The most important news from last week 6.6.2022
Concerns about Visa because of the inflation
Morgan Stanley analyst James Faucette said in a letter to investors on Thursday that while Visa's May update was promising, recession fears in the second half of the year continue to weigh on the company. Despite high inflation and mounting recession worries, the analyst believes that robust travel demand and healthy US spending will continue to hold up. Rising airplane fares and strong inflation in important economies are projected to boost Visa's cross-border business.
Moderna delayed Covid vaccine for EU
Moderna Inc announced on Thursday that it has agreed to delay the delivery of certain COVID-19 vaccines to the European Union by several months, until late 2022 or early next year. Moderna's stock dropped roughly 2% before the bell as a result of the delay, despite the firm sticking to its 21 billion USD vaccine sales target for 2022. In April, the bloc amended agreements with Pfizer Inc and BioNTech SE, a German partner, to postpone vaccine supply by three months.*
Movement of Moderna’s stocks since coming to the market. (Source: Trading Economics) *
Meta Platform’s Sheryl Sandberg will leave after 14 years
Sheryl Sandberg, the Chief Operating Officer of Meta Platforms Inc, is leaving the firm after 14 years, according to a Facebook post. Sandberg's strong cooperation with Chief Executive Officer Mark Zuckerberg fuelled the rise of the world's largest social network. In a second Facebook post, Zuckerberg said that Chief Growth Officer Javier Olivan will take over as Chief Operating Officer, while he emphasized that he did not want to immediately replace Sandberg's function.
Delta is trying to strike a deal with Boeing
Delta Air Lines Chief Executive Officer Ed Bastian said the company was still working on an aircraft contract with Boeing. In March, it was reported that Boeing was nearing a historic purchase from Delta for up to 100 of its 737 MAX 10 planes. Bastian agreed when asked at an industry conference if the MAX had a place in Delta's fleet. For now, Delta airlines is the only U.S. major airline carrier without an order on 737 MAX.
Gazprom stopped the supply to Orsted and Shell Energy
For its contract to deliver gas to Germany, Russian gas producer Gazprom has shut off gas supplies to Denmark's Orsted and Shell Energy, citing the businesses' refusal to pay in roubles. Following their reluctance to pay for gas in Russian roubles, as required by Moscow in reaction to Western sanctions over the Russia-Ukraine crisis, Gazprom has already cut deliveries to Dutch gas trader GasTerra, as well as Bulgaria, Poland, and Finland.
Sources: Trading Economics, Reuters, CNBC, Yahoo Finance
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