(Bloomberg) -- Oil slid from a five-month high after U.S. economic data signaled a sluggish labor market, following cautionary signals from OPEC+ on a demand rebound amid the pandemic.Futures in New York fell more than 3% on Thursday. Applications for U.S. unemployment benefits unexpectedly increased last week, boding poorly for oil consumption as millions of Americans remain out of work.Magnifying the dour view for a pickup in demand, minutes from the U.S. Federal Reserve said the pandemic would weigh heavily on economic activity. OPEC+ also warned at a meeting Wednesday that the pace of the demand rebound was slower than expected and at risk from a prolonged second wave of the coronavirus.The rise in jobless claims “is raising concerns of a slowing economy hurting demand,” said Phil Flynn, senior market analyst at Price Futures Group.U.S. benchmark futures have rebounded from negative territory in April, but are still having difficulty rallying past...
Novavax, Inc. (NASDAQ: NVAX) reported results from animal challenge studies of its coronavirus vaccine candidate Tuesday that reinforce the positive interim Phase 1 data the company released in early August.What Happened: Novavax's NVX-CoV2373, produced from the full-length SARS-CoV-2 spike glycoprotein stabilized in the perfusion confirmation, with the saponin-based Matrix-M adjuvant induced hACE2 receptor blocking and neutralizing antibodies in macaques, investigators at the company said in a preprint.SARS-CoV-2 GMT antibody titers in immunized macaques were 7.9-10.1-fold higher than in convalescent sera, the preprint said.Among the other key findings were that the vaccine offered protection against SARS-CoV-2 replication in the nose and lungs; and the absence of pulmonary pathology in vaccinated macaques, according to the investigators."These results support ongoing Phase 1/2 clinical studies of the safety and 42 immunogenicity of NVX-CoV2327 vaccine," Novavax said.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our...
Gevo (NASDAQ: GEVO) shares are trading higher on Thursday after the company announced it has exceeded $1.5 billion in long-term revenue contracts after entering into a binding Renewable Hydrocarbons Purchase and Sale Agreement with Trafigura Trading.Gevo is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Its operating segments are the Gevo segment and the Gevo Development/Agri-Energy segment.By its segments, it is involved in research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Gevo Development/Agri-Energy is the key revenue-generating segment that involves the operation of the Luverne Facility and production of ethanol, isobutanol and related productsGevo's stock traded up 101.10% at $1.10...
GoHealth shares are declining almost 6% in Thursday's pre-market trading as the online health insurance company incurred a 2Q net loss of $22.9 million after posting net income of $15.3 million in the prior-year period.Meanwhile, GoHealth (GOCO) saw a 71% surge in 2Q revenues to $127.1 million, surpassing Street estimates of $123.98 million. Revenues were driven by strong Medicare Advantage enrollments, the company said. Adjusted EBITDA of $26.9 million rose 56% from the year-ago period.Looking ahead, the company expects 2020 revenues in the range of $840 -890 million, versus the consensus estimate of $860.6 million. Adjusted EBITDA in 2020 is forecast to be in the range of $265 -290 million.GoHealth CEO Clint Jones stated, "Given the trajectory of our business and the investments we have been making in our direct-to-consumer marketplace, we believe we are on track for another record year of results in fiscal 2020."On Aug. 10, RBC Capital analyst...
