Diamonds and Dogs
Viking Therapeutics (VKTX) charging forward. The biotech is up 78% thanks to a positive mid-stage result for its experimental nonalcoholic steatohepatitis (NASH) medicine VK2809. Most critically, the drug seems to compare favorably to Madrigal Pharmaceuticals'MGL-3196 drug in terms of both safety and efficacy. The key takeaway here is that VK2809 now appears not only to be a viable NASH candidate, but it could be a best-in-class medicine to boot. That's a big deal, because the NASH market is forecast to reach a whopping $35 billion in sales over the next decade
A big whiff from Fed Ex (FDX). FedEx is down 4% after missing earnings estimates by 34 cents. Sales rose 11.5% year/year to $17.05 billion ahead of estimates and guidance was inline. But investors are focusing on the lower profits due to higher labor costs, higher fuel and commodity costs and currency issues. FedEx also said that economic activity is beginning to moderate in China as uncertainty increases around U.S. tariffs. The direct U.S.-China trade lane represents only about 2 percent of FedEx's total sales.