Amgen Inc. (NASDAQ:AMGN)’s shares declined 0.66% to $118.98. The company on July 1 announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation to investigational bispecific T cell engager (BiTE®) antibody blinatumomab, for adults with Philadelphia-negative (Ph-) relapsed/refractory B-precursor acute lymphoblastic leukemia (ALL), a rapidly progressing cancer of the blood and bone marrow. The Breakthrough Therapy Designation was based on the results of a Phase 2 trial of 189 adult patients with Ph- relapsed/refractory B-precursor ALL treated with blinatumomab.
Novavax, Inc. (NASDAQ:NVAX)’s shares droped 1.75% to $4.49. The company on June 23 announce that it has been recognized as one of The Washington Post Top Workplaces. The Washington Post Top Workplaces are determined based solely on employee feedback. The employee survey was conducted by WorkplaceDynamics, LLP, a leading research firm on organizational health and employee engagement. Over the past year, more than 5,000 organizations in the U.S. have turned to WorkplaceDynamics to better understand what’s on the minds of their employees. Through its workplace improvement offerings, WorkplaceDynamics provides solutions, training and tools to help clients improve their workplace.
Idera Pharmaceuticals Inc (NASDAQ:IDRA)’s shares increased 1.05% to $2.88. The company was scheduled to be added to the Russell 3000 and Russell 2000 Indexes when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 27, 2014, according to a preliminary list of additions posted on June 13, 2014 on www.russell.com/indexes. The company is a clinical-stage biotechnology company engaged in the discovery and development of novel synthetic deoxyribonucleic acid (DNA) – and ribonucleic acid (RNA) – based drug candidates.
Tesla, Inc. (TSLA): US agencies investigate fatal Tesla Model 3 crash in Florida
American safety officials are looking into the circumstances surrounding another fatal Tesla, Inc. (TSLA) crash. Both the NTSB and the NHTSA have confirmed that they’re investigating a collision between a Model 3 and a semi truck in Delray Beach, Florida on March 1st. According to the police report, the truck was turning left to enter a main thoroughfare when the Model 3 crashed into the semi’s trailer, shearing off the car’s roof and killing the driver. It’s not certain if Autopilot was active, although the Model 3 kept traveling for more than 500 yards before coming to a stop.
Tesla said in a statement that it was “deeply saddened” about the collision and was “reaching out” to authorities to cooperate. The NTSB added that it typically takes one to two years to complete investigations like this.
This certainly isn’t the first time US safety agencies have investigated Tesla crashes to determine the possible role of Autopilot. However, there are unusually close parallels to a deadly incident from May 2016, when a Model S driver in Florida struck a trailer. His vehicle had Autopilot engaged and also kept going a significant distance after the crash, although investigators cleared Tesla and noted that the driver in that case ignored safety warnings. While the particular circumstances are different, it wouldn’t be out of the question for agents to compare the two cases.
Amazon (NASDAQ:AMZN), Qualcomm (NASDAQ:QCOM) Are In News On Monday
Evercore raises its Amazon (NASDAQ:AMZN) price target from $1,800 to $1,965 saying that gross profit has become a “more important indicator” than Y/Y revenue growth.
Key quote: “As such, we remain bullish on AMZN at least in part because the company’s gross profit is expected to grow ~400bps faster than revenue for AMZN over the next 3 years.”
Amazon shares are up 0.9% pre-market to $1,686.
Qualcomm (NASDAQ:QCOM) alleges in a San Diego federal court that Apple (NASDAQ:AAPL) violated three of its patents and asks for tens of millions of dollars in damages.
Qualcomm has filed a series of patent actions against Apple around the world that will conclude before the antitrust trial starting in April, which will hear Apple’s challenge to QCOM’s business model.
U.S. District Judge Dana Sabraw will open an eight-day trial today deciding whether Apple violated Qualcomm’s patents with its iPhones that contain Intel (NASDAQ:INTC) chips.
Qualcomm shares are up 0.8% pre-market to $54.65.
Apple shares are up 0.5% to $175.88.
Tesla, Inc. (TSLA) Shares Slump After Elon Musk’s Comments
Chief Executive Elon Musk’s warning on profit during a conference call with members of the media, which did not include Reuters, contrasted with Tesla’s statements last month that it was expecting a “very small” net profit in the first quarter.
Shares of Tesla, Inc. (TSLA)fell 3.4 percent after hours. Investors have voiced concerns about whether Tesla would be able to maintain profit margins through cost cutting – such as recent layoffs – as it reduces prices of its newest vehicle.
Still, the price drop could quell concerns from some analysts that demand for the higher-priced versions of the Model 3 was beginning to dry up in the United States, especially after a federal tax credit was cut in half this year.
“Tesla wants to drum up demand,” said Elazar Advisors’ Chaim Siegel. “There was a slowdown in the U.S. as the tax credits dropped. (There are) more tax credit hits later in the year too so they are trying to be proactive.”
Musk has often shared that his strategy for Tesla was to build higher-priced cars – the Model S and X – whose success would ultimately usher in a $35,000 mass-market car, followed by an SUV, the Model Y, which is currently in development. But customers who reserved the Model 3 at that lower price have waited nearly three years since Musk first promised it.
An online-only sales strategy, along with other changes, would allow vehicle prices to fall by about 6 percent on average, Tesla said in a blog on its website https://bit.ly/2IHjLw4. Over the next few months, Tesla will wind down “many” of its stores, while investing in its service system, it said.