HomeNewsWednesday’s market recap: Pfizer vaccine protects against Omicron, Tilray purchases Breckenridge Distillery, and Lovesac and United Natural Foods beat earnings estimates

Wednesday’s market recap: Pfizer vaccine protects against Omicron, Tilray purchases Breckenridge Distillery, and Lovesac and United Natural Foods beat earnings estimates

Ruchi Gupta
  • Pfizer's vaccine can offer protection against the Omicron variant of COVID-19  
  • Tilray is expanding in the US with the acquisition of a Colorado distillery
  • United Natural Foods and Lovesac jump on earnings release, ChargePoint dips on earnings miss

There have been concerns about the Omicron variant of the coronavirus and the efficacy of the current COVID-19 vaccine against variants of concern. But lab studies indicate that getting the booster shot could protect against the variant.

Pfizer COVID-19 booster vaccine shot can protect against Omicron 

Pfizer Inc. (NYSE: PFE) has indicated that initial results of lab findings show that a booster shot of its COVID-19 vaccine jointly developed with BioNTech can be effective against the omicron variant COVID-19. In addition, the company revealed on Wednesday that its vaccine booster dose could increase neutralizing antibodies 25 times more to offer protection against this heavily mutated variant.

Tilray purchases Colorado-based distillery

Shares of cannabis company Tilray Inc. (NASDAQ: TLRY) were up 5% on Wednesday after the company confirmed the strategic purchase of Breckenridge Distillery to enhance its position in the US. The company will acquire the award-winning Colorado-based distillery that is popular for the bourbon whiskey collection. Already the Canadian company has SweetWater Brewing Co on its portfolio thanks to its business combination with Aphria.

ChargePoint misses Q3 2021 earnings estimate

ChargePoint Holdings Inc. (NYSE: CHPT)  shares dipped slightly after releasing Q3 2021 earnings results that missed expectations but topped revenue estimates. The company reported revenue of $65.03 million, representing a YoY increase of 78%. As a result, GAAP earnings loss was $0.21 per share missing Wall Street's expectation of $0.16 per share.

United Natural Foods soars on strong Q1 2022 results

United Natural Foods Inc. (NYSE: UNFI) shares jumped 11% after the company reported strong fiscal Q1 2022 results. The company reported non-GAAP EPS of $0.97, surpassing Street estimates of $0.6 per share, while GAAP EPS was $1.25, outperforming analysts' expectations of 0.48. In addition, revenue was up 4.5% YoY to $7 billion, beating estimates by $220 million. For FY2022, the company expects revenue of between $27.8 billion and $28.3 billion with EPS of $3.9 to $4.2.

Lovesac beats Street’s revenue estimates by $4.47 million

Lovesac Co (NASDAQ: LOVE) shares soared 21% after the company announced its Q3 2021 earnings and revenue results that beat Wall Street's consensus estimates. The company reported GAAP earnings of $0.17 per share, exceeding analysts' estimates of a loss of 40.43 per share. In addition, quarterly revenue was up 56% YoY to $116.67 million, beating estimates by $4.47 million.