Regeneron’s (REGN) shares rose about 3% in pre-market trade after the drug maker received a $ 450 million grant from the United States government to manufacture and supply its double antibody cocktail tested against Covid- 19. The antiviral cocktail, REGN-COV2, is undergoing separate clinical trials to both treat and prevent coronavirus infection. (Reuters)
IN THE NEWS TODAY
According to data from Johns Hopkins University this morning, the total number of infections in the United States was around 3 million, with deaths exceeding 130,300. Cumulative cases worldwide have reached 11.6 million, with more than 538,700 deaths.
Atlanta Mayor Keisha Lance Bottoms, who is slated to become Joe Biden’s running mate, said she had tested positive for the coronavirus. She tweeted Monday that she had no symptoms. Later on CNN, she said that one of her children had also tested positive. (CNBC)
The Trump administration has disclosed many small businesses that have received paycheck protection program loans. Notable recipients included Nobu restaurants supported by Robert De Niro, dozens of last mile delivery companies for Amazon (AMZN), news organizations such as Forbes and The Washington Times, and the brand. of clothes and sneakers from Kanye West, Yeezy. (CNBC & AP)
The United States “plans” to ban TikTok and other Chinese social media applications, Secretary of State Mike Pompeo told Fox News. TikTok, owned by Beijing-based ByteDance, has been on Washington’s radar for the past year, fearing that the platform will censor content and that its data will be accessible to China.
* TikTok announces exit from Hong Kong market in a few days (Reuters)
* US and Hong Kong TikTok users panic as global politics threaten access (CNBC)
* Google, Facebook and Twitter suspend consideration of Hong Kong user data requests (WSJ)
The data analysis software company Palantir Technologies has confidentially filed a public share purchase offer. Large companies and US government agencies use Palantir software. Founded in 2004, Palantir has been among the most valued companies funded by venture capital. (CNBC)
Facebook (FB) CEO Mark Zuckerberg and COO Sheryl Sandberg are scheduled to meet with leaders of three civil rights groups behind the advertising boycott of the company and its affiliate Instagram, the number of companies that have joined at the so-called #StopHateForProfit nearly 1,000. (The Hollywood Reporter)
STOCKS TO WATCH
Quest Diagnostics (DGX), the operator of the medical laboratory, said that the turnaround time for Covid-19 test results has been extended to four to six days for non-priority patients as demand for its diagnostic tests molecular continues to increase.
Humana (HUM), Walgreens (WBA) and McKesson (MCK) join in an advertising campaign encouraging people to return to the doctor’s office for appointments, trying to allay fears of exposure to coronavirus during a visit to the doctor.
The Food and Drug Administration has approved Endo International’s Qwo treatment (ENDP) for moderate to severe cellulite in adult women. Endo said Qwo is the first injectable treatment for cellulite to receive FDA approval. The stock rose in pre-sales.
Vivint Solar (VSLR) has agreed to be purchased by the solar installation company Sunrun (RUN) for $ 1.46 billion in stock. Both stocks jumped in pre-market. Vivint is majority owned by Blackstone (BX).
Sirius XM (SIRI) is close to an agreement to purchase the EW Scripps (SSP) Stitcher podcasting unit, people familiar with the matter who spoke to the Wall Street Journal. The satellite radio operator is said to have paid about $ 300 million for Stitcher.
The State of Wyoming will make an offer on the land and mineral properties belonging to Occidental Petroleum (OXY), after approval by the Wyoming’s State Loan and Investment Board. Occidental is selling assets to reduce the debt it incurred when it last year acquired $ 38 billion from Anadarko Petroleum.
Tesla (TSLA) was higher in Tuesday’s pre-market after Morgan Stanley raised its share price target to $ 650 to $ 740. The electric automaker saw its fourth straight record close at $ 1,371 a share on Monday.
Kansas City quarterback Patrick Mahomes has accepted a 10-year contract extension worth more than $ 400 million, reports said. Mahomes, who led the Chiefs to their first Super Bowl victory in 50 years, is now poised to become one of the highest paid players in the NFL.