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German Insurer Allianz Agrees To $6B Fraud Settlement With US Authorities

German insurer Allianz SE (OTC:ALIZY) has agreed to a $6 billion settlement with U.S. authorities, the Financial Times reports. Allianz's investment arm will plead guilty to securities fraud after a scandal at its funds business left investors nursing billions of dollars worth of losses. The victims included teachers, clergy, bus drivers, and engineers,…

FDA May Authorize Pfizer-BioNTech's COVID-19 Booster For 5-11 Year Kids Soon: NYT

FDA May Authorize Pfizer-BioNTech's COVID-19 Booster For 5-11 Year Kids Soon: NYT

The FDA is expected to authorize a booster shot of Pfizer Inc (NYSE:PFE) / BioNTech SE's (NASDAQ:BNTX) COVID-19 vaccine for children aged 5 to 11 probably by today, the New York Times reported, citing people familiar with the matter. The companies submitted an application to the FDA for authorization last month. They have cited data from…

Uber Adds Charter Buses To Its US App

Uber Adds Charter Buses To Its US App

Uber Technologies, Inc (NYSE:UBER) forged a collaboration to allow its users to charter private buses and coaches through its app, the Financial Times reports. The option targets weddings or wine tours across the U.S., helping Uber expand beyond its core ride-share business. U.S. Coachways, one of the country’s most extensive bus chartering…

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Big Tech Urges US Top Court To Block Social Media Law Curbing Political Opinion

Lobbying groups representing Facebook parent Meta Platforms Inc (NASDAQ: FB), Twitter Inc (NYSE: TWTR), Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), Google, and other tech companies filed an emergency request with the U.S. Supreme Court, Reuters reports. The groups looked to block a Texas law prohibiting sizeable social media platforms from banning users based on their political views. Also Read: Google, Facebook Restrict…

Why Valneva's Shares Are Plunging Today Premarket

Valneva SE (NASDAQ:VALN) warned it might have to reconsider its FY22 financial guidance after the European Commission informed the company of its intent to terminate an advance purchase agreement (APA) for its VLA2001 COVID-19 candidate vaccine. In November, the company signed the APA with the European Commission to supply up to 60 million doses of…

Moderna Concludes FDA Submission For Its COVID-19 Shot In Adolescents, Kids

Reuters reported that Moderna Inc (NASDAQ:MRNA) had made required submissions to the FDA for emergency use authorization of its COVID-19 vaccine in adolescents and children. An advisory panel of experts to the U.S. drug regulator will meet in June to review the request. Related: FDA Sets Review Dates For Pfizer, Moderna COVID-19 Shot For…

Almost 400M COVID-19 Vaccine Doses Lost Due To Emergent's Baltimore Plant Fiasco

According to a recent report from the US House select subcommittee on the coronavirus crisis, Emergent Biosolutions Inc (NYSE:EBS) might have destroyed nearly 400 million doses of COVID-19 vaccines after failing to meet quality standards. Initially, 75 million - 85 million doses of drug substance were said to be destroyed after contamination. "Despite major…

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Why Did Moderna CFO Exit Just A Day After Taking Charge

Why Did Moderna CFO Exit Just A Day After Taking Charge

Moderna Inc (NASDAQ:MRNA) announced that its recently appointed Chief Financial Officer, Jorge Gomez, has departed the company, effective immediately. The announcement follows the public disclosure by Gomez's former employer, Dentsply Sirona Inc (NASDAQ:XRAY), of an ongoing internal investigation into some issues, including financial reporting. The audit investigates Dentsply Sirona's "use of incentives to sell products to…

Tesla Urges Panasonic To Fast-Track Development Of Next-Gen Batteries

Tesla Urges Panasonic To Fast-Track Development Of Next-Gen Batteries

Tesla, Inc (NASDAQ:TSLA) urged Panasonic Holdings Corporation (OTC:PCRFY) to speed up the development of its next-generation 4680 batteries, Bloomberg reports as per Panasonic CFO Hirokazu Umeda. Umeda disclosed ongoing robust demand for batteries at a post-results briefing, including the 2170 cells it supplies for Tesla’s electric vehicles. Umeda said, “We seeing continued strong demand from…

Why Veru Shares Are Soaring Today Premarket

Why Veru Shares Are Soaring Today Premarket

In a Pre-EUA meeting, FDA said Veru Inc (NASDAQ:VERU) should submit a request for FDA emergency use authorization for sabizabulin in hospitalized COVID-19 patients. The FDA agreed that the Phase 3 COVID-19 study stopped by the Independent Data Monitoring Committee for overwhelming efficacy is sufficient to support the efficacy portion of a request for…

Brookfield Asset Management Nears One Of 2022's Biggest Take-Privates In UK: Bloomberg

Brookfield Asset Management Nears One Of 2022's Biggest Take-Privates In UK: Bloomberg

Brookfield Asset Management Inc (NYSE:BAM) is nearing a takeover of UK-based emergency household repairs provider HomeServe Plc, reported Bloomberg. According to people familiar with the matter, the deal would be one of the U.K.’s largest take-private transactions this year. The deal is set to value HomeServe plc (OTC:HMSVF) at about $5 billion. Brookfield is working…

Amid Baby Formula Shortage, Retailers Put Cap On Purchases: Report

Amid Baby Formula Shortage, Retailers Put Cap On Purchases: Report

The U.S. faced a nationwide shortage of the most popular baby formula brands in the week starting April 24, according to the latest figures from Datasembly, which tracks out-of-stock messages on retailers' websites and apps. An average rate is less than 10%. Reasons For The Shortage: Supply chain issues caused by the COVID-19…

Pfizer Acquires This Migraine Drug Maker For $11B: What Investors Need To Know

Pfizer Acquires This Migraine Drug Maker For $11B: What Investors Need To Know

Pfizer Inc (NYSE:PFE) will acquire Biohaven Pharmaceutical Holding Company Ltd (NYSE:BHVN) for $148.50 per share, equivalent to $11.6 billion. Pfizer will also make payments at closing to settle Biohaven's third-party debt and for the redemption of all outstanding shares of Biohaven's redeemable preferred stock. The deal includes the acquisition of rimegepant (NURTEC ODT), a dual-acting…

US Regulators Reach China For Audit Deal Discussions: Reuters

US Regulators Reach China For Audit Deal Discussions: Reuters

U.S. regulatory officials arrived in Beijing seeking to settle a long-running dispute over the auditing compliance of U.S.-listed Chinese firms, Reuters reported, citing sources. The stand-off, if not resolved, could see Chinese firms kicked off New York bourses. This week the SEC added over 80 firms to the list of companies…

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Closely Watched Bausch + Lomb IPO Priced Below Expectations

Bausch + Lomb Corp (NASDAQ:BLCO) has priced its initial public offering at $18/share, falling short of expectations as it became the first big company in months to try going public in a turbulent stock market, writes Wall Street Journal. Bausch Health Companies Inc (NYSE:BHC), the parent company, raised $630 million in the offering. According to…

Intuit To Settle TurboTax Claims

Intuit Inc (NASDAQ:INTU) agreed to pay $141 million to settle claims by all 50 U.S. states and Washington, D.C. The states alleged that beginning in 2016, Intuit steered customers eligible for IRS Free File into using TurboTax Free Edition, only to later tell them they needed to pay $59.99 or more to file…

US Study Shows Omicron As Severe As Previous COVID Variants: Reuters

A large U.S. study has found that the omicron variant of the SARS-CoV2 virus is intrinsically as severe as previous variants, unlike assumptions made in earlier studies that it was more transmissible but less severe, Reuters report. "We found that the risks of hospitalization and mortality were nearly identical between periods,"…

Ferrari Shares Race Downward Post Q1 Performance

Ferrari NV (NYSE:RACE) reported first-quarter FY22 sales growth of 17.3% year-on-year to €1.186 billion. Total shipments of 3,251 units improved 17.3% from last year. Car and spare parts revenue rose 18% Y/Y, and Engines decreased 18%. Adjusted EBITDA rose 12% Y/Y to €423 million, and the margin contracted 160 basis points Y/Y to…

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Here's Why Moderna Shares Are Trading Higher After Q1 Earnings Today

Moderna Inc (NASDAQ:MRNA) reports a Q1 EPS of $8.58, compared to the $2.84 posted a year ago, handsomely beating the consensus estimate of $5.21. Total revenue was $6.1 billion compared to $1.9 billion in Q1 FY21, primarily due to increased product sales. The revenue consensus was $4.43 billion. Product sales were $5.9…

Welltower Made All-Cash $5B Bid For Healthcare Realty Trust: WSJ

Welltower Inc (NYSE:WELL), a healthcare-focused real estate investment trust, has reportedly made a nearly $5 billion all-cash bid for Healthcare Realty Trust Incorporated (NYSE:HR), according to people familiar with the matter. Welltower, with a market value of roughly $41 billion, has a portfolio of senior housing, rehabilitation centers, and medical offices. Healthcare Realty deal would…

Apple Renews Focus On Apple Car With Latest Move, Hires Industry Veteran

Apple Inc (NASDAQ:AAPL) hired Desi Ujkashevic, a Ford Motor Company (NYSE:F) veteran who specialized in leading safety efforts and vehicle engineering, Bloomberg reports. Apple's move hints at the ramp-up of its self-driving Apple Car despite several high-profile departures over the past year. The hiring looks to fuel its sales numbers while firing up rivalry with EV…

Pfizer Posts Street Beating Q1 Earnings, Revises FY22 Profit Outlook

Pfizer Inc (NYSE:PFE) has reported a Q1 adjusted EPS of $1.62, up 72% Y/Y, well ahead of the consensus of $1.50. The company achieved revenues of $25.66 billion, up 77%, beating the Wall Street estimate of $23.95 billion. Its COVID-19 vaccine, Comirnaty, contributed $13.2 billion in direct sales and alliance revenues. Eliquis…

Barclays Sees 62% Upside In Spotify Post Q1 - Here's Why

Barclays saw Spotify Technology SA (NYSE:SPOT) report total MAUs, premium subs, and revenue in line with consensus. The 2Q revenue guidance also came in line, but gross margins and OI were missed primarily due to continued core operating improvements across music, podcast, and FX headwinds. Furthermore, these two factors will likely remain for the next…

Why Colgate-Palmolive Shares Are Trading Lower Today

Colgate-Palmolive Co (NYSE:CL) reported first-quarter FY22 sales growth of 1.5% to $4.399 billion, marginally missing the consensus of $4.4 billion. Organic sales increased by 4%. Total Oral, Personal, and Home Care net sales decreased 0.9% to $3.5 billion. Non-GAAP EPS of $0.74 missed the analyst consensus of $0.75. Gross profit decreased 2.5% Y/Y…

Marlboro Maker Altria Clocks 2.4% Revenue Decline In Q1; Reaffirms FY22 EPS Outlook

Altria Group Inc (NYSE:MO) reported a first-quarter FY22 sales decline of 2.4% year-on-year to $5.89 billion. Revenues net of excise taxes fell 1.3% to $4.82 billion. Net revenues for smokeable products increased 0.3%, and oral tobacco products fell 2.1%. Total cigarette volume declined 12%, with Marlboro shipment volume down 11.1%. Marlboro retail share…

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