Markets are ending the week on a volatile note, with the Dow turning negative, and the S&P 500 and Nasdaq climbing into positive territory during the session on Friday.
These are some of the most important market stories that may have been missed by Friday, July 17.
Novavax gets his big break
Gaithersburg, MD, the drug maker Novavax (NVAX) – Get report It has never brought a vaccine to market in its 33-year history, but stocks are rising for the second consecutive day after the company secured a $ 1.6 billion contract to develop a federal government coronavirus vaccine.
The New York Times detailed how a co-sign from the Bill & Melinda Gates Foundation and others helped the struggling company win the largest coronavirus vaccine contract awarded by the Trump administration.
British Airways to Mothball’s Boeing 747 fleet
British Airways announced that it will begin phaseing out its entire fleet of Boeing BA 747 aircraft with plans to withdraw the planes entirely by 2024, citing an earlier-than-expected recall due to the effect of the coronavirus pandemic on the airline industry.
“It is with great sadness that we can confirm that we are proposing to withdraw our entire 747 fleet with immediate effect,” the airline said in a statement e-mailed to CNBC. “Our magnificent ‘queen of the skies’ is unlikely to re-operate commercial services for British Airways.”
The airline will replace the 747 fleet with “modern, fuel-efficient aircraft,” including the Boeing 787 and its main rival’s Airbus A350.
Swede Ericsson competes in the local territory of Huawei
Swedish telecommunications equipment maker Ericsson is expanding its presence in China, even as many western countries reject its Chinese rival Huawei, according to a Wall Street Journal report.
Earlier this year, Ericsson won major contracts with China Telecom, China Mobile and China Unicom, the country’s three largest telecom providers, to help develop its 5G capabilities.
Meanwhile, Huawei was banned in the UK this week, and other US allies are expected to do the same.
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