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Yahoo BusinessOct 30, 2020
All Eyes on Moderna's COVID-19 Vaccine Ahead of Data Readout
Vaccine specialist Moderna (MRNA) reported its fiscal Q3 2020 financial results Thursday morning. Let's run down the basic financial news first, and turn to the vaccine that everyone really wants to hear about: Q3 was kind of a weird quarter for Moderna from a financial perspective. On the one hand, an explosion in grant revenue tied to the COVID-19 pandemic sent revenues soaring 830% to $157.9 million. On the other hand, though, expenses soared as well -- up 166% to $393 million.And because $393 million is more than $157.9 million Moderna lost money.A lot of money.$0.59 per share to be precise -- 59% more than it lost in Q3 2019, before all the coronavirus business rolled in. What's more, that per-share loss would have been even higher, but for the fact that Moderna grew its share count 19%, dispersing its per-share losses over more shares outstanding overall.On the plus side, Moderna has raked in $1.2 billion in customer deposits so far this year for its mRNA-1273 coronavirus vaccine, and free cash is flowing in with $718.5 million. By the end of the quarter, Moderna had amassed a cash warchest bursting with $4 billion, and no debt to speak of.And now, the main event: Coronavirus.Moderna confirmed that it has fully enrolled its Phase 3 cllinical trial of mRNA-1273 with 30,000 patients participating.Initial data on mRNA-1273's effectiveness is "positive," said management, and the vaccine is proving to be "well-tolerated across all age groups and induc[ing] rapid and strong immune responses against SARS-CoV-2." Th

Google Market NewsOct 30, 2020
Stock Market Rally Dives On Coronavirus Fears, Apple, Microsoft, Facebook, Amazon Earnings - Investor's Business Daily
Stock Market Rally Dives On Coronavirus Fears, Apple, Microsoft, Facebook, Amazon Earnings  Investor's Business DailyDow closes more than 150 points lower as Wall Street posts its worst one-week sell-off since March  CNBCNifty to remain under pressure as US benchmarks fail to recover & futures take further dip overnight  ET NOWStocks retreat with megacaps mostly disappointing lofty investor expectations  Seeking AlphaUS STOCKS-S&P 500, Nasdaq rise af

Yahoo BusinessOct 30, 2020
Apple Loses $450 Billion in Value Since Record on iPhone Woes
(Bloomberg) -- When talking about the biggest company in the world, it's not unusual for there to be eye-popping numbers. But Apple Inc.'s latest superlative is not one investors would like to see.Since becoming the first American company to surpass $2 trillion in market value in August and peaking last month, the iPhone maker has lost $450 billion, wiped out by a 19% slump. The latest bout of selling -- a 5.6% drop on Friday -- took out more than $120 billion alone. Apple's now worth $1.85 trillion and still the most valuable U.S. company, but the amount shaved from its ledger since its September peak is more than the entire market cap of Visa Inc., the seventh largest member of the S&P 500, and greater than the value of Thailand's stock exchange.The drawdown comes as the tech giant reported iPhone sales that missed analysts' estimates and gave no forecast for the holiday quarter. Fiscal fourth-quarter revenue from the iPhone was $26.4 billion, compared to expectations of $27.1 billion.The Nasdaq 100 Index plunged 2.6% on Friday and had its worst week since the coronavirus-induced selloff in March. Disappointing sales forecasts from tech companies like Apple, Twitter Inc. and Facebook Inc. are sparking worries about further growth potential in the names that led this year's rebound.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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