Today's article explains what has happened to JPMorgan Chase, Novavax, Canoo, Unity Software, and Clene: and how their shares reacted.

FDA approved of Novavax vaccine

Novavax shares lost 48% this week

American biotech company Novavax Inc. (NASDAQ: NVAX) began this week with an 11.78% decline in its shares to $67.15. This might have been a correction after the 33% growth, which was demonstrated last week, or the reaction to the increasing number of COVID-19 patients in US hospitals.

Moreover, on Monday 11 July, it became known that the US would buy 3.2 million doses of the Novavax anticoronavirus vaccine as soon as this gets approved by the country's regulator. The vaccine will be used in urgent cases.

The US Food and Drug Administration (FDA) did not make us wait long, allowing the two-dose Novavax vaccine for patients over 18 already on 13 June. It is now the turn of the Centers for Disease Control and Prevention (CDC) to say their word.

However, even such news did not make the shares of Novavax Inc. grow — on the contrary, on 14 July they plummeted 26.2% to $51.62. Since the beginning of the year, the stock quotes of the company have lost 63.9%.

Canoo signed an agreement with Walmart

Canoo shares grow following the news about its agreement with Walmart

On Tuesday 12 July, an American vehicle manufacturing startup, Canoo Inc. announced that Walmart, the world's largest chain of retail and wholesale, had placed an order with the car maker for 4,500 electric vans.

No details of the agreement have been revealed yet but it is known that it agrees with the retail sales giant expanding the order to 10,000 cars.

Walmart plans to electrify the whole of its car park by 2040, thereby aiming to reach zero emissions of harmful products in the atmosphere.

On the same day, the news made the shares of Canoo Inc. (NASDAQ: GOEV) skyrocket 53.28% to $3.63. The growth continued on Thursday: the trading session closed at $4.61, with a 28.99% rise.

Unity Software buys ironSource

Unity Software shares are falling following the news about buying ironSource

On Wednesday 13 July, the American developer of software for video games Unity Software Inc., which owns a popular platform for developing interactive 3D content, announced its merger with Israeli company ironSource Ltd. which develops technology for monetising and distributing mobile apps.

The shares of the two companies participating in the merger reacted to the news in quite the opposite ways. On 13 July, the quotes of Unity Software Inc. (NYSE: U) dropped 17.45% to $32.82. Meanwhile, the shares of ironSource Ltd. (NYSE: IS) surged 47.09%, reaching $3.28

Clene reported the success of research on anti-MND drug

Clene shares are growing after the announcement of successful tests of its drug

On Thursday 14 July, American biopharma company Clene Inc., which specialises in the revolutionary treatment of neurodegenerative diseases, issued a press release about the positive tests of its new drug CNM-Au8.

The main emphasis was on the major improvement of the survival prospects of patients with MND. On the same day, the shares of Clene Inc. (NASDAQ: CLNN) surged 44.1% to $4.15. Note that this is the highest overnight growth of Clene shares in 2022.

JPMorgan Chase report: profit falls by 28%

JPMorgan Chase shares dropped after its quarterly report

On 14 July, one of the world's largest banks, JPMorgan Chase & Co., issued its financial report for Q2 2022. Revenue in April–June reached $30.72 billion, just 1% more than over the same months last year, and 3.1% lower than the Zacks consensus estimate.

The net profit of JPMorgan Chase & Co. in Q2 recorded a 28% drop to $8.7 billion, and EPS a 27% drop to $2.76. Analysts had forecast an EPS of $2.85.

The management of the company decided to refrain from forecasting, simply noting the negative impact of the geopolitical turmoil, inflation, declining trust of clients, and other important factors on the global economy.

On Thursday, the shares of JPMorgan Chase & Co. (NYSE: JPM) lost 3.49%, reaching $108. Over the first six and a half months of this year, the shares of the financial giant recorded a 31.8% drop.

Summing up

This week, the share price of Novavax lost 48% regardless of the FDA approving the vaccine and the US government announcing the readiness to buy 3.2 million doses of the drug.

Walmart's order of 4,500 electric vans from Canoo sent the stock quotes of the vehicle manufacturer up 53%. Unity Software and ironSource announced their merger — this made the quotes of the former drop by 18% while the latter's shares rose 47%.

Clene shared its success in testing the new drug developed to fight MND. This news made its shares surge 44%.

JPMorgan Chase reported its performance in Q2 2022. The net profit dropped by 28%. Following the report, the stock quotes of the company lost 4%.


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