HomeNewsFriday’s market recap: Moderna spikes on new mutated variant news, AT&T and Verizon to limit 5G service, Pinduoduo crashed following results

Friday’s market recap: Moderna spikes on new mutated variant news, AT&T and Verizon to limit 5G service, Pinduoduo crashed following results

  • Moderna rockets following new variant news
  • AT&T and Verizon to limit 5G service
  • Pinduoduo plunges following financial results

Moderna spikes on the new variant news

Shares of Pharmaceutical firm Moderna Inc. (NASDAQ:MRNA) spiked on Friday following new heavily mutated variant news. The new variant is said to be more resistant and contagious than the delta variant. The World Health Organisation called upon a special meeting for the new variant. WHO proposes governments to not impose travel restrictions and wait for research backed data.

Verizon and AT&T limiting 5G service

The Telecommunication companies wrote a letter to the Federal Communications Commission regarding the 5G limits. The FCC chairwoman claim that 5G does not pose any kind of danger to air safety, meanwhile the Federal Aviation Administration is concerned that 5G could impact their radar altimeters. According to the copy of the letter acquired by The Wall Street Journal, the companies are claiming to apply stricter power limitations near the airports and helipads and even cut the power levels in the cell towers.

Pinduoduo crashes after announcing financial results

Shares of Pinduoduo (NASDAQ:PDD) tanked 16% on Friday after announcing its quarterly results. Pinduoduo posted NON-GAAP EPS of $0.34, surpassing analysts expectations of $0.04. However the company missed the revenue expectations by $690 million, after reporting at $3.34 billion. The company saw a 61.7% increase in its revenue from same quarter last year.

Omnicron not a threat according to former Walmart CEO

Former Walmart CEO Bill Simon remains confident that the mutated variant of COVID named Omnicron doesn’t pose much of a threat in the short term for the retail sector. The former Walmart CEO denied to comment on the long term threat of Omnicorn variant. He also mentioned about how the recent earnings season indicated the retail sector being divided into winners and losers.

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