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Yahoo BusinessOct 23, 2020
AstraZeneca resumes U.S. COVID-19 vaccine trial and next week J&J prepares to do same
The news signaled progress against the novel coronavirus that has infected more than 41 million globally, including 8 million Americans and comes 10 days before a U.S. presidential election that may hinge on plans https://www.reuters.com/article/us-usa-election/biden-warns-on-coronavirus-surge-trump-heads-to-florida-in-campaign-sprint-idUSKBN2781A4 to fight the pandemic. AstraZeneca, one of the leading vaccine developers, paused its U.S. trial on Sept. 6 after a report of a serious neurological illness, believed to be transverse myelitis, in a participant in the company's UK trial. J&J paused its large, late-stage trial last week after a study participant became ill.


MarketWatch MarketPulseOct 23, 2020
Outback Steakhouse parent shares sink, presenting a 'buying opportunity,' analysts say
Bloomin' Brands Inc. sank 8.3% in Friday trading, which presents a "buying opportunity," according to Raymond James analysts. Before the opening bell, the restaurant company reported a third-quarter net loss of $17.6 million, or 20 cents per share, after net income of $9.2 million, or 11 cents per share, last year. An adjusted loss of 12 cents per share was narrower than the 32-cents-per-share loss FactSet forecast. Revenue of $771.3 million was down from $967.1 million last year and ahead of the $753.0 million FactSet consensus. U.S. comparable sales at Outback Steakhouse were down 10.4%, Carrabba's Italian Grill fell 9% and Bonefish Grill sank 22.5%. Bloomin' didn't furlough its workers during the first stages of the coronavirus pandemic, a decision that David Deno, the company's chief executive said was "paying off" in a statement. "Across the U.S. portfolio, we experienced consistent weekly sales momentum throughout the third quarter as we adapted to this evolving environment," he said, highlighting that the company was able to hold on to 50% of the off-premise volume it had when restaurants were closed even as dining rooms reopening during the third quarter. Bloomin' did not provide guidance due to the uncertainty of the pandemic. "[S]ales concerns seem to overlook the better-than-expected recovery in absolute sales volumes, which continued to grow sequentially in October," analysts said. Raymond James rates Bloomin' shares strong buy with a $21 price target. Bloomin' stock has fallen 26.4% for the year to date while the S&P 500 index is up 7.2% for the period.

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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