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The Dow Jones Industrial Average closed at 444.23 points, or 0.99%, at 44,303.40 on Friday, February 7. The S&P 500 closed at 6,025.99 on Friday, February 7, down 57.58 points, or 0.95%. The Nasdaq Composite closed at 19,523.40 on Friday, February 7, down 268.59 points, or 1.36%.On February 8, the balance of outstanding consumer debt in the United States unexpectedly hit a record high in December, reflecting the rise in credit card balances and non-revolving credit. According to data released by the Federal Reserve on Friday, total consumer credit increased by $40.8 billion in December, and the November data was revised to a decrease of $5.4 billion. The figure exceeded the estimates of all economists surveyed by Bloomberg. The data is not adjusted for inflation. The balance of outstanding credit cards and other revolving debt increased by $22.9 billion, greatly reversing the decline in the previous month.U.S. Commodity Futures Trading Commission (CFTC): Speculators net long positions in COMEX silver increased by 11,052 contracts to 37,370 contracts.U.S. Commodity Futures Trading Commission (CFTC): As of the week ending February 4, speculators net long positions in COMEX gold decreased by 366 contracts to 230,226 contracts.The three major U.S. stock indices widened their losses in late trading, with the Nasdaq down 1.4%, the Dow down more than 1% and the S&P 500 down nearly 1%.

Novavax Reduces Its Full-year Revenue Forecast Due to Sluggish Demand

Haiden Holmes

Nov 09, 2022 15:55

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Novavax (NASDAQ:NVAX) decreased its full-year revenue guidance for the second time in three months on Tuesday as a result of a global supply glut in COVID-19 vaccine and declining demand.


The company now expects its annual revenues to fall within the lower half of its earlier forecast range of $2 billion to $2.3 billion.


Novavax reduced its revenue forecast for the year in August, since the business did not expect to sell any additional COVID-19 vaccine in the United States this year.


Filip Dubovsky, the chief medical officer of Novavax, stated on a conference call with investors that the company is "moving forward" with the development of a vaccine against Omicron sub variants BQ.1 and BQ.1.1, which would also be formulated as a bivalent vaccination with another coronavirus strain.


Dubovsky noted that Novavax intends to get the vaccine ready by the second quarter of 2019 in time for an expected surge in cases in the southern hemisphere.


Novavax stated Tuesday morning that its COVID-19 vaccine has been modified for the Omicron BA.


In advanced study, one variant generated a substantial immune response at the fourth dose, meeting the strain swift's main purpose.


The shares of the Maryland-based firm surged by nearly 1 percent in afternoon trading after the company reported third-quarter revenues that were above analyst projections.


Last week, Pfizer Inc. (NYSE:PFE) increased its annual COVID vaccination sales projection. After the government ceases buying doses and sales move to the private sector, the company intends to almost double the price of the vaccine injection in the United States in order to combat declining sales.


Even though more than 640 million COVID-19 doses have been distributed in the United States, just 43,540 Novavax vaccines have been delivered as of November 2, according to the most current government figures.


In October, the U.S. Food and Drug Administration authorized the COVID-19 vaccine as a booster for adults, in addition to its existing clearance as a primary two-shot regimen for those 12 and older.

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