Moderna, Peloton, Microsoft: Stocks That Defined the Week
By Francesca Fontana
Moderna wants to inject its Covid-19 vaccine deeper into sicker
parts of the developing world. The drugmaker said Monday that it
will supply 34 million doses in the fourth quarter of 2021 to the
World Health Organization-backed Covax initiative, an international
program that distributes free shots to poorer nations. The
announcement comes as countries such as India and Brazil report
record numbers of deaths amid a surge of coronavirus infections.
Moderna shares rose 4% Monday.
Two of the world's richest people are ending their marriage
after 27 years. The announcement from Microsoft co-founder Bill
Gates and his wife, Melinda Gates, who is co-chair of their
philanthropic foundation, came on their Twitter accounts Monday.
They filed a divorce petition in Washington state on Monday that
indicated they have a separation agreement under which they plan to
divide their assets. That same day, Bill Gates transferred stakes
in a Coca-Cola bottler, Mexican broadcaster and other companies
worth nearly $2.4 billion to Melinda Gates. Mr. Gates's personal
stake in Microsoft is worth around $26 billion, according to
FactSet. Microsoft shares fell 1.6% Tuesday.
CVS Health Corp.
CVS's vaccination efforts could use a shot in the arm. Demand,
it says, has slowed as Americans' hesitancy to receive the shots
outweighs expanding eligibility and access. The pharmacy chain said
on Tuesday that vaccine demand has fallen by about 30% recently.
Like its rivals, CVS started offering walk-in and same-day
appointments for injections in a bid to improve uptake. Chief
Executive Karen Lynch said stepped-up education on the vaccine's
safety and efficacy is needed to address parts of the population
that are afraid to get the shot. CVS has administered more than 17
million shots. CVS shares gained 4.4% Tuesday.
Peloton Interactive Inc.
Peloton is recalling its Tread+ treadmills after dozens of
injuries and at least one death. The home-fitness company said on
Wednesday it was also halting sales of the model. Chief Executive
John Foley apologized for the company's initial refusal to comply
with federal safety regulators who pushed for the action weeks ago.
The Consumer Product Safety Commission told people with young
children or pets in mid-April to stop using the Tread+ and urged a
recall of the product. Mr. Foley initially called the CPSC advisory
inaccurate and misleading and said the treadmills were safe when
users followed safety recommendations. Peloton shares lost 15%
Uber Technologies Inc.
Hunger for food delivery is helping Uber make up for a slump in
ride-sharing demand. Uber reported on Wednesday that its
first-quarter bookings rose thanks to sustained growth in its
food-delivery business, Uber Eats, which now accounts for nearly
two-thirds of total bookings. Uber executives said they expect the
ride-hailing business to bounce back as vaccinations pick up in the
coming months. But the company acknowledged that it faces a
shortage of drivers as some are still hesitant to ferry passengers
over food. In addition to distributing free personal protective
equipment, Uber is offering incentives for drivers to return, Chief
Executive Dara Khosrowshahi said. Uber shares fell 8.9%
A chicken shortage is causing prices to soar for some
restaurants. After a year promoting takeout wings and crispy
chicken sandwiches, restaurants including Yum Brands Inc.-owned KFC
and Wingstop Inc. say they are paying steep prices for scarce
poultry. Some are running out of or limiting sales of tenders,
filets and wings, cutting into some of their most reliable sales,
while owners of independent eateries and bars say they've gone
weeks without wings, owners say. Chicken suppliers have been
struggling to raise production because they are having trouble
getting enough workers. Wingstop shares lost 1.5% Thursday.
Cinemark Holdings Inc.
A cinema giant is striking back. Cinemark said it reached new
deals with some major Hollywood studios in a move designed to
establish how long movies play in theaters before moving to home
video. The movie-theater company on Friday said it has reached
deals with Warner Bros. Picture Group, Walt Disney Co., Paramount
Pictures and Sony Pictures Entertainment, building on a November
pact with Universal Filmed Entertainment Group. Meanwhile, the
company reported a wider first-quarter net loss because of the
pandemic. In the U.S., 98% of Cinemark's theaters have reopened,
Chief Executive Mark Zoradi said, but the pace of recovery has been
uneven as Covid-19 cases surge in certain parts of the world.
Cinemark shares gained 5.3% Friday.
Write to Francesca Fontana at email@example.com
(END) Dow Jones Newswires
May 07, 2021 18:56 ET (22:56 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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