Pfizer Inc. (NYSE: PFE) stock jumped 10% last week after the company announced results for its COVID-19 oral antiviral pill that indicated the tablet was 89% in reducing cases of hospitalization and death. Following the news, US stocks soared on Friday, and the three Wall Street indices jumped 0.5%.
Children to receive Pfizer vaccine
Days after the US FDA approved Pfizer’s COVID-19 vaccines in children above five years, the CDC has followed suit and authorized the use of the vaccine on kids. However, the dose that has been approved in kids is lower than that used in adults and adolescents. The vaccine proved to be 90% effective. Already the company has begun shipping lower dose vials to providers across the US. The CDC said that there is low Myocarditis risk, but the benefits of vaccination supersede the rare side effects of heart inflammation.
Cotton price hit decade highs last week
Cotton price hit record highs last week as heightened demand and tight supplies drive the price. Tight supplies in India and China are among the highest cotton producers are triggers for the rising price of cotton. The Cotton Association of India announced that they expect production to drop by 38% in the 2021/22 season. China and US are equally witnessing production challenges, with the US facing harvest disruptions because of rainfall around the Mississippi Delta. As a result, the cotton price hit $121.79 on Tuesday last week, which is the highest it has hit in over a decade.
Coke making its most significant acquisition ever.
Coca-Cola Inc. (NYSE: KO) is foraying into the sports drinks maker after the beverage company acquired the entire Bodyarmor stake for $5.6 billion. Coke had bought 15% interest in Bodyarmor in 2018, making it the second-largest stockholder. The purchase will help the company to compete with PepsiCo Inc.’s (NASDAQ: PEP) Gatorade, which currently controls around 70% market share in the segment.
MasterCard beats Q3 revenue estimates but shares tank
MasterCard Incorporated (NYSE: MA) reported better than anticipated Q3 2021 results, but that could not help the shares from dropping. Shares dipped 6%. The company saw a 30.2% YoY increase in revenue to $5 billion, exceeding expectations. MasterCard reported earnings of $2.44 per share, beating estimates by $0.25.