Stocks set to open mixed
U.S. stocks are expected to open mixed on Tuesday following a Wall Street rally fueled by Biden’s win and Pfizer (NYSE: PFE)’s announcement of positive early results from its experimental COVID-19 vaccine, saying the vaccine was more than 90% effective in a late-stage study for the treatment of the virus.
Pfizer and its partner BioNTech SE (NASDAQ: BNTX) said they will seek regulatory approval for the vaccine by the end of November, and plan to manufacture and distribute 1.3 billion doses by the end of next year.
By 5:15 a.m. ET, futures for the Dow Jones Industrial Average surged 136.5 points, or 0.47% to 29184.5, while the S&P 500 futures fell 3.88 points to 3,540.12. Futures for the Nasdaq 100 index dropped 132.62 points, or 1.12% to 11,687.88.
Eli Lilly receives FDA EUA for its COVID-19 antibody drug
Eli Lilly (NYSE: LLY) has been granted emergency use authorization (EUA) by the U.S. Food and Drug Administration (FDA) for its monoclonal antibody treatment bamlanivimab for COVID-19 patients who are not hospitalized but are at risk of serious illness due to their age or other conditions.
The FDA gave the authorization on Monday based on data from two Phase 2 trials in 465 non-hospitalized adults showing mild-to-moderate symptoms of COVID-19.
Under the EUA, health care providers can distribute and administer the vaccine intravenously in a single dose, according to a statement issued by the FDA.
The experimental vaccine is authorized for patients who are at high risk, including those aged 65 or above, that test positive for COVID-19, the regulator said.
Eli Lilly shares gained 3.35% to $147.10 in the pre-market trading session.
Amazon expected to face antitrust charges in the EU
Meanwhile, a report published by the Financial Times early Tuesday says that the European Union (EU) competition authority will today announce formal antitrust charges against Amazon (NASDAQ: AMNZ) over how it uses data of third-party sellers on its online retail platform.
European Commission boss Margrethe Vestager is expected to outline her case against Amazon, which centers on its dual role as both a marketplace for third-party vendors and as a rival that sells its own goods.
Sources familiar with knowledge of the matter told the Financial Times EU that the commission has determined that the online retail giant is stifling competition by unfairly using data collected from third-party merchants to improve its own product offerings,
According to the sources, an announcement could be made at 6:30 a.m. Amazon stock was indicated 2.15% lower to $3,076.00 a share in the pre-market trading session.
Beyond Meat slumps as earnings disappoint
On the earnings front, shares of Beyond Meat (NASDAQ: BYND) are tumbling after the company posted a surprise third-quarter loss and weak revenue because of the impact of the coronavirus pandemic.
The plant-based food company said late Monday it had an adjusted loss of 28 cents per share in the quarter, missing analysts’ estimate for earnings of 5 cents per share.
Revenue grew 2.7% on a year-over-year basis to $94.4 million, but missed expectations of $132.8 million.
Beyond Meat shares plunged 19.93% to $120.50 in pre-market trading hours.
