Moderna Leads S&P 500 as It Undertakes Skin Cancer Vaccine Trial With Merck
38 minutes ago
Moderna (MRNA) was the best-performing stock in the S&P 500 on Monday after the vaccine maker launched a clinical trial of its experimental skin cancer vaccine used in tandem with Merck’s (MRK) Keytruda.
The trial is expected to begin next month and last until April 2029, according to information posted on a government website.
The trial is a continuation of Moderna and Merck’s ongoing collaboration on skin cancer treatments and vaccines. In December, the companies said a personalized vaccine developed by Moderna, when taken with Keytruda, reduced patients’ risk of skin cancer recurring by 49% compared with Keytruda alone.
Moderna shares were up more than 10% in late trading Monday, putting them up 14% this year. Still, the stock has lost more than 75% of its value since peaking in the summer of 2021 amid the rollout of its Covid-19 vaccine, the biotech’s only commercial product.
Merck shares were off about 1% after analysts at Société Générale downgraded the stock to sell, citing the impending expiration of its Keytruda patent.
Duolingo Stock Advances After JPMorgan Initiates Coverage With ‘Overweight’ Rating
1 hr 28 min ago
Shares of education technology company Duolingo Inc. (DUOL) gained Monday as JPMorgan initiated coverage of the provider of language-learning products with an “overweight” rating. The investment bank also set a price target on the stock at $270, about 26% above Friday’s closing price.
Analysts Bryan Smilek and Doug Anmuth pointed to Duolingo’s “freemium” business strategy, saying it helps boost subscriber penetration.
They noted that their “bull thesis” about the company was based on several factors, including strong user growth “driven by product optimizations, gamification/socialization, & social-first marketing strategy.” They also predicted the number of paid subscribers would double to 12.3 million by 2026, arguing that demand will jump for non-native speakers learning English.
Duolingo shares, which rose more than 4% to $222.74 Monday afternoon, hit an all-time high in December but stumbled this year before bouncing back near the end of last month. They’re up about 90% in the past year.
What To Expect From Oracle’s Earnings Report Monday
2 hr 1 min ago
Oracle (ORCL) is set to announce its third-quarter earnings for the 2024 fiscal year after the closing bell on Monday, March 11, which will show how the company’s cloud revenue is faring and could offer insight into its data center expansion to meet demand amid the artificial intelligence (AI) boom.
Analysts project Oracle’s revenue to come in at $13.28 billion for the third quarter of fiscal 2024, up from the previous quarter and year-ago period, according to estimates compiled by Visible Alpha.
Adjusted net income is expected to be $3.87 billion, an increase from $3.38 billion in the fiscal third quarter of 2023, while diluted earnings per share (EPS) are projected at $1.37, compared to $1.22 in the same period a year earlier.
When Oracle reported results for the previous quarter in December, shares fell after the company missed cloud growth expectations. Analysts project revenue for Oracle’s cloud segment at $5.06 billion, which would be a 23% jump from the same period the previous year.
Boeing Stock Falls Following Reports of DOJ Investigation, LATAM Flight Injuries
2 hr 48 min ago
Boeing (BA) shares fell Monday following reports of injuries from a “technical problem” on a LATAM flight involving a Boeing aircraft and a Department of Justice (DOJ) investigation into a Jan. 5 Alaska Airlines (ALK) flight where a door panel came loose from a plane.
The Justice Department has begun interviewing pilots and flight attendants who were on the plane and has taken steps to contact passengers, according to a report by The Wall Street Journal.
Separately, a LATAM Airlines flight arriving in Auckland, New Zealand, on Monday reportedly experienced a “technical event” that caused a “strong movement.” The Boeing 787-9 Dreamliner landed safely, but an estimated 50 passengers and crew were treated for injuries by first responders at the airport.
Boeing shares were 2.9% lower at $192.83 early Monday afternoon. They’ve lost about 26% of their value since the start of 2024 amid concerns about ongoing investigations and other issues.
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