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WASHINGTON (dpa-AFX) - Following the strong upward move seen last week, stocks turned in a relatively lackluster performance during trading on Monday. The major averages moved to the upside early in the session but spent the day bouncing back and forth across the unchanged line.

The major averages eventually ended the day narrowly mixed. While the Nasdaq rose 47.37 points or 0.3 percent to 16,388.24, the S&P 500 edged down 1.26 points or less than a tenth of a percent to 5,221.42 and the Dow dipped 81.33 points or 0.2 percent to 39,431.51.

The early strength on Wall Street came as stocks continued to benefit from recent upward momentum, which led to an eight-day winning streak for the Dow.

Renewed optimism about an interest rate cut by Federal Reserve in the coming months contributed to the recent strength.

Buying interest waned over the course of the session, however, as key inflation data due this week could have a significant impact on the outlook for rates.

The Labor Department is scheduled to release its reports on producer and consumer price inflation on Tuesday and Wednesday, respectively.

Economists expect producer prices to rise by 0.3 percent in April after edging up by 0.2 percent in March, while the annual rate of growth is expected to tick up to 2.2 percent from 2.1 percent.

Consumer prices are expected to climb by 0.4 percent in April, matching the increase seen in March. Core consumer prices, which exclude food and energy prices, are expected to rise by 0.3 percent in April after climbing by 0.4 percent in March.

The annual rate of consumer price growth is expected to dip to 3.4 percent in April from 3.4 percent in March, while the annual rate of core consumer price growth is expected to slow to 3.6 percent from 3.8 percent.

Remarks by Fed Chair Jerome Powell may also attract attention this week along with reports on retail sales, industrial production and housing starts.

Among individual stocks, shares of GameStop (GME) soared after social media persona 'Roaring Kitty,' whose posts helped spark a frenzy of activity in the video game retailer's stock in 2021, posted on X for the first time in three years.

Website building and hosting company Squarespace (SQSP) also surged after entering into a definitive agreement to go private in an all-cash transaction valued at approximately $6.9 billion.

Sector News

Most of the major sectors showed only modest moves on the day, contributing to the lackluster close by the broader markets.

Airline stocks showed a substantial move to the upside, however, with the NYSE Arca Airline Index surging by 2.5 percent.

American Airlines (AAL) and United Airlines (UAL) posted notable gains after HSBC initiated coverage of the stocks with Buy ratings.

Considerable strength was also visible among biotechnology stocks, driving the NYSE Arca Biotechnology Index up by 1.1 percent to its best closing level in a month.

Shares of Incyte (INCY) spiked by 8.6 percent after the biotechnology company announced its Board of Directors approved a share repurchase authorization of $2.0 billion.

Meanwhile, housing stocks came under pressure over the course of the session, dragging the Philadelphia Housing Sector Index down by 1.0 percent.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday. Japan's Nikkei 225 Index edged down by 0.1 percent and China's Shanghai Composite Index slipped by 0.2 percent, while Hong Kong's Hang Seng Index advanced by 0.8 percent.

Meanwhile, the major European markets all moved modestly lower on the day. While the French CAC 40 Index slipped by 0.1 percent, the German DAX Index and the U.K.'s FTSE 100 Index both dipped by 0.2 percent.

In the bond market, treasuries saw a modest rebound following the pullback seen last Friday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2.3 basis points to 4.481 percent.

Looking Ahead

The Labor Department's report on producer price inflation is likely to be in focus on Tuesday along with Powell's remarks during a moderate discussion with De Nederlandsche Bank President Klaas Knot.

WASHINGTON (dpa-AFX) - After moving modestly higher earlier in the session, stocks have shown a lack of direction over the course of the trading day on Monday. The major averages have been bouncing back and forth across the unchanged line after posting strong gains last week.

Currently, the major averages are narrowly mixed. While the Nasdaq is up 32.27 points or 0.2 percent at 16,373.14, the S&P 500 is down 4.73 points or 0.1 percent at 5,217.95 and the Dow is down 80.51 points or 0.2 percent at 39,432.33.

The early strength on Wall Street came as stocks continued to benefit from recent upward momentum, which has led to an eight-day winning streak for the Dow.

Renewed optimism about an interest rate cut by Federal Reserve in the coming months has contributed to the recent strength.

Buying interest has waned over the course of the session, however, as key inflation data due this week could have a significant impact on the outlook for rates.

The Labor Department is scheduled to release its reports on producer and consumer price inflation on Tuesday and Wednesday, respectively.

Economists expect producer prices to rise by 0.3 percent in April after edging up by 0.2 percent in March, while the annual rate of growth is expected to tick up to 2.2 percent from 2.1 percent.

Remarks by Fed Chair Jerome Powell may also attract attention this week along with reports on retail sales, industrial production and housing starts.

Among individual stocks, shares of GameStop (GME) are soaring after social media persona 'Roaring Kitty,' whose posts helped spark a frenzy of activity in the video game retailer's stock in 2021, posted on X for the first time in three years.

Website building and hosting company Squarespace (SQSP) has also surged after entering into a definitive agreement to go private in an all-cash transaction valued at approximately $6.9 billion.

Sector News

Airline stocks continue to turn in some of the market's best performances on the day, with the NYSE Arca Airline Index surging by 2.6 percent.

American Airlines (AAL) and United Airlines (UAL) are posting notable gains after HSBC initiated coverage of the stocks with Buy ratings.

Notable strength also remains visible among biotechnology stocks, with the NYSE Arca Biotechnology Index climbing by 1.1 percent. The index reached its best intraday level in a month earlier in the session.

Shares of Incyte (INCY) have spiked by 7.5 percent after the biotechnology company announced its Board of Directors approved a share repurchase authorization of $2.0 billion.

Meanwhile, gold stocks have come under pressure over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 1.1 percent. The weakness in the sector comes amid a steep drop by the price of gold.

Other Markets

In the bond market, treasuries have rebounded following the pullback seen last Friday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.9 basis points at 4.475 percent.

BRUSSELS (dpa-AFX) - Swiss stocks ended slightly up on Monday after a lackluster session as investors refrained from making significant moves amid a lack of triggers.

Investors digested data showing a slight drop in Swiss consumer confidence in the month of April.

The benchmark SMI, which moved between 11,729.47 and 11,772.82, ended with a small gain of 14.38 points or 0.12% at 11,768.08.

Logitech International, ABB, Givaudan, Roche Holdings, Lindt Spruengli, Alcon and Swisscom gained 1 to 1.5%.

Straumann Holding advanced nearly 1%. Novartis climbed 0.82% and UBS Group ended higher by 0.63%.

Holcim ended more than 4% down. Lonza Group, VAT Group and Swatch Group ended lower by 1.8 to 1.9%. Partners Group dropped 1.59%, while Swiss Re, SGS, Sonova, Julius Baer, Sandoz Group and SIG Group lost 0.7 to 1.2%.

Survey results from the State Secretariat for Economic Affairs, or SECO, showed Swiss consumer confidence was almost unchanged in April.

The consumer confidence index stood at -38.1 in April versus March's 8-month high of -38.0. Further, the consumer sentiment index remained below the long-term average.

Among the main four sub-components, consumers' expectations of how the general economic situation would develop over the next twelve months improved in April, with the corresponding index rising to -21.2 from -24.3.

Similarly, the index measuring intentions for major purchases rose to -37.2 from -40.0.

Meanwhile, households were more pessimistic about their own financial situation, which weakened to -36.2 from -33.0. The past financial situation of the general economy also worsened from -53.4 to -57.6.

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks failed to hold early gains and closed lower on Monday as investors largely stayed cautious ahead of key U.S. inflation data, and other economic reports from the U.S. and Europe.

Several Federal Reserve officials said last week that U.S. interest rates are likely to remain at elevated levels until there is clear sign that the rate of inflation is slowing.

Investors looked ahead to Fed Chair Jerome Powell's speech due this week for additional clarity on the Fed's rate trajectory.

China's consumer inflation rose for a third straight month in April, while the producer price index declined for a 19th month, data showed earlier today.

The pan European Stoxx 600 edged up 0.02%. The U.K.'s FTSE 100 ended down by 0.22%, while Germany's DAX and France's CAC 40 drifted down 0.16% and 0.12%, respectively. Switzerland's SMI ended higher by 0.12%.

Among other markets in Europe, Belgium, Greece, Iceland, Norway, Portugal, Sweden and Turkiye closed weak.

Denmark, Finland, Netherlands, Poland, Russia and Spain ended higher, while Austria ended flat.

In the UK market, BAE Systems ended down 3.2%. Anglo American Plc, Phoenix Group Holdings, Admiral Group, Spirax-Sarco Engineering, RS Group, Ocado Group, Frasers Group, Intertek Group, Howden Joinery and Bunzl lost 1.4 to 2.5%.

Diploma rallied more than 4% after the technical products supplier reported a good set of half-year results and raised its sales and earnings forecasts.

BT Group climbed 3.4%. 3i Group gained about 2.4%. Kingfisher, Whitbread, British American Tobacco, Sainsbury (J) and Smith (DS) gained 1 to 1.5%.

In the German market, Deutsche Boerse, Infineon, Zalando, Munich RE and HeidelbergCement lost 1 to 2.5%.

Porsche climbed more than 2.5%. Continental, Volkswagen, Bayer and BMW also ended sharply higher.

In the French market, Sanofi gained more than 1.5% after the drug major announced an investment of more than 1 billion euros to create new bioproduction capacity at its various sites in France.

Airbus Group, Safran, Pernod Ricard, Engie and Publicis Groupe lost 1 to 1.6%.

Teleperformance surged more than 4%. Stellantis gained about 4%, while Renault, Edenred, Carrefour, Societe Generale and Credit Agricole advanced 1 to 2%.

WASHINGTON (dpa-AFX) - Stocks have moved modestly higher during trading on Monday, adding to the strong gains posted last week. The major averages have all moved to the upside on the day, although buying interest has remained somewhat subdued.

Currently, the major averages are all in positive territory but off their highs of the session. The Dow is up 45.40 points or 0.1 percent at 39,558.24, the Nasdaq is up 43.24 points or 0.3 percent at 16,384.11 and the S&P 500 is up 3.78 points or 0.1 percent at 5,226.46.

The modest strength on Wall Street comes as stocks continue to benefit from recent upward momentum, which has led to an eight-day winning streak for the Dow.

Renewed optimism about an interest rate cut by Federal Reserve in the coming months has contributed to the recent strength, although key inflation data due this week could have a significant impact on the outlook for rates.

The Labor Department is scheduled to release its reports on producer and consumer price inflation on Tuesday and Wednesday, respectively.

Economists expect producer prices to rise by 0.3 percent in April after edging up by 0.2 percent in March, while the annual rate of growth is expected to tick up to 2.2 percent from 2.1 percent.

Remarks by Fed Chair Jerome Powell may also attract attention this week along with reports on retail sales, industrial production and housing starts.

Website building and hosting company Squarespace (SQSP) has also surged after entering into a definitive agreement to go private in an all-cash transaction valued at approximately $6.9 billion.

Sector News

Airline stocks are turning in some of the market's best performances on the day, with the NYSE Arca Airline Index soaring by 3.1 percent.

American Airlines (AAL) and United Airlines (UAL) are posting notable gains after HSBC initiated coverage of the stocks with Buy ratings.

Biotechnology stocks have also shown a strong move to the upside, driving the NYSE Arca Biotechnology Index up by 1.6 percent to its best intraday level in a month.

Shares of Incyte (INCY) have spiked by 8.5 percent after the biotechnology company announced its Board of Directors approved a share repurchase authorization of $2.0 billion.

Networking, tobacco and telecom stocks are also seeing considerable strength on the day, while most of the other major sectors are showing more modest moves.

Other Markets

Meanwhile, the major European markets have all moved modestly lower on the day. The U.K.'s FTSE 100 Index, the French CAC 40 Index and the German DAX Index are all down by 0.2 percent.

WASHINGTON (dpa-AFX) - After posting strong gains last week, stocks may see further upside in early trading on Monday. The major index futures are currently pointing to a modestly higher open for the markets, with the S&P 500 futures up by 0.2 percent.

The markets may continue to benefit from recent upward momentum, which has led to an eight-day winning streak for the Dow.

The Labor Department is scheduled to release its reports on producer and consumer price inflation on Tuesday and Wednesday, respectively.

Economists expect producer prices to rise by 0.3 percent in April after edging up by 0.2 percent in March, while the annual rate of growth is expected to tick up to 2.2 percent from 2.1 percent.

Remarks by Fed Chair Jerome Powell may also attract attention this week along with reports on retail sales, industrial production and housing starts.

Among individual stocks, shares of GameStop (GME) are soaring in pre-market trading after social media persona 'Roaring Kitty,' whose posts helped spark a frenzy of activity in the video game retailer's stock in 2021, posted on X for the first time in three years.

Website building and hosting company Squarespace (SQSP) is also likely to move to sharply higher after entering into a definitive agreement to go private in an all-cash transaction valued at approximately $6.9 billion.

On the other hand, shares of PENN Entertainment (PENN) may come under pressure after Bank of America downgraded its rating on the sports-betting company's stock Neutral from Buy.

Stocks moved to the upside early in the session on Friday but showed a lack of direction over the remainder of the trading day. The major averages eventually ended the day mixed, although the Dow closed higher for the eighth consecutive session.

While the tech-heavy Nasdaq edged down 5.40 points or less than a tenth of a percent to 16,340.87, the S&P 500 crept up 8.60 points or 0.2 percent to 5,222.68 and the Dow rose 125.08 points or 0.3 percent to a new one-month closing high of 39,512.84.

For the week, the Nasdaq jumped by 1.1 percent, while the S&P 500 and the Dow surged by 1.9 percent and 2.2 percent, respectively.

Meanwhile, the major European markets have all moved modestly lower on the day. The U.K.'s FTSE 100 Index, the French CAC 40 Index and the German DAX Index are all down by 0.2 percent.

In commodities trading, crude oil futures are climbing $0.62 to $78.88 a barrel after slumping $1 to $78.26 a barrel last Friday. Meanwhile, after surging $34.70 to $2,375 an ounce in the previous session, gold futures are tumbling $22.70 to $2,352.30 an ounce.

On the currency front, the U.S. dollar is trading at 155.72 yen versus the 155.78 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0796 compared to last Friday's $1.0771.

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Geopolitical developments might influence the market on Monday, as there are no major corporate announcements.

Inflation data is likely to be in the spotlight this week. The Labor Department's consumer and producer prices for April are scheduled this week.

In the Asian session, gold dropped half a percent below $2,350 per ounce in Asian trading while oil prices were marginally lower ahead of an OPEC+ policy meeting on supply policy.

Early signs from the U.S. Futures Index suggest that Wall Street might open positive.

As of 8.05 am ET, the Dow futures were up 69.00 points, the S&P 500 futures were adding 13.50 points and the Nasdaq 100 futures were progressing 64.50 points.

The U.S. averages finished broadly up. The tech-heavy Nasdaq edged down 5.40 points or less than a tenth of a percent to 16,340.87, the S&P 500 crept up 8.60 points or 0.2 percent to 5,222.68 and the Dow rose 125.08 points or 0.3 percent to a new one-month closing high of 39,512.84.

On the economic front, the six-month Treasury bill auction will be held at 11.30 am ET.

Cleveland Fed President Loretta Mester will participate in a discussion before the Central Bank Communications: Theory and Practice Conference hosted by the Federal Reserve Bank of Cleveland at 9.00 am ET.

Asian stocks ended lower on Monday. Chinese markets ended slightly. The benchmark Shanghai Composite index slipped 0.21 percent to 3,148.02.

Hong Kong's Hang Seng index climbed 0.80 percent to 19,115.06 as Beijing ramped up plans to stimulate the economy.

Japanese stocks ended marginally lower. The Nikkei average slid 0.13 percent to 38,179.46. The broader Topix index settled 0.15 percent lower at 2,724.08.

Australian markets also ended on a flat note.

New Zealand's benchmark S&P NZX-50 index fell 0.88 percent to 11,652.16.

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks struggled for direction on Monday after recent string of gains.

A cautious undertone prevailed after more Federal Reserve officials said on Friday that U.S. interest rates are likely to remain at elevated levels until there is clear sign that the rate of inflation is slowing.

Investors looked ahead to the release of key U.S. inflation data and Fed Chair Jerome Powell's speech due this week for additional clarity on the Fed's rate trajectory.

China's consumer inflation rose for a third straight month in April, while the producer price index declined for a 19th month, data showed earlier today.

The pan European STOXX 600 was marginally lower at 520.50 after climbing 0.8 percent on Friday.

The German DAX slipped 0.2 percent, France's CAC 40 eased 0.1 percent and the U.K.'s FTSE 100 was marginally lower.

Diploma shares jumped 5 percent in London after the technical products supplier reported a good set of half-year results and raised its sales and earnings forecasts.

Victrex added 1.3 percent. The high-performance polymers group forecast improvement in the second half after underlying profits dropped by a third in the first half.

Mission Group surged 5.2 percent. The digital marketing agency rejected a takeover proposal from rival Brave Bison.

Sanofi added 1.2 percent. The French drug major announced an investment of more than 1 billion euros to create new bioproduction capacity at its various sites in France.

German IT company Q.beyond rose 1.1 percent after narrowing its Q1 loss and confirming 2024 outlook.

Adesso SE slumped 4 percent. The IT services provider reported that its first-quarter consolidated loss was 3.30 million euros, compared to prior year's profit of 2.02 million euros.

Ceconomy added nearly 1 percent after the electronics retailer said it expects adjusted earnings for fiscal 2024 to be above analysts' expectations.

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks were little changed on Monday after new data showed U.K. workers are earning more and producing less.

The Resolution Foundation said in a report that the link between productivity and wage growth has been temporarily severed because of falling pension costs and import prices.

The benchmark FTSE 100 was marginally higher at 8,434 after rising 0.6 percent on Friday.

In corporate news, Diploma shares jumped 5 percent after the technical products supplier reported a good set of half-year results and raised its sales and earnings forecasts.

Victrex added 1.3 percent. The high-performance polymers group forecast improvement in the second half after underlying profits dropped by a third in the first half.

Mission Group surged 5.2 percent. The digital marketing agency rejected a takeover proposal from rival Brave Bison.

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were subdued on Monday after more Federal Reserve officials said on Friday that U.S. interest rates are likely to remain at elevated levels until there is clear sign that the rate of inflation is slowing.

Investors looked ahead to the release of key U.S. inflation data and Fed Chair Jerome Powell's speech due this week for additional clarity on the Fed's rate trajectory.

U.S. producer price inflation data for April is due on Tuesday, while the more closely watched consumer price inflation figures will be published on Wednesday.

Fed Chair Jerome Powell is scheduled to speak on Monday and Wednesday.

The benchmark CAC 40 was marginally lower at 8,212 after gaining 0.4 percent on Friday.

Sanofi added 1.3 percent. The drug major announced an investment of more than 1 billion euros to create new bioproduction capacity at its various sites in France.

Valneva rose about 1 percent after announcing positive data from the phase 3 study of its chikungunya vaccine VLA1553-321 in adolescents at day 180.

WASHINGTON (dpa-AFX) - Inovio Pharmaceuticals Inc. (INO) reported Loss for first quarter that decreased from last year

The company's bottom line totaled -$30.47 million, or -$1.31 per share. This compares with -$40.65 million, or -$1.89 per share, in last year's first quarter.

Inovio Pharmaceuticals Inc. earnings at a glance (GAAP) :

-Earnings (Q1): -$30.47 Mln. vs. -$40.65 Mln. last year.

-EPS (Q1): -$1.31 vs. -$1.89 last year.

WASHINGTON (dpa-AFX) - Below are the earnings highlights for QuickLogic Corporation (QUIK):

Earnings: $0.11 million in Q1 vs. -$1.23 million in the same period last year.

EPS: $0.01 in Q1 vs. $0.09 in the same period last year.

Excluding items, QuickLogic Corporation reported adjusted earnings of $1.67 million or $0.11 per share for the period.

Analysts projected $0.06 per share

Revenue: $6.01 million in Q1 vs. $4.18 million in the same period last year.

WASHINGTON (dpa-AFX) - Monday, GameStop Corp.'s (GME) shares experienced a significant surge in value following the return of trader Keith Gill, also known as 'Roaring Kitty,' to social media.

Gill, who had not been active on social media since June 2021, made a comeback on Sunday by sharing a meme of a man leaning forward in his chair, which received over 17 million views.

The price of GameStop's shares had already increased by over 60% from May 1 to the previous Friday but rose by up to 118% in early trading on Monday due to Gill's post. However, regulations aimed at preventing excessive stock volatility caused the gains to fall to around 70% by midday.

The meme stock craze involved individual investors challenging short sellers and hedge funds who were bearish on companies like GameStop, leading to forced short position coverings and increased stock prices.

The GameStop frenzy in early 2021 resulted in trading restrictions by platforms such as Robinhood, which faced a class-action lawsuit that was dismissed in August 2023. Despite allegations, Robinhood clarified that the halt in GameStop stock purchases was not due to increased volatility triggering market-wide restrictions.

After sharing a video of sleeping kittens in June 2021, Roaring Kitty disappeared from online platforms. The film 'Dumb Money' drew inspiration from the events surrounding Roaring Kitty and the meme stock trend.

GME is trading on the Nasdaq at $31.19, up 78.67% or $13.74 per share. It has traded between $9.95 and $38.15 in the past 52-week period.

BERLIN (dpa-AFX) - HOCHTIEF A G (HOCFF.PK) reported a profit for its first quarter that increased from the same period last year

The company's bottom line came in at Euro132.842 million, or Euro1.77 per share. This compares with Euro127.525 million, or Euro1.70 per share, in last year's first quarter.

The company's revenue for the quarter rose 9.2% to Euro6.756 billion from Euro6.189 billion last year.

HOCHTIEF A G earnings at a glance (GAAP) :

-Earnings (Q1): Euro132.842 Mln. vs. Euro127.525 Mln. last year.

-EPS (Q1): Euro1.77 vs. Euro1.70 last year.

-Revenue (Q1): Euro6.756 Bln vs. Euro6.189 Bln last year.

DEERFIELD (dpa-AFX) - Baxter International Inc. (BAX) announced U.S. FDA approval of an expanded indication for Clinolipid to be used in pediatric patients, including preterm and term neonates.

Clinolipid is Baxter's proprietary mixed oil lipid emulsion that is used to provide calories and essential fatty acids in parenteral nutrition when oral or enteral nutrition is not possible, insufficient or contraindicated.

Clinolipid has been available in the U.S. for adults since 2019 and is now available for use in all ages. The company said it is available to order in the U.S.

For More Such Health News, visit rttnews.com.

TOKYO (dpa-AFX) - Cummins Inc. (CMI) and truck manufacturer Isuzu Motors Ltd. announced Monday the launch of a new 6.7-liter engine jointly developed by the two companies, designed for use in Isuzu's new medium-duty truck lineup.

The 'Isuzu DB6A' will power on-highway truck applications built for the Japanese market and will be available for the Asia Pacific markets and other global markets later this year. The engine will be assembled at Isuzu's engine plant in Tochigi Prefecture, Japan.

The newly developed DB6A is the first engine to be incorporated into the FORWARD medium-duty truck.

Isuzu and Cummins signed the Isuzu Cummins Powertrain Partnership in May 2019 to realize the efficient development of next-generation powertrains.

The two companies formally unveiled the new engine with a ceremony at Isuzu's Tochigi Plant in January.

MELBOURNE (dpa-AFX) - BHP Group Limited said it's revised proposal was rejected by the Anglo American Board on 13 May 2024. On 7 May, BHP made the revised proposal to the Board of Directors of Anglo American regarding a potential combination. The terms of the revised proposal valued Anglo American's share capital at approximately 34 billion pounds.

The revised proposal follows BHP's initial proposal for a potential combination with Anglo American which was made to the Board of Anglo American on 16 April 2024. BHP continues to believe that a combination would deliver significant value for all shareholders.

WASHINGTON (dpa-AFX) - Monday, Oneok, Inc. (OKE) announced its acquisition of a natural gas liquids also known as NGL pipeline system from Houston-based midstream company Easton Energy for around $280 million.

The deal comprises roughly 450 miles of NGL pipelines situated in key Gulf Coast market hubs for NGLs, refined products, and crude oil.

The company stated that it intends to link these pipelines to its existing NGL infrastructure in Mont Belvieu, Texas, and its refined products and crude oil infrastructure in Houston to enhance commercial synergies.

The transaction is set to conclude in mid-year 2024.

WASHINGTON (dpa-AFX) - Just when the Covid-vaccine maker Novavax Inc.'s (NVAX) future as a going concern seemed uncertain, a remarkable turnaround has unfolded, thanks to the license deal with Sanofi (SNY).

The deal signed with Sanofi on May 10, 2024, relates to Covid-19 vaccine and Covid/Influenza combination vaccine candidate, representing a potential multi-billion-dollar revenue opportunity for Novavax.

Novavax's Covid-19 vaccine is authorized in select geographies under trade names Novavax Covid-19 Vaccine, Adjuvanted; Covovax; and Nuvaxovid, authorized in the U.S under trade name, Novavax Covid-19 Vaccine, Adjuvanted, and authorized in the EU under the trade name Nuvaxovid XBB.1.5. The company's Covid-19-Influenza Combination (CIC) vaccine candidate demonstrated robust immune response in a phase II trial, according to results reported last May.

Let's delve into the key terms of the Sanofi deal:

-- Sanofi secures a co-exclusive license to jointly market Novavax's current standalone Covid-19 vaccine worldwide, with a few exceptions say, countries with existing advance purchase agreements, and India, Japan, and South Korea, where Novavax has partnership deals already in place.

-- Additionally, Sanofi gains a sole license to utilize Novavax's adjuvanted Covid-19 vaccine alongside its flu vaccines. Novavax maintains ownership of its Covid-19 Influenza Combination vaccine candidate.

-- Sanofi also acquires a non-exclusive license to deploy Novavax's adjuvanted Covid-19 vaccine with non-flu vaccines. Furthermore, Sanofi is solely responsible for the development and commercialization of any novel flu- Covid-19 combination vaccine containing a Sanofi flu vaccine.

-- Moreover, Sanofi also gains a non-exclusive license to use Novavax's Matrix-M adjuvant in vaccine products.

-- Outside of the collaboration, each party may develop and commercialize their own Covid-19-Influenza combination vaccines and adjuvanted products at their own cost.

How much is the deal worth for Novavax?

Novavax is set to receive an initial payment of $500 million, with the potential for up to $700 million in further payments tied to developmental, regulatory, and launch milestones, equating to approximately $1.2 billion.

Beginning in 2025, Sanofi will book the sales of Novavax's adjuvanted Covid-19 vaccine and assist with specific research and development, regulatory, and commercial costs.

Novavax will be entitled to tiered double-digit percentage royalties on the sales of both Covid-19 vaccines and Covid-19-Influenza Combination vaccines by Sanofi.

Novavax stands to gain extra milestone opportunities worth up to $200 million tied to launches and sales, along with mid-single digit royalties for every additional vaccine product developed by Sanofi using Novavax's Matrix-M adjuvant technology under a non-exclusive license.

Additionally, as part of the agreement, Sanofi will make an equity investment of approximately $70 million for a minority equity investment (less than 5%) in Novavax.

What Led Novavax Report Going Concern Matters in 2023?

In February 2023, the company faced significant uncertainties about its future viability. Substantial doubt was raised regarding its ability to continue as a going concern, largely stemming from uncertainties surrounding future revenue streams. One major concern was the uncertainty around delivering an updated Covid-19 vaccine that aligned with public health recommendations, especially with the continual emergence of new virus variants.

Moreover, the company was notified that funding from the U.S. government, which had been a crucial support, would not be extended beyond December 2023, thereby jeopardising a portion of the remaining $460 million of funding.

Additionally, Novavax was dealing with a pending arbitration with Gavi, the Vaccine Alliance, related to its 2021 Advance Purchase Agreement for its Covid-19 vaccine prototype.

Stability Regained - Going Concern Notice Removed

The May 10, 2024, agreement with Sanofi that yielded cash proceeds of $568.8 million to Novavax in the second quarter of 2024, has notably alleviated significant concerns about the company's ability to continuing as a going concern.

The company's updated COVID-19 vaccine for the 2023-2024 vaccination season was granted emergency use authorization by the FDA and approval by the European Commission as recently as October 2023.

The arbitration with Gavi was settled in February of 2024. As part of the settlement, Novavax made an initial payment of $75 million to Gavi and committed to making deferred payments of $80 million annually until December 31, 2028, totaling up to $400 million.

Q1 Scorecard

For the first quarter ended March 31, 2024, the company reported a narrower loss of $148 million or $1.05 per share as total revenue climbed to $94 million. This compares with a net loss of $294 million or $3.41 per share and total revenue of $81 million in the first quarter of 2023.

The total revenue is comprised of product sales, grants, and royalties, among others.

Total expenses have declined by 39% to $239 million in the first quarter of 2024, from $394 million in the year-ago quarter.

Becoming Leaner and Agile

In a bid to become nimbler and more efficient, the company is targeting to trim FY 2024 R&D and SG&A expenses to a range of $700 million to $750 million, a sharp drop from last year's $1.2 billion.

Looking further ahead, the company is planning to slash R&D and SG&A expenses to below $500 million in 2025.

Anticipated Milestones

A phase IIIa study of Covid-Influenza-combination (CIC) and stand-alone-influenza vaccines in adults aged 60 and above is on track to be initiated in the second half of 2024.

Topline data from this trial is expected to be available in the second quarter of 2025.

During the first quarter of 2024, the company completed the submission of its License Application for its prototype COVID-19 vaccine (Novavax Covid-19 Vaccine, Adjuvanted) with the U.S. FDA. (Please note that the vaccine has not been approved by FDA but was authorized for emergency use in the U.S. by the FDA in Oct.2023).

Revenue Outlook

For full year 2024, Novavax expects combined revenue & Sanofi agreement payment to range between $970 million and $1,170 million. This includes a forecasted total revenue between $400 million and $600 million, along with an initial payment from the Sanofi agreement totaling approximately $570 million.

In comparison, the company's total revenue for full year of 2023 amounted to $984 million.

Stock Performance

Novavax's story resonates as a picture of fluctuating fortunes, from boom to bust and back again.

In 2019, the stock's value hovered modestly around $4 to $5. However, the onset of the pandemic in 2020 heralded a transformative chapter, with the stock gradually gaining momentum, and soaring to an unprecedented high of over $330 in February 2021, only to retreat to $143 by the end of that year.

The subsequent year, i.e., 2022, brought further challenges, marked by a steady decline in stock value. By December 2022, the stock had plummeted to a mere $10. Regrettably, 2023 offered little respite, as the stock continued its downward trajectory, dwindling to $4 by December.

Now that the company's financial uncertainty has been eased and the stage is set for a stronger U.S. commercial performance in 2024 and beyond, it would be prudent to maintain a vigilant watch on this stock.

NVAX touched a new 52-week high of $11 on May 10, 2024, before closing the day at $8.88, up 98.66%.

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - SoftBank Group Corp. (SFTBY.PK, SFTBF.PK) posted a net loss to owners of parent of 227.6 billion yen for the fiscal year ended March 31, 2024 compared to a loss of 970.1 billion yen, last year. Loss per share was 174.20 yen compared to a loss of 662.41 yen. The company said the improvement reflects the recordings of: a negative income tax of 151.4 billion yen as gain; and net income attributable to non-controlling interests of 436.9 billion yen.

For the fiscal year ended March 31, 2024, net sales were 6.76 trillion yen, an increase of 2.8% from previous year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

LISBON (dpa-AFX) - Portugal's consumer price inflation eased slightly, as initially estimated in April, the latest data from Statistics Portugal showed on Monday.

Consumer price inflation eased to 2.2 percent in April from 2.3 percent in the preceding month. That was in line with the flash data published on April 30.

The largest downward contributions to the overall annual rate of change came from changes in the prices of furnishings, household equipment, and routine household maintenance, which fell 1.94 percent, the agency said.

Prices for unprocessed food products remained flat in April, versus a 0.5 percent decrease in the previous month. Meanwhile, the annual price growth of energy products accelerated to 7.9 percent from 4.8 percent.

The core inflation, which excludes energy and unprocessed food products, also moderated to 2.0 percent in April from 2.5 percent a month ago, as estimated.

On a monthly basis, consumer prices moved up 0.5 percent in April, slower than the 2.0 percent growth in the prior month.

EU-harmonised inflation slowed to 2.3 percent from 2.6 percent in March. There was no change in figures compared to the earlier estimate.

BRUSSELS (dpa-AFX) - Swiss consumer confidence was almost unchanged in April, survey results from the State Secretariat for Economic Affairs, or SECO, showed Monday.

The consumer confidence index stood at -38.1 in April versus March's 8-month high of -38.0. Further, the consumer sentiment index remained below the long-term average.

Similarly, the index measuring intentions for major purchases rose to -37.2 from -40.0.

PRAG (dpa-AFX) - The Czech Republic's consumer price inflation increased in April to the highest level in four months, data from the Czech Statistical Office showed on Monday.

Consumer prices climbed 2.9 percent year-over-year in April, faster than March's stable increase of 2.0 percent.

The annual price growth in transport charges accelerated to 4.7 percent in April from 3.5 percent a month ago.

Utility costs were 3.3 percent higher compared to last year, while prices for food and non-alcoholic beverages continued to drop by 2.7 percent.

On a monthly basis, consumer prices moved up 0.7 percent in April versus a 0.1 percent rise in March.

DUBLIN (dpa-AFX) - Ireland's construction sector grew at the quickest pace in just over two years in April amid robust growth in new orders, survey results from S&P Global showed on Monday.

The headline BNP Paribas Real Estate Ireland Construction Purchasing Managers' Index rose to 53.2 in April from 51.6 in March. A score above 50 indicates expansion in the sector.

Among monitored categories, the activity on commercial projects showed the strongest expansion, and the rise in housing activity was solid despite softening from the previous month.

In response to increased new orders, construction businesses scaled up their workforce and raised their input purchases in April.

On the price front, input price inflation remained marked due to higher oil and transportation costs.

TOKYO (dpa-AFX) - The M2 money stock in Japan was up 2.2 percent on year in April, the Bank of Japan said on Monday - coming in at 1,260.1 trillion yen.

That was shy of expectations for an increase of 2.5 percent, which would have been unchanged. From the March reading.

The M3 money stock rose an annual 1.6 percent to 1,612.8 trillion yen, slowing from 1.8 percent in the previous month.

The L money stock was up 1.8 percent on year at 2,144.4 trillion yen, slowing from 2.2 percent a month earlier.

CANBERA (dpa-AFX) - Japan will on Monday release April figures for money stock, highlighting a light day for Asia-Pacific economic activity. The M2 money stock is expected to hold steady, higher by 2.5 percent.

New Zealand will see April results for the Performance of Services Index from BusinessNZ; in March, the index score was 47.5.

Australia will see April results for the indexes of business confidence and conditions from NAB; in March, their scores were +1 and +9, respectively.

Taiwan will provide Q1 figures for gross domestic product, with forecasts suggesting an increase of 6.51 percent on year - accelerating from 4.93 percent in the previous three months.

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