Between the last of the major earnings reports, to details surfacing of Airbnb’s long-awaited IPO, US stocks stole the spotlight this week. One year on since the first confirmed case of coronavirus, there is hope of not one, but two 95% effective vaccines on the horizon.
More on that, and a couple of other major stories below...
The magic number
After Pfizer’s news last week of their 90% effective coronavirus vaccine, Moderna kicked off this one by sharing their own trial data, and it’s big... Moderna’s vaccine, having completed its preliminary phase three trial, has been shown to be 94.5% effective in preventing COVID-19.
Subsequently, Pfizer released new results that showed the vaccine to be 95% effective, or 94% effective in adults over the age of 65. The company will apply for emergency approval Friday and while it’s unclear how long the FDA will take to determine whether the two-dose vaccine is safe, the company aims to roll it out in the first half of December.
The UK has ordered 40 million doses and should get a quarter of them by year-end, according to the BBC.
The UK shopped ‘til lockdown dropped
UK Retail Sales climbed 1.2% in October, marking the sixth consecutive month of positive data as shoppers anticipated a second lockdown. YoY spending increased as well by almost 6% as people started their Christmas shopping early. Online shopping has increased by 50% and with the trend expected to continue over November, both the FTSE and cable gained slightly on the news.
Tesla to take its place in the S&P 500
Back in July, Tesla posted its fourth consecutive profitable quarter -- a first in its history -- making the company eligible to join the S&P 500 or Dow Jones. Instead, Tesla was passed up for inclusion when Exxon was replaced by Salesforce on the DJI after almost a century in the index.
Then, after posting their fifth profitable quarter, it was announced that Tesla will be joining the ranks of the S&P 500, though it remains to be seen which company will be booted. The news sent shares soaring; TSLA breaking the $500 mark Thursday and its market cap briefly exceeding half a trillion dollars.
Tesla will be trading in the index from December 21st.
Movers & shakers
🔺Coty (COTY), the parent company of brands like Covergirl, ghd, and Rimmel saw its stock climb over 25% this week after Citigroup upgraded Coty from neutral to buy as the company seeks to complete the sale of Wella by the end of the month. Read more on Barron’s
🔻 GoPro Inc (GPRO) tanked 14% Thursday after announcing that they’re looking to raise $100 million. The company hasn’t posted a profitable year since 2015 and has over $150 million in debt to boot. For more, visit The Motley Fool