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MarketWatch MarketPulseJul 16, 2020
J&J to start Phase 1 trial for coronavirus vaccine candidate next week
Shares of Johnson & Johnson were down 0.3% in premarket trading on Thursday after CFO Joseph Wolk told CNBC that the company expects the Phase 1 trial for its COVID-19 vaccine candidate to begin next week. J&J reported second-quarter earnings on Thursday. Wolk said the Phase 1 trial is expected to enroll more than 1,000 participants, primarily between the ages of 18 and 55 years old, although the company also plans to include a group of people who are 65 years old or older in the early-stage trial. He also said that J&J is in talks with the National Institutes of Health to move up the timeline for the anticipated Phase 3 trial to late September. "The science still has to play out," Wolk said. J&J's stock is up 1.6% year-to-date, while the S&P 500 is down 0.1%.

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.



SEC.gov Updates: News DigestJul 16, 2020
8-K - Future FinTech Group Inc. (0001066923) (Filer)
2020-07-16 0001213900-20-017611 189 KB
Item 1.01: Entry into a Material Definitive Agreement
Item 3.02: Unregistered Sales of Equity Securities
Item 9.01: Financial Statements and Exhibits


Yahoo BusinessJul 16, 2020
BofA Sets Aside Billions for Soured Loans; Shares Decline
(Bloomberg) -- Bank of America Corp.'s profit slid 52% as it joined rivals in preparing for an onslaught of consumer defaults spurred by the pandemic's economic fallout.Profit at the consumer-banking unit plunged 98% as the coronavirus shuttered much of the U.S. economy and caused tens of millions of Americans to lose their jobs. The company allocated $5.1 billion for loan losses in the second quarter, the most since 2010, as Bank of America joined its biggest rivals in predicting pain to come that contrasts with stock market optimism for a quick economic rebound.Calling it "the most tumultuous period since the Great Depression," Chief Executive Officer Brian Moynihan said in a statement that "strong capital markets results provided an important counterbalance to the Covid-19-related impacts on our consumer business."With its 4,300 branches across the country, Bank of America is often seen as a bellwether for the U.S. consumer. Government stimulus measures and bank forbearance have kept some individuals and businesses afloat, but the largest U.S. lenders used the first full quarter with the pandemic to prepare for coming pain.JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. set aside almost $28 billion of credit-loss provisions when they reported results earlier this week, citing a deteriorating outlook.Shares of Charlotte, North Carolina-based Bank of America slipped 3.5% to $23.75 at 7:44 a.m. in early New York trading. They had declined 30% this year through Wednesday.The bank joined other

SEC.gov Updates: News DigestJul 16, 2020
8-A12B - Trean Insurance Group, Inc. (0001801754) (Filer)
2020-07-16 0001140361-20-016125 13 KB

MarketWatch MarketPulseJul 16, 2020
American Airlines, JetBlue partner to expand options for Northeast travelers
American Airlines Group Inc. and JetBlue Airways Corp. announced Thursday a partnership aimed at creating more options for travelers in the Northeast U.S., to give the more choices across the airlines' domestic and international routes. The partnership includes and agreement that proposes codeshare and loyalty benefits for flight offerings in New York and Boston. The partnership will allow American to launch service from New York's JFK airport to Tel Aviv and to Athens, and the JFK to Rio De Janeiro flight will return as a daily route in winter 2021, and will allow JetBlue to add flights in New York's LaGuardia airport and New Jersey's Newark airport and grow its presence at JFK. "Pairing JetBlue's domestic network with American's international route map creates a new competitive choice in the Northeast, where customers are longing for an alternative to the dominant network carriers," said JetBlue Chief Operating Officer Joanna Geraghty. JetBlue's stock fell 1.3% in premarket trading while American's stock dropped 3.6%. Year to date, shares of JetBlue have declined 38.3% through Wednesday and American have tumbled 53.1%, while the U.S. Global Jets ETF has shed 45.3% and the S&P 500 has eased 0.1%.

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.



MarketWatch MarketPulseJul 16, 2020
Penske Auto's stock surges after preannouncing expectations of a surprise profit
Shares of Penske Automotive Group Inc. surged 2.8% in premarket trading Thursday after the transportation services company preannounced expectations of a surprise second-quarter profit, citing a "significant improvement" in operations during June. The company said based on the performance of its U.S. and U.K. retail automotive dealerships and its used vehicle supercenter, it expects to report earnings per share from continuing operations of 52 cents to 57 cents, which compares with the FactSet consensus for a loss of 16 cents a share. The company said all of its U.S. retail automotive dealerships are open. Strong sales of used units in June led to combined U.S. and U.K. operations generating a profit that was more than double that of the period last year. "Our performance in June is the result of a strong operational focus to control costs, manage vehicle inventory, and maximize gross profit," said Chief Executive Rob Penske. The stock has rallied 49.3% over the past three months through Wednesday, while the S&P 500 has gained 15.3%.

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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