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MarketWatch MarketPulseJan 22, 2020
Novavax stock falls after jumping on virus concerns
Shares of Novavax Inc. tumbled 15% in premarket trading on Wednesday following a day in which growing concern about the new coronavirus sent shares of vaccine developers soaring. On Tuesday after the market closed, Novavax filed an S-1 seeking to sell more than $100 million of its stock. The clinical-stage biotechnology company, which is developing a flu vaccine, told analysts it is developing clones from the new coronavirus as part of the first steps in developing a vaccine to treat the newly identified virus. "We don't expect Novavax will run human trials without non-dilutive government funding," Ladenburg Thalmann's Michael Higgens wrote in a note. "The timing for such support in our view depends on how severe and uncontrolled the 2019-nCoV becomes." Novavax in 2013 had developed a vaccine for Middle East respiratory syndrome (MERS), which is also a coronavirus. This coronavirus was first identified in Wuhan City, China, and has infected more than 300 people and killed at least six more. The Centers for Disease Control and Prevention said Tuesday that a U.S. resident who had traveled to Wuhan and is now in Washington state is currently being treated. He is the first U.S. resident to be diagnosed with the virus. Novavax's stock has fallen 75% over the last year, while the SPDR S&P Biotech exchange-traded fund has climbed 13%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Yahoo BusinessJan 22, 2020
Here's What Analysts Are Saying About Netflix's Latest Earnings
(Bloomberg) -- Netflix Inc. shares edged higher in U.S. pre-market trading, though remain far below 2018 and 2019 highs, after a mixed earnings report that showed overseas growth helping to offset a slowdown at home amid increasing competition from Walt Disney Co. and Apple Inc.Analysts were generally positive about the results and, while first-quarter guidance missed estimates, Piper Sandler analyst Michael Olson said that the forecast may be conservative. Netflix added 8.3 million subscribers internationally in the fourth quarter to surpass 100 million paid memberships outside of the U.S. for the first time.Stifel analyst Scott W. Devitt noted that Disney appeared to have a less meaningful impact in available international markets than in the U.S. Still, the analyst cautioned of the potential impact from the broader rollout of Disney in EMEA toward the end of the first quarter.The stock gained 1.2% to $342 a share at 6.13 a.m. in New York.Here's a summary of what some other analysts had to say.Morgan Stanley, Ben SwinburneOverweight, price target $400Update reinforces bullish long-term view and, going forward, analyst expects 90% of global paid net additions to come from outside the U.S., amid continued elevated domestic churn.Notes that local originals were the most popular titles in 2019 in countries including India, Japan, Turkey, Sweden and the U.K.Guidance for nearly $1bn in free cash flow improvement begins the path toward positive FCF and reinforces confidence in the earnings outloo

MarketWatch MarketPulseJan 22, 2020
FuelCell's stock tumbles after wider-than-expected loss, revenu missed forecasts
Shares of FuelCell Energy Inc. plunged 22% on heavy volume in premarket trading Wednesday, after the fuel cell technology company reported a wider-than-expected fiscal fourth-quarter loss and revenue that fell more than forecast. Trading volume was 8.2 million shares, making the stock the most actively traded ahead of the open. The net loss for the quarter to Oct. 31 was $36.0 million, or 23 cents a share, after a loss of $17.9 million, or $2.31 a share, in the year-ago period. The FactSet consensus for net losses per share was 11 cents. Revenue fell 38% to $11.0 million, reflecting FuelCell's decision to de-emphasize product sales to focus on utility scale power purchase agreement opportunities. That missed the FactSet revenue consensus of $11.5 million. Product sales fell 95% to $500,000, while generation revenue tripled (up 206%) to $5.5 million. Total contract backlog as of Oct. 31 increased 17% from last year to $1.32 billion. The stock, which closed Tuesday at an 8 1/2-month high, has run up more than 9-fold (up 832%) over the past three months, while the S&P 500 has gained 11%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJan 22, 2020
Express' stock surges after unveiling new 'profitable growth' strategy, to close 100 stores in 2 years
Shares of Express Inc. surged 4.1% in premarket trading Wednesday, after the apparel retailer unveiled a new corporate strategy aimed at profitable growth, narrowed its fiscal fourth-quarter profit outlook and said it will close 100 stores by 2022. The company now expects adjusted earnings per share of 17 cents to 19 cents, compared with the previous guidance range of 16 cents to 21 cents. Express said it expects same-stores sales for the quarter to be down approximately 3% from a year ago, versus previous guidance of down 1% to down 3%. The company said the planned store closures would reduce revenue by $90 million by 2022, but that will be offset by the elimination of costs and by leveraging the remaining stores for additional sales. Express said it has identified $80 million in annualized cost savings, including $55 million through workforce reductions and $25 million through process improvement and inventory optimization. The stock has declined 21.0% over the past 12 months through Tuesday, while the SPDR S&P Retail ETF has gained 4.3% and the S&P 500 has climbed 26.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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