Moderna, Exxon, Alphabet, Amazon: Stocks That Defined the Week
December 18 2020 - 8:47PM
Dow Jones News
By Erik Holm and Francesca Fontana
Moderna Inc.
U.S. health regulators late Friday permitted use of Moderna's
Covid-19 vaccine, the second shot to get the green light to help
end the pandemic. The Food and Drug Administration's authorization
comes a week after the agency authorized the first shot in the
U.S., from Pfizer Inc. and its partner BioNTech SE. Moderna, a
ten-year-old biotech that has never had a product cleared by the
FDA, expects to deliver a total of 20 million doses by the end of
December. Moderna shares rose 5.1% Thursday when an advisory panel
cleared the way for Friday night's authorization.
Exxon Mobil Corp.
Exxon is going green(ish). The Texas-based oil giant pledged
Monday to reduce greenhouse-gas emissions from its operations over
the next five years and eliminate routine flaring, or burning, of
methane from its oil-and-gas operations in the next decade. "We
respect and support society's ambition to achieve net zero
emissions by 2050, and continue to advocate for policies that
promote cost-effective, market-based solutions to address the risks
of climate change," Exxon Chief Executive Darren Woods said. The
targets stop short of pledges by European peers, including BP PLC
and Royal Dutch Shell PLC to reach net-zero carbon emissions --
efforts Mr. Woods previously called a "beauty competition." Exxon
shares fell 3.6% Monday.
Alphabet Inc.
Ten states sued Google Wednesday, accusing the search giant of
running an illegal digital-advertising monopoly and enlisting rival
Facebook Inc. in an alleged deal to rig ad auctions. The following
day, 38 states joined in an antitrust lawsuit that alleged the
Alphabet Inc. unit maintained monopoly power over the
internet-search market through anticompetitive contracts and
conduct. Thursday's suit asks the court to move to prevent Google
from harming competition, "including but not limited to structural
divestitures." The Justice Department filed a similar suit Oct. 20.
Alphabet shares fell 0.9% Thursday.
Boeing Co.
Boeing is taking a closer look at some of its 787s. The plane
maker has expanded inspections of newly produced Dreamliners after
finding more manufacturing defects., holding up deliveries. These
delays threaten to add to Boeing's financial strain as it struggles
with fallout from the pandemic, which has sapped global demand for
air travel and passenger jets. The wide-body Dreamliner passenger
jets, which Boeing first delivered in 2011, have an excellent
safety record, but the latest defects mark the fourth assembly-line
lapse in recent months. Delivery data shows that November was the
only month since 2013 without a Dreamliner delivery, other than
May, when the pandemic forced Boeing to briefly close production
facilities. Boeing shares fell 0.7% Monday.
AstraZeneca PLC
AstraZeneca is branching out. The British drug giant agreed to
buy Boston-based Alexion Pharmaceuticals Inc. for $39 billion in
cash and stock, a move to bolster its footprint in the lucrative
field of rare-disease drugs. The bulk of Alexion's $6 billion in
annual sales comes from Soliris, which treats a rare blood
disorder. . At an average annual cost of about $600,000, it is
among the most expensive drugs in the world. Still, Soliris's
patent protection is waning, and the drug faces potential
competition that could undercut sales, so Alexion has been working
to persuade doctors to switch their patients to a new drug called
Ultomiris that is protected from U.S. competition until at least
2030. The company says the advantages of Ultomiris over Soliris
include less frequent shots and a lower price. The average annual
cost of Ultomiris is about $458,000. American depositary shares of
AstraZeneca fell 7.8% Monday.
Amazon.com Inc.
A union movement is under way in Alabama. Workers at an Amazon
warehouse in Bessemer, Ala., received approval Wednesday to hold a
unionization vote, the first such election within Amazon since
2014. A majority of the workers would have to choose unionization
for the employees to gain representation. The Alabama warehouse has
about 1,500 full- and part-time employees, according to the union,
although Amazon has argued the total is higher. The date of the
election and other terms have yet to be determined. Labor experts
say a successful campaign by workers could inspire similar efforts
at other Amazon warehouses. The company has more than 800,000 U.S.
employees, second only to Walmart Inc. in the country, as well as
more than 760 facilities in its fulfillment network. Hourly Amazon
workers have never previously formed or joined a union in the U.S.
An Amazon spokeswoman said the company didn't believe "this group
represents the majority of our employees' views. Our employees
choose to work at Amazon because we offer some of the best jobs
available." Amazon shares fell 0.2% Thursday.
General Mills Inc.
General Mills on Thursday said the initial surge in sales it saw
at the start of the pandemic is moderating, but executives there
say they expect the company will continue to benefit from consumers
choosing to eat more at home -- potentially for years. "I am highly
confident people won't be going into the office as much as they
used to; they won't be going on as many business trips," Chief
Executive Jeff Harmening said. In the latest quarter, sales rose 7%
to $4.72 billion. The maker of Cheerios, Yoplait yogurt, Progresso
soup and more said many of its brands have gained market share this
year. Shares rose 1.3% Thursday.
Write to Erik Holm at erik.holm@wsj.com and Francesca Fontana at
francesca.fontana@wsj.com
(END) Dow Jones Newswires
December 18, 2020 20:32 ET (01:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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