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In premarket trade, PayPal Holdings undefined rallied and Pinterest undefined tumbled after the payments firm said it wouldn't bid for the art-sharing social network. In a terse statement, PayPal said "that it is not pursuing an acquisition of Pinterest at this time." PayPal shares jumped 6% while Pinterest fell 10%. Bloomberg had reported PayPal's interest in buying Pinterest last week.
Kimberly-Clark Corp. undefined shares fell 2.7% in Monday premarket trading after the consumer goods company reported third-quarter earnings that missed expectations and lowered its earnings guidance. Net income totaled $469 million, or $1.39 per share, compared with $472 million, or $1.38 per share, last year. Adjusted EPS of $1.62 missed the FactSet consensus for $1.65. Sales of $5.01 billion were up from $4.68 billion last year and ahead of the FactSet consensus for $4.99 billion. "Our earnings were negatively impacted by significant inflation and supply chain disruptions that increased our costs beyond what we anticipated," said Chief Executive Mike Hsu in a statement. "We are taking further action, including additional pricing and enhanced cost management, to mitigate these headwinds as it is becoming clear they are not likely to be resolved quickly." A global restructuring program announced in 2018 is expected to be complete at the end of the year with total charges of $2.1 billion to $2.2 billion pre-tax, and pre-tax annual savings of $550 million to $560 million by the end of 2021. Kimberly-Clark narrowed its sales forecast to growth of 1% to 2% compared to previous guidance of 1% to 4%. Adjusted EPS guidance was lowered to $6.05 to $6.25 from previous guidance of $6.65 to $6.90. The FactSet consensus is for sales of $19.418 billion, implying growth of 1.5%, and EPS of $6.70. Kimberly-Clark stock has fallen 1.3% for the year to date while the S&P 500 index undefined has gained 21% for the period.
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Shares of Moderna Inc. gained 0.9% in premarket trading on Monday after the company shared interim data from a Phase 2/3 clinical study evaluating its COVID-19 vaccine in children between the ages of 6 and 11 years old. The trial, which has 4,753 participants between the ages of 6 and 11, evaluated the immune response one month after the second dose. Moderna said the vaccine met the trial's endpoint and generated a "robust neutralizing antibody response" but it did not provide an efficacy rate in the news release. The company also said it plans to submit the clinical data to the FDA in the "near term." The news was announced one day before a Food and Drug Administration advisory committee is set to discuss the benefits and risks of BioNTech SE and Pfizer Inc.'s COVID-19 vaccine in children between the ages of 5 and 11. The Moderna and BioNTech/Pfizer COVID-19 vaccines both require two shots and use mRNA technology. Moderna's stock has soared 212.5% so far this year, while the broader S&P 500 is up 21.0%.
S&P 500 component WEC Energy Group on Monday named Scott Lauber president and chief executive officer, effective Feb. 1. He is currently chief operating officer. CEO Kevin Fletcher plans to retire in June and will remain at the company as an adviser until then. Gale Klappa will remain as executive chairman of the company until May 2024. Shares of WEC Energy are down 0.4% this year, compared to a rise of 21% by the S&P 500.