Tech stocks sink the wider market.Dow rises
New York tech companies lowered the Wall Street index on May 4, further lowering the market from recent record highs.
The S & P 500 fell 0.7%, offsetting the rise from last week. Leading tech companies such as Apple and Microsoft have fallen as the sector has declined for the sixth straight day. Losses from telecommunications and consumer-dependent companies also weighed on the market, offsetting profits from financial, industrial and material stocks. Treasury yields have fallen slightly.
The Dow Jones Industrial Average performed better than the other major indices. It recovered from an initial stumbling block to close 0.1 percent.
Investors continue to focus on measuring earnings and the progress of economic recovery. While earnings and most economic indicators show steady improvement, investors remain concerned about the protracted threat of COVID-19, inflation and other factors that could impede progress. A key concern was the recovery of the job market. Investors will get another update in this week’s job report.
“The overall market is down, but technology is even worse,” said Ross Mayfield, investment strategist at Baird. “The big picture is that revenue growth is high and we have high expectations,” he said.
Vaccine sales force Pfizer throughout the quarter
New York Pfizer released its 2021 financial forecast after surpassing Wall Street’s first-quarter forecast, supported by a significant increase in COVID-19 vaccine sales and strong performance in most of the company. It has been raised significantly.
BioNTech, a German partner for pharmaceutical companies and vaccines, continues to have double vaccination contracts with multiple countries. They had first-quarter sales of $ 3.46 billion and are expected to generate about $ 26 billion annually, up from the previously forecast of about $ 15 billion.
The two companies will soon be vaccinated by the United States and the EU, vaccinated between the ages of 12 and 15, and will continue to test the vaccine in other patient groups, including pregnant women and children between the ages of 6 months and 11 years. There is a possibility.
Partners are also testing the effectiveness of vaccine booster shots. This may be needed each year to keep people immune for a long time and protect people from numerous new coronavirus variants that can spread more easily or become more deadly. .. And they are developing new vaccine versions that have longer shelf life and do not need to be stored frozen.
Pfizer reported a net profit of $ 4.88 billion on Tuesday, from $ 3.36 billion in the first quarter of 2020, when the global coronavirus pandemic began to cause a blockade, seeing doctors and new prescriptions for other drugs Has decreased significantly. Revenue was $ 14.58 billion, easily above the projected $ 13.49 billion.
CVS outlook will be rosy after a big quarter
New York CVS Health raised its 2021 forecast, surpassing Wall Street’s first-quarter forecast. This is because the offsetting of the growing insurance business has hit healthcare giants from the cold and flu season.
The company covered more people through Medicaid and Medicare Advantage, and adjusted operating profit from health insurance surged nearly 20% to $ 1.78 billion in the first quarter.
CVS Health announced on May 4 that it has contributed to the drugstore business by conducting more than 23 million COVID-19 tests and 17 million vaccinations by April.
But the pandemic also confused the business with CVS. During the weak seasons of cough, cold and flu, the company’s drugstore business and the pharmacy benefit management business, which implements drug plans for large customers such as insurance companies and employers, are affected by wearing masks and social distance. Both had a negative impact on sales.
CVS drugstores also faced tough sales compared to the first quarter of last year, when customers stocked up pharmacy equipment during a pandemic.
CVS operates one of the largest drugstore chains in the country with approximately 10,000 retail stores. We also provide health insurance to more than 23 million people through the Aetna division.
Overall, net income for the quarter ended March 31 increased by nearly 11% to $ 2.22 billion. Revenue increased by more than 3% to $ 69.1 billion.
Boeing is the new Va. Donate $ 50 Million to Tech Campus
Arlington Boeing, Virginia, has donated $ 50 million to Virginia Tech to help launch a graduate technology campus for schools in northern Virginia.
Virginia Tech announced a multi-year donation to the Alexandria campus on Tuesday to recruit and fund poorly serviced kindergarten to high school students who want to pursue a high-tech degree and career. He said he would offer a program. This gift matches the largest ever made to a Blacksburg-based university.
The Washington Post reported that Boeing CEO David Calhoun, a graduate of Virginia Tech, said the company wanted to be “one of the earliest players on campus.” Gifts are intended to promote a skilled and diverse workforce.
Construction of the Virginia Tech Innovation Campus is scheduled to begin in the fall, with the first building scheduled to open in 2024. This initiative aims to grow into approximately 750 master’s and 200 doctoral students.
Trade gap reaches record $ 74.4 billion in March
Washington The US trade deficit surged to a record $ 74.4 billion in March as improvements in the US economy boosted the purchase of imported foreign goods.
The Commerce Department reported on Tuesday that the deficit, the gap between what the US buys abroad and what it sells to other countries, was 5.6 percent larger than the February gap.
Imports increased 6.3% to $ 274.5 billion and exports increased 6.6% to $ 200 billion. Imports increased significantly on a dollar basis, as the United States imports far more than exports.
The politically sensitive trade deficit with China increased 11.6% to $ 27.7 billion, which, as always, was the largest deficit in any country.
Under Armor Settles SEC Proceedings for $ 9 Million
New York sportswear company Under Armor has settled with the Securities and Exchange Commission and fined $ 9 million in connection with misleading investor earnings growth from the third quarter of 2015 to the fourth quarter of 2016 Authorities said Monday that they had agreed to pay.
According to SEC Filing, Under Armor used a “pull forward” sales tactic to generate $ 408 million in revenue from existing orders. The SEC said it issued a positive statement on revenue growth and the factors contributing to revenue growth without revealing the significant impact of the use of pull-forward tactics on revenue.
Under Armor said in a statement that the settlement was related to the company’s disclosure and included a claim from the SEC that sales during these periods did not comply with “generally accepted accounting principles.” Said not.
“The company did not approve or deny the SEC’s accusations. The settlement resolves all outstanding SEC claims,” the Baltimore company said.
Under Armor has agreed to discontinue the practice and cease it, the SEC said in its filings.
Hyundai recalls vehicle due to potential engine fire
Detroit Hyundai has recalled more than 390,000 vehicles in the United States and Canada on two issues that could cause an engine fire. In one recall, the owner is told to park the car outdoors until repairs are made.
The largest recall targets more than 203,000 Santa Fesport SUVs from 2013 to 2015. Some have been recalled for the second time. Brake fluid can leak into the antilock braking computer, causing an electrical short circuit and leading to a fire. Owners should park outdoors and stay away from structures until the issue is resolved, according to a document posted Tuesday by the US Department of Transportation Road Traffic Safety Administration.
The dealer will replace the fuse and replace the computer if necessary. Owners will be notified in June.
Another recall covers approximately 187,000 2019-2020 Elantras and 2019-2021 Konas and Velosters. All are equipped with a 2-liter engine.
The piston rings may not have been properly heat treated and may cause engine damage, oil leaks and fire. The dealer will inspect and replace the engine as needed. It also installs piston noise detection software. Owners will be notified in late June.
Gap to sell the intermix chain to a buyout company.
NEW YORK Gap Inc. has signed an agreement to sell the luxury clothing chain Intermix to private equity firm Altamont Capital Partners.
Gap said Tuesday that Altamont plans to acquire the entire intermix business, including all store leasing, e-commerce and assets. Intermix operates 31 stores. The purchase price has not been disclosed.
The move is because Gap, based in San Francisco, is trying to streamline its portfolio of brands to focus on Old Navy, Banana Republic and Athleta, as well as the business of the same name. Gap signed an agreement last month to sell children’s clothing chains Janny and Jack to Go Global Retail, which invests in fashion and consumer brands. Gap bought the chain in 2019.
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