Financial News

Tammy (Woodie) McNeill
May 3, 2022
AP-NC Newswatch
May 3, 2022
Financial News

 

Financial News:

 

Stocks drift…Record job openings…Pfizer tops predictions

NEW YORK (AP) – Stocks drifted between small gains and losses in morning trading as investors await tomorrow’s decision by the Federal Reserve on interest rates. The S&P 500 rose 0.1%, the Dow Jones Industrial Average fell 0.1% and the Nasdaq fell 0.1%. The Fed is expected to raise its benchmark rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high.

 

WASHINGTON (AP) – Employers posted a record 11.5 million job openings in March, more evidence of a tight labor market that has emboldened millions of American workers to leave their jobs and contributed to the biggest surge in inflation in four decades. A record 4.5 million Americans quit their jobs in February – a sign that they are confident they can find better pay or working conditions elsewhere.

 

LONDON (AP) – BP posted its highest quarterly profit in more than a decade thanks to surging oil and gas prices. The earnings report renewed calls for a U.K. government tax on energy companies’ windfall earnings to help households struggling with rising energy bills. The British energy giant said that underlying profit more than doubled in the first three months of the year to $6.2 billion.

 

UNDATED (AP) – Sales of Pfizer’s COVID-19 vaccine and treatment pushed the drugmaker well past expectations in the first quarter, as profit grew 61%. The coronavirus vaccine Comirnaty brought in more than $13 billion in sales, and the treatment Paxlovid added another $1.5 billion as company revenue swelled 77%. Overall, Pfizer posted adjusted earnings of $1.62 per share in the first quarter, on $25.66 billion in revenue.

 

UNDATED (AP) – Biogen is looking for a new CEO less than a year after its launch of its Alzheimer’s drug Aduhelm largely fizzled. The company says current CEO Michel Vounatsos will continue to lead the company until his successor is appointed. Aduhelm hit the market as the first new Alzheimer’s medication in nearly two decades. But although the company slashed the price in half, Aduhelm’s rollout has been disastrous.