FedEx (FDX) Dropped Despite Strong Results, Moderna Also Lost Despite ‎Vaccine Approval, Centene (CNC), Johnson and Johnson (JNJ) Also Fell

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FedEx Corporation (FDX) was down -5.71 percent to $275.57. The decline was due to higher costs and higher volumes, despite the announcement of a doubling of its quarterly profit. The supply giant however does not provide financial guidance for 2021, which has disappointed the markets. Revenues totaled $20.6 billion in the second fiscal year for after adjustment earnings of $4.83 per share. Consensus had revenue of $19.5 billion and adjusted EPS of $4.01. For the first time the company achieved $20 billion in quarterly revenues, with a 19 percent increase in operation. For the quarter, net revenue rose 114 percent to $1.23 billion, $4.55 per share.

FedEx, citing the still uncertain global environment, expects, without being more precise, “earnings growth” in the second half of fiscal 2021. Michael Lenz, CEO, adds that the company continues to concentrate on achieving its strategic goals.

Moderna Inc (MRNA) was down -2.62 percent to $140.23. As predicted, the FDA’s advisory committee has recommended approval in the United States for the emergency use of its anti-Covid vaccine. In support of the vaccine, the jury voted unanimously. The EUA of the FDA is now no longer in doubt. The organization expects 20 million doses to be distributed by the end of the month.

Moderna also announces that an option has been exercised by the European Commission to order an additional 80 million doses of its vaccine. With this option, the EU has ordered 160 million doses from the US in total. The first deliveries are expected to take place in early 2021. The biotechnology firm is confident about its vaccine should get an emergency approval from the European Medicines Agency.

Centene Corporation (CNC) was down -1.51 percent to $61.15. The healthcare planner released lower-than-expected earnings guidance for 2021. Estimates of revenues are published online. The organization predicts $5 to $5.3 adjusted earnings per share for 2021, compared to a $5.43 consensus. It is estimated that the EPS for the current fiscal year will be between $4.9 and $5.06. Revenue is estimated to range from $109.8 billion to $111.4 billion in 2020, while revenue is expected to be between $114.1 billion and $116.1 billion in 2021.

Johnson and Johnson (JNJ) dropped -0.58% to $154.51. The general drug manufacturer announced the conclusion of its single-dose coronavirus vaccine candidate’s Phase 3 study recruitment process (ENSEMBLE study). There are 45,000 participants in the group. Intermediate data is expected to be available for the trial by the end of January 2021. The FDA’s emergency approval application is scheduled for February if there is proof of safety and efficacy.

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