HomeNewsWednesday’s market recap: Available COVID-19 vaccine can handle omicron variant, Exxon commits to zero-carbon future, and Ambarella reports Q3 earnings beat

Wednesday’s market recap: Available COVID-19 vaccine can handle omicron variant, Exxon commits to zero-carbon future, and Ambarella reports Q3 earnings beat

Ruchi Gupta
  • Dr. Gottlieb says available vaccines could be effective against variants of concern
  • Ambarella tops Q3 2021 earnings estimates
  • Exxon Mobil has committed to a zero-carbon future with a $25 billion annual investment  

The omicron variant of the coronavirus is causing concerns globally, and there is a divided opinion regarding the effectiveness of the current vaccines. The variant is causing distress in markets leading to investors being cautious.

Current vaccines could be effective against omicron variants 

However, Dr. Scott Gottlieb has indicated that there should be no concerns regarding the efficacy of current vaccines. Dr. Gottlieb's comments come a day after Moderna (NASDAQ: MRNA) CEO Stephane Bancel indicated that current COVID-19 vaccines could be materially less effective against the new variant. Nevertheless, he told CNBC's "Squawk Box" that Pfizer Inc. (NYSE: PFE), where he is a board member, is confident that its COVID-19 vaccine will offer protection against Omicron.

Ambarella beats Q3 analysts’ earnings estimates

Ambarella Inc. (NASDAQ: AMBA) shares jumped 19% after topping Q3 2021 consensus earnings estimates and issuing Q4 predictions above Wall Street estimates. The company reported Q3 non-GAAP EPS of $0.57, beating Street estimates in $0.49 per share. GAAP EPS was $0.02, beating estimates of a loss of $0.04. Ambarella had revenue of $92.17 million, representing a YoY growth of 64.3%. For the fourth quarter, the company expects revenue of between $88.5 million and $91.5 million.

Exxon commits to a zero-carbon future

On Wednesday, Exxon Mobil Corp (NYSE: XOM) shares were up 2% after the company stated it would double its 2019 earnings and cash flow by 2027. The surge was triggered by Exxon’s reiteration of its focus on a low carbon future. The oil giant indicated that it plans to invest $15 billion through 2027 to cut carbon emissions. In addition, the Texas-based firm said that it is pegging annual capital expenditure at $25 billion during that time, down from 430 billion the company had indicated it would spend before the pandemic.

Applied U.V.’s Thailand Partner installs Airocide at AFRIMS

Pathogen elimination technology company Applied U.V. Inc. (NASDAQ: AUVI) has announced that its partner based in Thailand will install Airocide at AFRIMS.  The installation seeks to help in creating safer and cleaner environments for visitors and staff. Notably, the US military’s Walter Reed Army Institute of Research (WRAIR) uses biomedical research facilities.