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CNBC FinanceJul 13, 2020
Dow futures rise more than 100 points as investors shake off a continued spike in coronavirus cases
The S&P 500 is coming off two consecutive weeks of gains, while the resilience in tech shares pushed the Nasdaq to a new record last week.

MarketWatch MarketPulseJul 13, 2020
Enzo Biochem shares rise on FDA authorization for coronavirus test
Shares of Enzo Biochem Inc. rallied 7.7% in premarket trading on Monday after the company said it received an emergency use authorization from the Food and Drug Administration for its COVID-19 diagnostic test. The regulator issued the EUA on July 7. It has granted emergency authorization to at least 137 diagnostic tests during the COVID-19 pandemic. Enzo's stock is up 8.7% year-to-date. The S&P 500 has declined 1.4% since the start of the year.

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 BusinessJul 13, 2020
Pfizer, BioNTech Score Fast Track Status For Covid-19 Vaccine Candidates
Pfizer Inc (PFE) and BioNTech SE (BNTX) have announced that two of the companies' four investigational Covid-19 vaccine candidates from their BNT162 mRNA-based vaccine program have received Fast Track designation from the U.S. Food and Drug Administration (FDA).Shares in Pfizer are up 3% in Monday's pre-market trading, while BioNTech has soared 9%.The two candidates, BNT162b1 and BNT162b2, are the most advanced vaccine candidates in the BNT162 program currently being evaluated in ongoing Phase 1/2 clinical studies in the United States and Germany.Fast Track is a process designed to facilitate the development, and expedite the review, of new drugs and vaccines to treat or prevent serious conditions with an unmet medical need.This designation was granted based on preliminary data from Phase 1/2 studies that are currently ongoing in the United States and Germany as well as animal immunogenicity studies.The BNT162 program is evaluating at least four experimental vaccines, each of which represent a unique combination of messenger RNA (mRNA) format and target antigen. BNT162b1 and BNT162b2 are both nucleoside modified RNAs, formulated in lipid nanoparticles. BNT162b1 encodes an optimized SARS-CoV-2 receptor-binding domain (RBD) antigen, while BNT162b2 encodes an optimized SARS-CoV-2 full-length spike protein antigen.The "Fast Track designation signifies an important milestone in the efforts to develop a safe and effective vaccine against SARS-CoV-2," cheered Peter Honig of Pfizer, adding:

MarketWatch MarketPulseJul 13, 2020
Amazon, Alphabet stocks rise toward records after Mizuho lifts price targets
Shares of Amazon.com Inc. surged 1.9% and Alphabet Inc. rose 0.9% toward record highs in premarket trading Monday, after Mizuho analyst James Lee raises his price targets, citing the ramp in cloud spending in the financial services, retail and health care industries. Lee raised his target on Amazon's stock by 11% to $3,450 and on Alphabet's stock by 5.8% to $1,650, while keeping his buy ratings on both. "Demand in key verticals such as financial services and retail is accelerating, for the migration to cloud," Lee wrote in a note to clients. "For healthcare, which has been lagging in cloud adoption, we believe it reached an inflection point recently as hospitals are migrating to cloud due to increased demand for telemedicine, CRM and patient database management." Amazon's stock, which has gained in 7 of the past 8 sessions, has soared 47.5% over the past three months through Friday, while Alphabet shares, which have gained in 8 of the past 9 sessions, has run up 27.2%. In comparison, the S&P 500 has climbed 15.3% the past three months.

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.

FT.com - Financial MarketsJul 13, 2020
European shares rise as focus turns to EU recovery fund
Investors brace themselves for this week's EU summit and start of US earnings season

Yahoo BusinessJul 13, 2020
PepsiCo Jumps After Cheetos-Hungry Americans Stock Up on Comfort
(Bloomberg) -- PepsiCo Inc. reported a stronger-than-expected spring as homebound consumers looking for comfort stocked up on snack foods -- and its current-quarter forecast was even more bullish.As Covid-19 raged across the U.S., Americans seeking out familiar flavors filled their shelves with salty, crunchy treats, driving double-digit sales growth for brands like Tostitos, Fritos and Cheetos. Even newer snacks like fruit-chips line Bare and Off The Eaten Path, a maker of black bean and chickpea crisps, saw double-digit growth as households loaded up. Beverage sales were one key weakness, as both in-restaurant and grab-and-go gas station sales lagged during the lockdowns."Our snacks and food business has performed very well, while our beverage business was challenged but continued to improve its competitive positioning," Chief Executive Officer Ramon Laguarta said in pre-recorded remarks about the second quarter. "Consumer eating habits continue to evolve with consumers spending more time at home, which benefits the at-home breakfast, snacking and dinner occasions."PepsiCo shares rose as much as 3.3% in early U.S. trading. The stock was little changed this year through Friday.As one of the first big packaged-food companies reporting results for the spring months, PepsiCo is being closely watched by investors for a look at how consumers are responding to 2020's upheaval. The company is well-positioned because of its high global share of the market for snack foods, according to Bloomberg Intelli

MarketWatch MarketPulseJul 13, 2020
Analog Devices to acquire Maxim Integrated Products in all-stock deal with enterprise value of over $68 billion
Chip maker Analog Devices Inc. said Monday it has agreed to acquire Maxim Integrated Products Inc. in an all-stock deal with a combined enterprise value of over $68 billion. The deal "will strengthen ADI as an analog semiconductor leader with increased breadth and scale across multiple attractive end markets," the companies said in a statement. Under the terms of the deal, Maxim shareholders will receive 63 cents of ADI common stock for each share owned. ADI shareholders will own 69% of the new entity, while Maxim shareholders own the remaining 31%. The combined entity is expected to have revenue of $8.2 billion and free cash flow of $2.7 billion on a pro forma basis. The deal is expected to boost adjusted per-share earnings in 18 months after closing, and to generate cost synergies of $275 million. The deal is expected to close in the summer of 2021. Separately, ADI raised its third-quarter guidance, saying it now expects revenue of about $1.45 billion, plus or minus $30 million. That compares with prior guidance of $1.32 billion, plus or minus $70 million provided on May 20. The company expects adjusted EPS of $1.33, plus or minus 5 cents, compared with earlier guidance for $1.08, plus or minus 11 cents. "The guidance increase is driven by better than expected demand across ADI's end markets with particular strength in Communications and Industrial. This upside in demand has resulted in less cancellations and higher than anticipated backlog conversion," the company said. ADI shares rose 0.9% premarket, while Maxim shares were up 17%.

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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