Nasdaq leads stock drop, Pfizer, CVS buck selling – Fox Business
Kaltbaum Capital Management President Gary Kaltbaum, Kadina Group president Gary B. Smith and Payne Capital Management President Ryan Payne discuss the markets, Biden’s spending plans and economic recovery.
In earnings news, both Pfizer and CVS boosted financial outlooks as demand for COVID-19 related items fueled results and shares bucked the selloff.
“We delivered strong first-quarter results and improved our outlook for the year,” said CVS Health President and CEO Karen S. Lynch. “We continue to execute on our strategy while simultaneously managing through a pandemic, helping the country on the road to recovery.
Moderna also in focus after announcing plans to boost its manufacturing facility in Massachusetts. “Our manufacturing facility has been core to our long-term strategy and has enabled us to provide the scale and flexibility to support the development of our mRNA medicines and vaccines including our COVID-19 vaccine,” said CEO Stéphane Bancel in a statement.