May 26, 2020 - Financial Markets Worldwide

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Stock Markets5 hours ago (May 26, 2020 09:14AM ET)

© Reuters.

By Geoffrey Smith — Stocks in focus in premarket trade on Tuesday, May 26th. The broader market is set to open sharply higher amid hopes for a quick economic rebound as the coronavirus recedes in the northern hemisphere.

  • Novavax (NASDAQ:) stock rose 13.3% to $52.25 after the company said it had begun clinical testing on humans for its experimental anti-coronavirus vaccine. It’s now tripled in the last three weeks.
  • Hopes for Novavax’s drug rest largely on the fact that it is a “subunit” vaccine, a more tried and trusted form of drug than the mRNA vaccines under developed by Moderna (NASDAQ:) and Pfizer (NYSE:) partner BioNTech (NASDAQ:).
  • Merck (NYSE:) stock rose 3.7% after it announced two initiatives to catch up in the race to develop a vaccine against the Covid-19 virus.
  • The company is buying Austrian-based Themis Bioscience, and will also work together with the IAVI research institute, whose experimental vaccine uses the same technology that is the basis for Merck’s Ebola virus vaccine.
  • Fiat Chrysler Automobiles (NYSE:) stock rose 7.6% after the company made progress over the weekend on getting state support from Italy.
  • Intesa Sanpaolo (OTC:), Italy’s largest domestic bank, is expected to approve a 6.9 billion euro ($7.6 billion) state-backed loan at a board meeting Tuesday that will be channeled largely to FCA’s suppliers in Italy. Direct support from the government proved politically impossible for FCA due to its extensive non-Italian operations and its tax-efficient Dutch holding company structure.
  • Delta Air Lines (NYSE:) stock rose 7.0% as investors rotated back into cyclical stocks, despite the fact that its Latin American partner airline LATAM (NYSE:) filed for bankruptcy protection over the weekend.
  • Delta had bought a 20% stake in LATAM, the largest carrier in the region, for $1.9 billion last year. LATAM ADRs fell 41% in premarket.

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