4129%. Yields move inversely to prices. American biotech company Novavax said Monday that it had started the first human study of its experimental coronavirus vaccine, with initial results on safety and immune responses expected in July. The news followed Moderna's announcement last week that all 45 patients in its vaccine trial had developed coronavirus antibodies. As states look to tentatively reopen their economies, the U.S. has now confirmed more than 1.6 million cases of the virus, resulting in more than 98,000 deaths, according to Johns Hopkins University. Investors will also keep an eye on a flaring of trade tensions between the U.S. and China, with disputes over blame for the coronavirus pandemic and new Hong Kong security laws threatening to derail the landmark "phase one" trade agreement signed in January. On the data front, S&P/Case-Shiller home price readings for March are due at 9 a.m ET Tuesday, before April's new home sales figures at 10 a.m. ET. Auctions will be held Tuesday for $63 billion of 13-week Treasury bills, $54 billion of 26-week bills, $65 billion of 42-day bills and $44 billion of 2-year notes.
Hong Kong demand for VPNs surges on heels of China's plan for national security laws - CNBC
Atlas VPN said installations of the tool that helps people bypass web restrictions surged again on Friday, up more than three-fold from the previous day, while search interest in the keyword term "VPN" rocketed 1,680% on May 21 from a day earlier.
Demand for virtual private networks in Hong Kong surged more than six-fold last Thursday as Beijing proposed tough new national security laws for the financial hub, reflecting concerns over internet privacy, according to a VPN provider. Atlas VPN said installations of the tool that helps people bypass web restrictions surged again on Friday, up more than three-fold from the previous day, while search interest in the keyword term "VPN" rocketed 1,680% on May 21 from a day earlier. Search interest in the word "VPN" hit a record high on Friday, it added, citing data from Google Trends. Hong Kong returned to Chinese rule in 1997 and is governed under a "one country, two systems" formula that guarantees it a high degree of autonomy not seen in mainland China, including freedom of expression. The former British colony also enjoys unrestricted internet access, unlike on the mainland where the likes of Google, Facebook and Twitter are blocked. Beijing's plans to directly enact national security legislation sent a chill through financial markets and drew a swift rebuke from foreign governments, international human rights and privacy groups, who fear it could lead to increased surveillance and censorship. Hong Kong police said they arrested more than 180 people on Sunday, when authorities fired tear gas and water cannon to disperse anti-government protests over the planned security legislation. "If Hong Kong falls under the same digital restrictions as Chinese citizens in the near future, then we can expect an even higher interest in VPN services," said aid Rachel Welsh, Chief Operating Officer of Atlas VPN. The security legislation aims to tackle secession, subversion and terrorist activities and could see Chinese intelligence agencies set up bases in Kong, one of the world's leading financial hubs. Hong Kong and mainland Chinese officials have sought to reassure investors their interests would not be harmed and said the laws would only target a minority of "troublemakers" who had posed "imminent danger" to China's national security.
Knicks legend Patrick Ewing out of the hospital after testing positive for coronavirus - CNBC
The basketball Hall of Fame member revealed Friday that he had become infected, NBC News reports.
Basketball legend Patrick Ewing has been released from the hospital and is resting at home after having tested positive for the coronavirus, his family said Monday. "I want to thank all of the doctors and hospital staff for taking care of my father during his stay, as well as everyone who has reached out with thoughts and prayers to us and since his diagnosis," his son Patrick Ewing Jr. said in a statement. "My father is now home and getting better. We'll continue to watch his symptoms and follow the CDC guidelines. I hope everyone continues to stay safe and protect yourselves and your loved ones." More from NBC News:Big changes coming to public pools this summer as communities face tough choice on reopening'I'm looking for the truth': States face criticism for COVID-19 data cover-upsCountries try 'travel bubbles' to save post-lockdown tourist season The elder Ewing, the men's basketball coach at Georgetown University, who was inducted into the Naismith Memorial Basketball Hall of Fame in 2008, revealed Friday that he had tested positive for the coronavirus and was being treated at a local hospital. Ewing, 57, just completed his third season as coach at his alma mater. No other members of the team or the staff have tested positive, Georgetown said. Ewing, a 7-foot center, played 17 seasons in the NBA, 15 for the New York Knicks. He was an 11-time All-Star. No other Knicks player has ever scored more points, grabbed more rebounds or blocked more shots than Ewing. He's the all-time leader in rebounds and blocked shots at Georgetown and No. 2 in career scoring.
Novavax starts clinical trial of its coronavirus vaccine candidate - CNBC
Novavax said on Monday it has started the Phase 1 clinical trial of a novel coronavirus vaccine candidate and has enrolled the trial's first participants, with preliminary results slated for July.
Novavax said on Monday it has started the Phase 1 clinical trial of a novel coronavirus vaccine candidate and has enrolled the trial's first participants, with preliminary results slated for July. The Maryland-based late-stage biotechnology company in April said it identified the candidate, NVX-CoV2373, with which it planned to use its Matrix-M adjuvant to enhance immune responses. Adjuvants are mainly used to make vaccines induce a strong immune response, including through the greater production of antibodies, and provide longer-lasting protection against viral and bacterial infection. Novavax said it expects preliminary immunogenicity and safety results from the trial in July. The announcement comes as drugmakers pause clinical trials for other ailments and race to find an antidote for Covid-19, the illness caused by the novel coronavirus which has infected more than 5.3 million people worldwide and killed over 343,000. Novavax said, upon successful completion of Phase 1, the Phase 2 portion of the trial will be conducted in several countries, including the United States. The Phase 2 trial will assess immunity, safety and Covid-19 disease reduction in a broader age range, Novavax said.
Best Buy's earnings fall in first quarter, after initial sales surge during pandemic - CNBC
The retailer had a surge of sales during the early weeks of the pandemic, but later furloughed about 51,000 employees and took other cost-cutting measures.
Best Buy said Thursdayits revenue and earnings fell in the first quarter, despite an initial surge of shopping as customers set up their home offices and prepared for kids to attend school remotely during the pandemic. The retailer's sales were also affected later in the quarter, as it decided to shut stores to customers and switch to only curbside pickup outside of them. It also temporarily suspended all in-home installations and repairs. Best Buy shares fell about 2% in premarket trading Thursday. CEO Corie Barry touted the company's ability to adapt and keep serving customers, even as it restricted access to its stores. She said it retained about 81% of last year's sales during the last six weeks of the quarter "even though not a single customer set foot in our stores." "The strong sales retention is a testament to the strength of our multi-channel capabilities and the strategic investments we have been making over the past several years," she said in a news release. Online sales shot up in the U.S. by 154.4% from a year earlier, but that became the only way for customers to shop at Best Buy. Here's what Best Buy reported for the first quarter ended May 2:
- Earnings per share: 67 cents, adjusted
- Revenue: $8.56 billion
- Same-store sales: down 5.3%
AstraZeneca receives $1 billion in US funding for Oxford University coronavirus vaccine - CNBC
AstraZeneca has agreed to initially supply at least 400 million doses of Oxford University's coronavirus vaccine and secured total manufacturing capacity to produce 1 billion doses.
AstraZeneca has received more than $1 billion from the U.S. Health Department's Biomedical Advanced Research and Development Authority (BARDA) to develop a coronavirus vaccine from the University of Oxford. The British-Swedish drugmaker has agreed to initially supply at least 400 million doses of the vaccine and secured total manufacturing capacity to produce 1 billion doses, with first deliveries in September. AstraZeneca's development program of the vaccine includes a phase three clinical trial with 30,000 participants and a pediatric trial. Pascal Soriot, CEO of AstraZeneca, said the drugmaker would do everything in its power to make the vaccine "quickly and widely available." The coronavirus has now infected over 5 million and killed 328,227 people worldwide, according to data compiled by Johns Hopkins University. On Sunday, the British government announced it was putting £65.5 million ($79 million) in fresh funding toward the development of the Covid-19 vaccine, with 30 million doses expected to be rolled out as early as September. The University of Oxford announced it had partnered with AstraZeneca in April, to allow the drugmaker to develop and distribute the vaccine being researched by the Jenner Institute and Oxford Vaccine Group. Human trials began last month on over 1,000 volunteers in the south of England and AstraZeneca said in this latest announcement that data from the trials was "expected shortly which, if positive, would lead to late-stage trials in a number of countries." Although, given that no trial data has been released, we do not yet know if the vaccine will be effective and AstraZeneca has said it recognizes that it may not work. On Monday, U.S. drugmaker Moderna released positive data from its phase one human trial on its potential vaccine, in development with the U.S. government. Health-care publication STAT then reported Tuesday that vaccine experts were skeptical of Moderna's new data. However, Moderna Chairman Noubar Afeyan told CNBC Wednesday that the drugmaker would never put out coronavirus vaccine data that was different from "reality." Moderna said earlier in May that it was wrapping up the phase one trials and was moving to start phase two trials, expecting phase three to begin in July. If the vaccine was found to be safe to use, Moderna said it could be ready for the market in early 2021. BARDA has also provided funding for one of the two vaccines being developed by French pharmaceuticals company Sanofi, which it is working on with U.K. drugmaker GlaxoSmithKline, according to Reuters in a report which said there are more than 90 vaccines being developed around the world, with eight in clinical trials. CNBC's Chloe Taylor and Berkeley Lovelace Jr. contributed to this article.
Macy's forecasts a first-quarter loss of up to $1.1 billion, with stores shut from coronavirus outbreak - CNBC
Macy's expects first-quarter sales to fall by as much as 45%, and it could report a loss of more than $1 billion, as the department store operator was forced to shut stores amid the Covid-19 crisis.
Macy's said Thursday it expects first-quarter sales to fall by as much as 45%, and it could report a loss of more than $1 billion, as the department store operator was forced to shut stores amid the Covid-19 crisis. Its shares were recently falling about 1% in premarket trading on the news. The company also said in an investor presentation, walking through its first-quarter forecast, that it expects to have "sufficient liquidity" to execute on its 2020 priorities. Macy's is expected to report fiscal first-quarter earnings on July 1, the company previously said, as the pandemic has disrupted its business and delayed the reporting process. Macy's said it expects to report an operating loss of between $905 million and $1.11 billion, compared with net income of $203 million a year ago. And it has forecast first-quarter sales to be in the range of $3 billion to $3.03 billion, down from $5.50 billion a year ago. "We expect business to recover gradually," CEO Jeff Gennette said in a statement. Macy's stores were temporarily shut during the coronavirus pandemic on March 18, and are just beginning to reopen across the U.S., in states including South Carolina and Georgia. As of this week, Macy's said roughly 190 of its namesake department stores and Bloomingdale's shops have fully reopened. The company said another 80 Macy's stores will be open for the upcoming Memorial Day weekend. It said it expects to have most of its locations open again by late June. "With two weeks of results from reopened stores, customer demand is moderately higher than we anticipated," Gennette said. He added that the company saw a "steady uptick" in online sales during April, but that "only partially offset the loss of sales from the stores." Meantime, Macy's has been well into the financing process to raise debt, to come up with additional liquidity to weather this crisis. "We notified our banking partners early on of our plans to access additional financing, and this process is on track," Gennette said Thursday. "We are confident we will obtain this financing before it is needed, allowing us to improve our financial flexibility." The company is estimating it will end the first quarter with $1.52 billion in cash on hand, compared with $737 million a year ago. It expects the total debt on its balance sheet to be $5.66 billion, compared with $4.72 billion a year ago. Macy's has also appointed Felicia Williams, who currently serves as senior vice president, controller and enterprise risk officer, as interim CFO, effective May 31. As the company previously announced, current CFO Paula Price is set to depart at the end of this month. Macy's shares as of Wednesday's market close are down more than 70% this year. The company has a market cap of $1.6 billion. Read the full press release from Macy's here.