Initial biochemical and biophysical analyses also indicate STI-1499 is a potentially strong antibody drug candidate.", the company mentioned in its statement. Sorrento's findings are subject to  peer review by other scientists, and the research has not been tested on human beings, according to reports. Sorrento also claims that this newly discovered antibody, labelled the STI-1499, could be developed and made available before a vaccine enters the market. Meanwhile, the company continues to work on production of a separate, antibody “cocktail” that could provide protection against SARS-CoV-2 even in case of mutations in the virus.    

Applied DNA Sciences  got an authorization from the U.S. Food and Drug Administration (FDA) for emergency clinical use of its covid-19 test, Linea.  "This extraordinary achievement highlights the company’s commitment to combating the covid-19 pandemic both locally and nationwide," Chief Executive James Hayward said in a statement. The machine that performs  the test can process 94 samples per hour and more than 2,000 tests per day. The FDA has authorized emergency use for about 50 molecular tests that can detect COVID-19  

Cisco Systems  got price target hikes from analysts, following the company’s earnings beat for the fiscal third quarter. In the quarter ended April 25, the networking/technology company’s GAAP earnings per share came in at 79 cents, which exceeded analysts’ expectations of 71 cents a share.Revenue  of $12 billion also was higher than analysts’ estimate of $11.88 billion. Cisco also provided higher-than-expected guidance on its fourth quarter earnings per share. Citi’s Jim Suva boosted his price target to $48 from $40, and affirmed his buy rating on Cisco shares, citing results and outlook that were “materially stronger than expected,” coupled with Cisco’s  offered flexible payment terms during the coronavirus crisis – something that should generate more customer loyalty, according to Suva. Jefferies analyst George Notter lifted his share-price target $49 from $45 and maintained his buy rating.

However,  future bookings remain solid. The cruiseline company’s adjusted loss came in at -99 cents a share, compared to a loss of -28 cents a share expected by analysts polled by FactSet.  Revenue of $1.25 billion was lower than the year-ago quarter’s $1.4 billion. But the company said that there is demand for  cruise vacations, particularly beginning in the fourth quarter 2020 accelerating through 2021, and that the company’s overall booked position and pricing for 2021 within historical ranges.  

Novavax  said it would be receiving up to $388 million in funding from the Coalition for Epidemic Preparedness Innovations for development of its coronavirus vaccine candidate. The biotechnology company mentioned that the additional funding will support a rapid scale-up of the NVX-CoV2373 vaccine antigen and therefore allow the company to boost its large-scale manufacturing capacity. According to Novavax,  a Phase 1/2 clinical of the vaccine candidate will begin this month in Australia.The company said the funding would allow it to potentially produce up to 100 million vaccine doses by end of 2020.

Peloton   shares jumped on Tuesday, following reports of the company having garnered more than 1 million subscribers. In a regulatory filing  with the Securities and Exchange Commission,  the interactive bike-and-exercise-services company said it had crossed the 1 million mark in connected fitness subscribers. At the end of its fiscal third quarter in March, Peloton reported 886,100 subscribers in the connected fitness category. Peloton said it would not be updating its projection for the fourth quarter and for full-year 2020.The company previously boosted its outlook for fiscal 2020 to a total of 1.04 to 1.05 million subscribers.

The mall operator also said that it will continue paying out dividends to shareholders. The coronavirus crisis compelled Simon to close more than 200 of its properties .The company reported a -20% decline in quarterly earnings, and withdrew its full-year profit guidance. But as of now, around 77 have been re-opened in states that have eased lockdown restrictions, and a least half will be up-and-running by next week - the company said. CEO David Simon said that the Board will announce a second quarter dividend before the end of June and that dividend will be paid in cash."We expect to pay out at least 100% of our taxable income in 2020 in cash", said Simon.    

Apple  received a price-target boost from Wedbush Securities analyst Daniel Ives, as he is hopeful of iPhone 12’s impact on Apple’s performance. Ives lifted his one-year price target on the iPhone maker's shares to $350 from $335.  iPhone 12 should help bolster sales in the final quarter of the year and into 2021, according to Ives.

On Tuesday, trading on Grubhub  shares were halted for a second time on the New York Stock Exchange, following the more than +35% jump in the stock price on reports of Uber  showing interest in the company. Citing people familiar with the matter and who did not want to be named, Bloomberg reported that Uber approached the online food ordering company with an acquisition offer, and that a deal could be reached this month. Uber is closing its own food-delivery business, Uber Eats, in seven countries where the service has turned out to be unpopular, it said last week. No official comment has come from either Grubhub or Uber.

The U.S. economy’s employment fell by -20.5 million in April. The coronavirus crisis led to unemployment rate soaring to 14.7% in the U.S, the highest rate in the Bureau of Labor Statistics-tracked series history that goes back to 1948. However, the figures were better compared to several economists'/analysts' forecasts of 22 million job losses and 16% unemployment rate.  Another unemployment measure that includes those who have stopped looking for work as well as those holding part-time jobs for economic reasons also touched an all-time high of 22.8%.

Walt Disney World will begin reopening of Disney Springs in a phased manner, amid safety measures  that companies are trying to maintain against the covid pandemic. Disney Springs, a restaurant and entertainment area, will reopen on May 20. “Disney Springs will begin to reopen in a way that incorporates enhanced safety measures, including increased cleaning procedures, the use of appropriate face coverings by both cast members and guests, limited-contact guest services and additional safety training for cast members," said Matt Simon, vice president for Disney Springs, on the official Disney Parks Blog. However, Disney’s  theme parks and hotels will remain closed.               Earlier this week, the entertainment giant announced that it would reopen Shanghai Disneyland on May 11,  but attendance would be limited to less than 30% of the 88,000 guests per day it has capacity for normally. &nbs

Royal Caribbean Cruises  revealed that it has $2.45 billion in cash and cash equivalents. The cruise company that it had cash of approximately $2.3 billion as of April 30. it also mentioned that on May 4 it boosted its 364-day senior secured credit facility and drew $150 million. "These are unprecedented times for all of us.Travel restrictions and stay-at-home orders are important to slowing the spread of the virus, but they have severely impacted our operations," Royal Caribbean CEO Richard Fain said in the statement. As of March 31, the company had $2.4 billion in customer deposits. The  company projects  monthly cash burn of $250 million to $275 million ,while its cruise ships remain docked amid Covid-19 crisis. Its debt maturities are  $400 million this year and $900 million next year.

The  pharmaceutical company also confirmed its 2020 profit guidance. The pharmaceutical company’s   non-GAAP earnings for the three months ending in March increased +56% year-over-year to $1.72 per share in the quarter, ahead of  the Street consensus estimate of $1.49 per share.However, the company revised its revenue forecast downwards by around $500,000- to a range of $40 billion to $42 billion –from its prior estimate.        

ViacomCBS  beat the Street's first-quarter earnings expectations, in its its first report for a full quarter of the Viacom and CBS merger. The media behemoth’s  adjusted earnings came in at $1.13 a share for the quarter, which surpassed analysts’ estimate of  95 cents a share. Revenue fell -6% year-over-year to $6.67 billion, but exceeded Wall Street's expectation of $6.57 billion. Sales from the advertising segment fell -19% year over year. The NCAA cancelled its championship basketball tournament this year because of the coronavirus pandemic. However, domestic streaming and digital video revenue, including streaming subscription and digital video advertising revenue, surged +51% from the prior year quarter to $471 million. Also, film revenue grew +11%, on the back of  licensing and home entertainment growth. ViacomCBS said it has access to $3.5 billion revolving credit facility and other liquidity sources.

LivePerson shares jumped  Wednesday, following stock price target hikes from  three analysts. The conversational commerce and AI software company received price target boost ,from B. Riley, to $36 from $31.Jefferies analyst Samad Samana mentioned that LivePerson’s major first-quarter increase in messaging volume as the coronavirus pandemic began to spread underscores the value proposition of messaging vs. phone calls. Mizuho hiked the price target to $40 from $30, reiterating its buy rating too. LivePerson signed 130 deals in the first quarter,which reflects  a year-over-year increase of+ 10%.

On Wednesday, Royal Caribbean  announced  that it was extending its "Cruise with Confidence" cancellation policy through April 2022 in response to uncertainty posed  by the coronavirus pandemic. For new and existing bookings made by Aug. 1, passengers are allowed to cancel their cruises up to 48 hours prior to sailing and will receive a full credit of the cruise fare for a future cruise through April 2022. All cruises with sailing dates on or before April 2022 and across the company's brands: Royal Caribbean International, Celebrity Cruises and Azamara, will also be covered by the policy.

General Motors reported first quarter earnings that beat expectations.  The auto behemoth’s adjusted earnings for the three months ending in March came in at 62 cents per share, more than double the Street consensus estimate of 30 cents per share.

Economists surveyed by FactSet had predicted 21 million private payroll job losses last month.  Big businesses with more than 500 employees reduced workforce by almost 9 million. Medium-sized firms (50-499 employees) shed 5.27 million. Companies with fewer than 50 workers cut some 6 million positions. Service sectors shed just over 16 million;  trade, transportation and utilities lost 3.44 million jobs.

Alexion Pharmaceuticals  has agreed to buy Portola Pharmaceuticals   for $1.41 billion.  The deal,  where Alexion will pay $18 a share for the acquisition,  is expected to help Alexion boost its portfolio by including Portola's coagulation factor Xa drug Andexxa."The acquisition of Portola represents an important next step in our strategy to diversify beyond C5," Alexion Chief Executive Ludwig Hantson said in a statement. The acquisition is expected to in the third quarter.

Walt Disney  got an analyst downgrade MoffettNathanson analyst, on Covid-19 impact. MoffettNathanson analyst Michael Nathanson lowered rating on the media/entertainment giant’s shares to neutral from buy, ahead of  the company’s first-quarter earnings. Nathanson wrote that earnings revisions for the Disney could be “massively skewed to the downside” due to the coronavirus the pandemic, even as Disney+ continues to garner subscribers. Nathanson also slashed his one-year price target to $112 from $120