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 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.
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Air Canada said Wednesday it has removed its Boeing 737 Max fleet from its operating schedule through June 30, following the news from Boeing that it does not expect to get regulatory approval for the fleet to resume flying until mid-year. Air Canada grounded its 737 Max fleet in March in line with international regulations after the aircraft was involved in two fatal crashes.
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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 Johnson & Johnson on Wednesday forecast full-year profit largely below expectations, after posting a rare miss on quarterly revenue as sales of some of its major drugs fell short of Wall Street expectations.
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 Johnson & Johnson on Wednesday
forecast full-year profit largely below expectations, after
posting a rare miss on quarterly revenue as sales of some of its
major drugs fell short of Wall Street expectations.
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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.
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 Sage Group PLC said Wednesday that trading in the first quarter of fiscal 2020 was strong as it benefited from revenue growth and backed its guidance for the full financial year.
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The premarket stock moves of companies reporting earnings would add about a net 22 points to the Dow Jones Industrial Average's price, as a rally in International Business Machines Corp. shares more than offset a drop in Johnson & Johnson's stock . Dow futures rose 79 points. IBM's stock surged 4.0% toward a 3 1/2-month high ahead of the open, with the implied price gain acting as a 37-point boost to the Dow's price. IBM reported late Tuesday revenue that surprisingly increased from a year ago and an adjusted profit that beat expectations. Johnson & Johnson shares slipped 1.5% after the consumer products and pharmaceutical company topped fourth-quarter profit expectations but came up a bit shy on revenue, with the implied price decline acting as a 15-point drag on the Dow.
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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Presidents Emmanuel Macron and Donald Trump agreed to a truce in their dispute over digital taxes that will mean neither France nor the U.S. will impose punitive tariffs this year.
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President Trump's top economic advisor said GDP growth in the U.S. should hit at least 3% in 2020.
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 (Bloomberg) -- Boeing Co. said its grounded 737 Max won't be cleared to fly until the middle of this year, at least six months later than previously anticipated, adding to the company's financial burden.The U.S. planemaker is resetting expectations as it addresses two recent setbacks for the embattled Max: a software flaw that will require more work than expected and an audit that found some wiring on the plane needs to be shifted. The final determination on when the Max will fly again remains in the hands of U.S. regulators, Boeing said in a statement Tuesday.The worsening timeline deepens the challenge for Boeing as new Chief Executive Officer David Calhoun tries to repair frayed relationships with customers, suppliers and regulators. His predecessor, Dennis Muilenburg, was ousted in December as it became apparent that the company would miss its goal of recertifying the Max in 2019. The jet was grounded in March after the second of two deadly accidents that together killed 346 people.The new delay will "reduce deliveries and increase Boeing's reimbursements to airlines, which we believe will easily top $10 billion," Bloomberg Intelligence analyst George Ferguson said in a report. "Boeing will have to pay airlines for lost profit and the increased cost of training if simulator work is needed, as the airframer recommends."Every month the grounding drags on means a slower recovery for Boeing, which has halted production of the Max. More delays also signify growing costs to store about 800 of the single-ais
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