Moderna, GameStop, Amazon.com: Stocks That Defined the Week
June 11 2021 - 7:00PM
Dow Jones News
By Francesca Fontana
Moderna Inc.
Teens may soon have a second Covid-19 vaccine. Moderna said
Thursday it has asked U.S. health regulators to authorize the use
of its shot for those aged 12 to 17 as Americans continue to get
vaccinated. Moderna and Pfizer also are studying their shots in
children younger than age 12, and the companies said initial
results from that testing could be available by the fall. Moderna
shares fell 0.2% Thursday.
Apple Inc.
Apple is taking another bite out of the digital-advertising
industry. Chief Executive Tim Cook kicked off the company's
weeklong Worldwide Developers Conference on Monday by announcing
new features to help users control how their online data is used by
third parties. Those changes, which will be introduced later this
year, allow users to deny the ability of marketers to see if and
when an email is opened through Apple's Mail app and to hide IP
address information to prevent tracking web usage on the Safari
browser. This comes a year after Apple angered software developers
by saying it would make it harder to track iPhone users' digital
footprints. Apple shares ended flat Monday and rose 0.7%
Tuesday.
GameStop Corp.
GameStop is resetting its leadership team. The company named two
Amazon.com Inc. veterans as its chief executive and chief financial
officer, and shareholders voted Ryan Cohen as chairman. Mr. Cohen,
co-founder of online pet-supplies retailer Chewy Inc., has spent
seven months pushing for GameStop to move more quickly into
e-commerce and away from its bricks-and-mortar roots, among other
initiatives. GameStop's elevated share price has helped it raise
cash for its turnaround plan. The company brought in more than a
half-billion dollars in April from a stock sale. GameStop shares
added 0.9% Wednesday.
Campbell Soup Co.
Shoppers' appetite for Campbell has cooled. The soup maker's
pandemic-fueled surge in demand came to an end in the latest
quarter as some customers returned to restaurants and offices,
while higher costs cut into profits. Food makers received an
unprecedented boost last year from the closures of restaurants,
workplaces and schools that forced people to eat much more at home.
Now, inflationary pressures also are hampering profits for food
manufacturers just as more people are vaccinated against Covid-19
and the U.S. economy reopens. Campbell and others are raising
prices to compensate for higher transportation, commodity and labor
costs. Campbell shares lost 6.5% Wednesday.
United Parcel Service Inc.
Same-day delivery may be en route to UPS. The package-delivery
company is testing the concept, Chief Executive Carol Tomé said
Wednesday. The idea comes as the acceleration of e-commerce has
pushed retailers to add more curbside and same-day delivery
options. Amazon.com Inc., one of UPS's biggest customers, and
Instacart Inc. are among the current providers of same-day
delivery. Food-delivery services such as DoorDash Inc. and Uber
Technologies Inc. also have expanded into groceries during the
pandemic. While UPS and rival FedEx Corp. have long provided
overnight services, they generally don't deliver packages on the
same day they receive them. UPS shares fell 4.2% Wednesday.
Boeing Co.
Soaring domestic air travel is helping Boeing find new homes for
its jets. Major U.S. carriers including United Airlines Holdings
Inc. and Alaska Air Group Inc. are among recent buyers of 737 MAX
planes that went unclaimed after buyers walked away or collapsed
during the pandemic. The purchases have left the Chicago-based
plane maker with around 10 stored MAX aircraft needing buyers. Last
July, it counted around 100. Flights in the U.S. are on average 84%
full amid a surge of summer travel, and carriers have responded by
adding flights, making plans to bring back idled crew and hiring
new pilots and flight attendants. Boeing shares lost 0.4%
Friday.
Amazon.com Inc.
Big Tech may be forced to get a lot smaller. House lawmakers on
Friday proposed bipartisan legislation that could require Amazon
and other tech giants to effectively split into two companies or
shed their private-label products. One of the proposed measures
would mandate structural separation of Amazon, Apple Inc., Facebook
Inc. and Alphabet Inc.'s Google. Another bill targets the ability
of Big Tech to leverage their online platforms to favor their own
products over competitors. Amazon shares fell 0.1% Friday.
Write to Francesca Fontana at francesca.fontana@wsj.com
(END) Dow Jones Newswires
June 11, 2021 18:58 ET (22:58 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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