Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management 
 

Hedge fund Melvin Capital has been hit hard by a series of short bets to start the year, down nearly 30% for 2021 through Friday, people familiar with the firm said.

 
GameStop Stock Surges to Record 
 

GameStop shares surged before pulling back and giving up much of their gains, the latest sign that frenetic trading by individual investors is leading to outsize market moves.

 
Moderna Developing Booster Shot Against Strain First Identified in South Africa 
 

Moderna said its Covid-19 vaccine appeared to protect against emerging strains in lab tests, but due to a weaker immune response, the company will develop a booster shot targeting the variant first identified in South Africa.

 
UPS to Sell Freight Trucking Business for $800 Million 
 

United Parcel Service has agreed to sell its freight business to rival TFI International, saying it plans to focus on the soaring small-package-delivery business.

 
Merck Scraps Covid Vaccine Candidates 
 

Merck is halting development of its two experimental Covid-19 vaccines, after early clinical-trial data showed the shots generated disappointing immune responses against the virus.

 
Google Pursues Plan to Remove Third-Party Cookies 
 

The Alphabet unit is pushing forward with its plan to remove a widely used tracking technology from its Chrome web browser, despite complaints from rivals that rely on it to target ads at individuals.

 
Kimberly-Clark Stock Gains on Earnings, Dividend Increase 
 

The results highlight how consumers are still flocking to trusted brands during the Covid-19 pandemic.

 
NBCUniversal's Peacock to Become WWE's Exclusive Streaming Home 
 

World Wrestling Entertainment content will move to Peacock starting March 18 in a deal worth more than $1 billion.

 
Diamond Offshore Strikes Restructuring-Plan Agreement 
 

The restructuring plan would cut more than $2.1 billion of the contract driller's debt.

 
New Yorker Gives Back National Magazine Award 
 

The New Yorker magazine has given back a National Magazine Award for an article about Japan's "rental family" industry, the first return of an award in the 55-year history of the magazine industry's highest honor.

(END) Dow Jones Newswires

January 25, 2021 15:15 ET (20:15 GMT)