All three major US stock indexes were down at midday trading Friday, further eroding gains made during the post-election rally and putting the averages on track for weekly losses.
In company news, Moderna (MRNA), Novavax (NVAX) and Pfizer (PFE) shares continued to fall Friday after booking losses Thursday following US President-elect Donald Trump's nomination of longtime anti-vaccination activist Robert F. Kennedy Jr. to lead the Department of Health and Human Services. Shares of Moderna, Novavax and Pfizer were down 8.8%, 1.3% and 4.4%, respectively, at noon.
General Motors (GM) is planning to cut around 1,000 salaried positions globally in an attempt to streamline its operations, Bloomberg reported Friday, citing people familiar with the matter. Shares of General Motors were down 0.6%.
Alibaba Group Holding (BABA) reported fiscal Q2 adjusted earnings Friday of 15.06 renminbi ($2.15) per diluted American depositary share, down from 15.63 renminbi a year earlier but above the Capital IQ consensus analyst estimate of 14.77 renminbi. Fiscal Q2 revenue was 236.50 billion renminbi, up from 224.79 billion renminbi in the year-ago period but below the Capital IQ consensus of 240.04 billion renminbi. Alibaba shares were down 2.8%.
Eli Lilly (LLY) said Thursday it has filed a lawsuit against the US Health Resources and Services Administration over its purported rejection of the company's proposal to alter how it offers reduced prices on medicines in the 340B program. Eli Lilly claimed that the 340B program currently uses a "slow, indirect 'product replenishment' model," which it claims was designed to exploit arbitrage opportunities and allows for-profit pharmacies, third-party administrators and large hospitals to circumvent the law. Eli Lilly shares were down 3.9%.
JPMorgan Chase (JPM) is exploring options for its European headquarters in London's Canary Wharf financial district, Reuters reported Friday, citing three unnamed people familiar with the matter. The bank's 33-storey tower at London's Bank Street is fully occupied, the report said, citing one of the sources. JPMorgan shares were up 1.1%.
Price: 36.66, Change: -3.11, Percent Change: -7.82
