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Moderna Shares Spike After Strong Q4 Results

The news shaping the markets today

The People’s Bank of China held rates at 2.1% at its latest meeting, while announcing an injection of 300 billion yuan in 7-day reverse repos. The CNY/USD forex pair rose after the news.


UK’s GfK consumer confidence indicator fell to -26 in February, from -19 in January. Despite the latest reading dropping to its weakest in 13 months, the GBP/USD pair climbed in forex trading this morning.


New Zealand’s retail sales grew 8.6% during the final three months of 2021, versus a 8.2% decline in the prior period, lending support to the NZD/USD forex pair.


Colombia’s industrial confidence indicator rose to 12.7 in January, from 11.6 in the previous month. However, the COP/USD pair declined in forex trading this morning.


US crude oil inventories rose by 4.515 million barrels in the week ending February 18, versus a 1.121 million rise in the prior period. However, WTI crude oil prices rose on geopolitical concerns this morning.

 

What’s happening: Shares of Moderna surged on Thursday, after the company posted stronger-than-expected results for its fourth quarter.

What happened: Apart from robust quarterly results, the drugmaker raised its full-year projections for covid-19 vaccine sales.

However, Moderna’s vaccine sales for the quarter were lower than its biggest rival.

How were the results: The Cambridge, Massachusetts-based company swung to a profit in the fourth quarter, with both top- and bottom-line metrics beating market views.

  • Revenues rose sharply to $7.21 billion, from $571 million in the year-ago quarter, and surpassed the consensus estimate of $6.79 billion.
  • Diluted GAAP earnings came in at $11.29 per share, versus a year-ago loss of 69 cents per share. The figure was significantly higher than the Street expectations of $9.90 per share.

Why it matters: The US FDA (Food & Drug Administration) had issued emergency use authorisation to Moderna’s covid-19 vaccine, Spikevax, in December 2020. Over 204 million doses of this vaccine have been distributed in the US since that time, versus 316 million doses of the Comiranty vaccine developed by Pfizer and BioNtech.

Moderna received a final approval for its vaccine from the FDA in late January. CEO Stéphane Bancel said during the earnings call that Spikevax had been approved by more than 70 countries around the world.

The company’s product sales came in at $6.9 billion, driven by the sale of 297 million covid-19 doses, up significantly from $200 million from 13 million vaccine doses in the year-ago quarter. Moderna reported an operating income of $5.41 billion, versus a loss of $275 million in the same quarter in 2020.

The company’s board announced a new share buyback program of $3 billion. Management raised the projection for mRNA-1273 covid-19 vaccine sales in 2022 from $18.5 billion to $19 billion. Moderna also said it had orders from the UK, Canada and Taiwan for 2023.

How shares responded: Moderna’s shares climbed 15.1% to close at $156.23 on Thursday. The stock has tumbled around 34% year to date.

What to watch: Investors will continue monitoring the spread of covid-19 variants, which could boost Moderna’s overall results this year.

The markets today

US stocks will be in focus today ahead of a basket of economic reports from the country

 

Context: Wall Street closed higher on Thursday, as investors assessed Russia’s attack on Ukraine.

Details: Market sentiment remained subdued for most of the session on Thursday following Russia’s invasion of Ukraine. US President Joe Biden announced further sanctions “new limitations on what can be exported to Russia.” Oil prices spiked on the news, with Brent crude hitting the $100 per barrel mark for the first time since 2014.

Markets were also concerned about the US Federal Reserve’s monetary policy, with inflation surged to its highest in decades.

After remaining on the sidelines through most of the day, Wall Street stocks staged a dramatic comeback and ended the session in the positive zone. Banking stocks were among the worst performers, with Bank of America and JPMorgan Chase shedding more than 3% each.

The S&P 500 gained 1.5% to close at 4,288.70 on Thursday, after dipping more than 2.6% earlier in the session. The benchmark remains in the correction zone, having lost more than 10% from its record closing on January 3.

The Dow Jones added about 92 points to settle at 33,223.83, after dipping 800 points earlier in the session. The Nasdaq 100 rose 3.44% to close at 13,974.67.

What to watch: Traders will continue to monitor the Russia-Ukraine situation. Investors also await the release of economic data on durable goods orders, personal spending, and income from the US. New orders for US manufactured durable goods had contracted 0.9% in December and are expected to grow 0.8% in January. Analysts project personal spending to rise 1.5% in January, following a 0.6% decline in December. Personal income is expected to decline 0.3% in January.

Other Markets: European trading indices closed lower on Thursday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 down by 3.88%, 3.96%, 3.83% and 3.28%, respectively.

Support & resistances for today

Technical Levels News Sentiment

EUR/USD – 1.1203 and 1.1213



Positive


Nasdaq 100 – 13,866.52 and 14,029.57


Positive


S&P 500 – 4,235.72 and 4,255.98


Negative


WTI Crude Oil – 94.67 and 95.01


Positive


Copper – 4.4952 and 4.5079 Negative

 

Market snapshot

What else to watch today

Germany’s GDP growth rate and import prices, Turkey’s economic confidence index, Indonesia’s loan growth, France’s consumer price inflation rate, GDP growth rate, producer prices change, household consumption, unemployed persons and initial jobless claims, Spain’s producer price inflation rate and industrial confidence indicator, Eurozone’s loans to households, loans to non-financial corporations, money supply M3, economic sentiment indicator, industrial confidence indicator, services confidence indicator, consumer confidence indicator and consumer price expectations, Italy’s consumer confidence and business confidence, India’s foreign exchange reserves, value of loans and value of deposits, Mexico’s gdp growth rate, balance of trade, economic activity and current account, Brazil’s government budget value and net payrolls, Canada’s wholesale sales, CFIB’s business barometer long-term index and Canada’s government budget value, Argentina’s consumer confidence, US pending home sales, University of Michigan consumer sentiment, personal consumption expenditure price index and Baker Hughes crude oil rigs, as well as Russia’s industrial production.

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