tyb
Moderna shares slide 16% after bearish BofA note, putting them on track for biggest percentage decline since May 2020
Moderna Inc. shares MRNA, -15.71% tumbled 16% Wednesday to put them on track for their biggest percentage decline since May of 2020, according to Dow Jones data. The stock has now fallen for four of the past five days and has lost more than 20% in a two-day period. On Tuesday, BofA analyst Geoff Meacham published a bearish note on the company that questioned its valuation after its market cap grew to almost $200 billion, putting it ahead of far more established drug companies like the 40-year-old Amgen AMGN, 0.36%, currently valued at about $129.3 billion, and the 130-year old Merck MRK, 0.37%, valued at about $189.7 billion. According to Meachem's analysis, it should be about 75% below its current price. While Moderna's COVID-19 vaccine has been a major contributor to its market cap, to justify $200 billion in value, one would have to assume two things: Moderna would deliver 1 billion to 1.5 billion doses of its COVID-19 vaccine each year through 2038; and its entire pipeline will be 100% successful. That currently involves four programs in Phase 2 trials, 10 Phase 1 programs and eight preclinical programs not yet in human testing, for total peak sales of $30 billion. Moderna's recent revenue has come to about $7 billion in the past four quarters.
https://www.marketwatch.com/story/moderna-shares-slide-16-after-bearish-bofa-note-putting-them-on-track-for-biggest-percentage-decline-since-may-2020-2021-08-11
https://finance.yahoo.com/quote/MRNA
Fed's George says it's time to 'dial back the settings' on monetary policy
The U.S. economy is growing at a robust pace, signaling it is time to start dialing back the support provided through monetary policy, Kansas City Federal Reserve President Esther George said on Wednesday.
Strong support offered through fiscal and monetary policy helped to usher the economy out of the crisis caused by the coronavirus pandemic, but less aid is needed now that many consumers have stockpiled cash and the labor market is rebounding, George said. “With the recovery underway, a transition from extraordinary monetary policy accommodation to more neutral settings must follow,” George said in remarks prepared for a virtual seminar organized by the National Association for Business Economics. “Today’s tight economy ... certainly does not call for a tight monetary policy, but it does signal that the time has come to dial back the settings.”
U.S. economic growth may “step down” now that the boost from fiscal aid has peaked, but the rebound is likely to remain “robust,” George said. She said she expects the labor market to recover at a rapid pace as schools reopen and enhanced unemployment benefits expire. George said she expects inflation will moderate.
But a rise in coronavirus infections caused by the contagious Delta variant could make consumers cautious or lead to renewed restrictions, potentially slowing the recovery, George said.
https://www.reuters.com/article/usa-fed-george/feds-george-says-its-time-to-dial-back-the-settings-on-monetary-policy-idUSW1N2P603A
Remember the Plunge Proetection Team aka President's Working Group on Financial Markets 'met' on July 19th and we got the circle-jerk known as Jackson Hole in two weeks...all primed and ready to habs the punch bowl taken away shortly after that.
Biden to hold democracy summit on Dec. 9-10
U.S. President Joe Biden, fresh off his first major bipartisan victory, is turning to larger efforts aimed at shoring up faith in democracy and convening a summit with other world leaders later this year.
Biden, who took office in January after a hotly contested election still criticized by his rival Donald Trump and his supporters, will gather heads of state from other democratic nations for a virtual summit on Dec. 9 and 10, the White House said on Wednesday. The summit will also include representatives of "civil society, philanthropy, and the private sector," who will make commitments for a year of action, with a follow-up, in-person session one year later, it said in a statement. "The challenge of our time is to demonstrate that democracies can deliver by improving the lives of their own people and by addressing the greatest problems facing the wider world," it said. Those attending will discuss "the challenges facing democracy so as to collectively strengthen the foundation for democratic renewal," focusing on "defending against authoritarianism, fighting corruption, and promoting respect for human rights," it added.
Biden has been heavily vested in the $1 trillion infrastructure bill that passed the Senate on Tuesday with 19 Republicans backing the Democratic president's plan, saying the bipartisan effort shows the United States can tackle big issues together and compete with countries like China, which have divergent political systems. A record 155 million Americans cast ballots in the November 2020 election that Biden won by more than seven million votes. Multiple courts, state election officials and Trump's own government rejected Trump's false claims of election fraud, but Trump and his supporters have persisted in pushing baseless conspiracy theories, with his supporters leading a deadly Jan. 6 assault on the U.S. Capitol.
Western democracies cast a wary eye at the United States under Trump, who tore up traditional alliances and praised stronger ties with Russia and China. Other democratic nations have also seen their systems fray. At home, Biden and fellow Democrats must also contend with voting rights that advocates say have been weakened by a number of blows since they were put in place during the Civil rights era of the 1960s, including two major Supreme Court rulings and new efforts under Republican-led state legislatures.
Republicans have balked at proposed legislation in Congress, arguing it would give the federal government too much control in local elections.
https://asia.nikkei.com/Politics/Biden-to-hold-democracy-summit-on-Dec.-9-10
FEMA, in coordination with the FCC, will conduct a nationwide test of the Emergency Alert System (EAS) and Wireless Emergency Alerts (WEA) this summer. Both tests will begin at 2:20 p.m. ET on Wednesday, Aug. 11
He's right you know
RCH549 USAF C-17 Globemaster on ground at NAS North Island
Departed Eastern W. VA Regional Airport earlier today-Home of 167th Airlift Wing
The 167th Airlift Wing of the West Virginia Air National Guard is an airlift unit that flies the C-17 Globemaster III aircraft. For more than 60 years the wing has served the state and nation by providing outstanding capability across a variety of missions, beginning in its earliest days when it flew the F-51 Mustang and F-86 Sabre fighters. The unit has deployed to the four corners of the Earth in support of the Global War on Terrorism and continues to support this effort. The 167th's focus today, and in the future, is summed up in the unit's motto: "Mountaineer Pride Worldwide."
https://www.167aw.ang.af.mil/
Schumer on debt limit fight: 'I cannot believe the Republicans will let the country default'
Senate Majority Leader Chuck Schumer on Wednesday pushed back on Republicans refusing to provide the votes to raise the debt ceiling and insisted that paying the country's bills is a bipartisan obligation. "I cannot believe the Republicans will let the country default," Schumer, D-N.Y., said during a Capitol news conference. "It has always been bipartisan to deal with the debt ceiling. When [Donald] Trump was president, I believe the Democrats joined with him to raise it three times." Schumer's comments come after 46 Senate Republicans signed a letter pledging they will not vote to increase the debt ceiling, essentially putting the responsibility in Democrats' hands.
Led by Sen. Ron Johnson, R-Wis.., the letter is a rebuke of the Democrats' $1.9 trillion coronavirus stimulus law and the newly passed $3.5 trillion budget reconciliation bill.
"Because Democrats are responsible for the spending, they need to take responsibility for increasing the debt ceiling," the GOP senators said in their statement.
Senate Democrats early Wednesday passed a $3.5 trillion budget blueprint that Republicans have panned as a reckless spending spree that will drive up inflation. The legislation will serve as the vehicle for Democrats' broader goal of passing a so-called human infrastructure plan to make major investments in child care, education, health care and green energy that Schumer acknowledges will be "transformational" for America.
But the budget bill did not include language to raise the federal debt limit, although the ceiling on government borrowing expired Aug. 1. The Treasury Department is already using so-called "extraordinary measures" to keep the government paying its bills until Congress passes legislation to raise the borrowing limit.
Schumer said Wednesday that he prefers a stand-alone bill to raise the debt limit, in part, to ensure the effort is bipartisan. But critics say since Democrats control the White House and Congress, the burden is on them to come up with the politically tough votes to increase the debt ceiling.
Senate Minority Leader Mitch McConnell, R-Ky., said since Democrats are using a partisan process called budget reconciliation to pass major new spending initiatives without GOP support, Republicans won't offer an assist on the debt ceiling.
https://www.foxbusiness.com/politics/schumer-debt-limit-fight-republicans-default
Tina is grade A proper fucked
NYSE requires COVID vaccinations to access trading floor
NYSE visitors will be required to present proof of COVID-19 vaccination
(not much, if anything, habbens on the floor as it's all HFT's doing it all-window dressing)
The New York Stock Exchange will now require all visitors to its trading floor in lower Manhattan to be vaccinated. A memo obtained by FOX Business pointed at the "recent shift in public health conditions" for the new rule, which will go into effect on Sept. 13 for the Monday-Friday workweek. Fully vaccinated is defined as having the final dose for two or more weeks from Pfizer or Moderna and the first for Janssen-J&J. Visitors must show proof of their vaccination. The iconic trading floor at 11 Wall Street hosts companies and their executive teams that go public or are in-house to ring the opening or closing bell. On Wednesday, Joby Aviation, an electric air taxi company, celebrated its listing both inside and outside the NYSE.
The new mandate also covers the American Options Trading Floors, including employees of member firms, NYSE employees and vendors, the memo specified.
https://www.foxbusiness.com/markets/covid-nyse-trading-floor-covid-vaccine