Today is Wednesday, June 15, 2022.
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Pfizer Taps the Breaks: Trial Enrollment Ends
Shares of Pfizer (NYSE: PFE) ticked up 0.15% in after-hours trading on Tuesday after the company said it was ending enrollment for certain patients in its Covid-19 pill trial.
Details: Pfizer is ceasing enrollment for standard-risk patients (those without health problems) for its Covid-19 pill trial due to a low rate of hospitalization or death, which was not “statistically significant.” The pharmaceutical company will instead focus on more vulnerable populations.
Good Data: Also on Tuesday afternoon, the Mayo Clinic released a study that showed that few patients got rebound symptoms after taking the Pfizer Covid-19 pill.
Background: Paxlovid, Pfizer’s Covid-19 pill, already has emergency use authorization for high-risk groups. The company will include the standard-risk data in its application to the FDA for full approval of the drug’s use.
Numbers: Pfizer’s stock, which reached an all-time high last year, is down 15% in 2022.
Final Thoughts: It’s been a rough few months for pharmaceutical companies. Pfizer hopes that its Covid-19 pill can get an edge.
Notable Earnings Today: Mamamancini's Holdings (Nasdaq: MMMB), Waterdrop (NYSE: WDH), John Wiley (NYSE: WLY), Clariant (OTCMKTS: CLZNY).
Notable IPOs Today: Connexa Sports Technologies Inc. Common Stock (Nasdaq: CNXA), Heart Test Laboratories, Inc. Common Stock (Nasdaq: HSCS), Lytus Technologies Holdings PTV. Ltd.
Notable Equity Crowdfunding Campaigns Ending Today: Gypsee Travel (PicMii), Legacy Concierge (StartEngine), Philly’s on the Hill (MainVest).
Notable Economic Events Today: Retail Sales (8:30 a.m. ET), Import Price Index / Export Price Index (8:30 a.m. ET), Business Inventories (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), FOMC Projections and Statement (2:00 p.m. ET).
Warner Bros. Discovery Seeks To Trim Ad Sales Team
Shares of Warner Bros. Discovery (Nasdaq: WBD) ticked up 0.14% in after-hours trading on Tuesday after a report from The Information said that the media company will offer buyouts to members of its U.S. ad sales team this week.
Details: The Information said that Warner Bros. Discovery wants to cut 30% of its 3,000-member ad sales team over time. Half of them are in the United States. Warner Bros. Discovery has not commented on the report.
Background: The buyouts and cuts are aimed at reducing costs. Warner Bros. Discovery was formed by the spin-off of WarnerMedia by AT&T (NYSE: T) in April 2022.
Big Picture: Several other companies, including Coinbase Global (Nasdaq: COIN), also announced layoffs on Tuesday.
Numbers: Since the company’s formation in April, the stock has dropped 45%.
Final Thoughts: The company is trying to turn around its business. It will likely report earnings as early as late July.
Real Estate Investment Trusts, Explained
One of the most popular ways for stock investors to get exposure to the housing industry is through a real estate investment trust (REIT).
Definition: A REIT is a fund that owns real estate. Most are publicly traded, but some are also in the private market and available to average investors.
Differences: Not all REITs are created equal. Some REITs are exposed more to commercial retail properties; Others may be focused on industrial real estate or residential properties. There are also REITs that are more geographic-focused.
Final Thoughts: Many REITs have declined this year, but a few have actually outperformed the overall market.
Trends to Watch
Short Squeeze: Celsius’s CEL Token Jumps 8-Fold in Intraday Spike (CoinDesk)
Have to Ask: Is equity crowdfunding a good investment option? (Eastern Daily Press)
Keeping it Real Estate: 30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago (CNBC)
All My Ex-Companies Live in Texas: Caterpillar to move headquarters to Texas, marking second major corporate departure from Illinois in 6 weeks (Chicago Tribune)
The Great Rotation: Bull Market’s Winners Dragged the S&P 500 Into a Bear Market (The Wall Street Journal)
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