Diamonds and Dogs
Pfizer (PFE) receives FDA approval for their Covid-19 vaccine. The stock is up nearly 3% inching closer to all-time highs. The FDA full approval is a milestone, but still only for ages 16 and up. The vaccine is still available in emergency-use authorization for ages 12 to 15 and a third dose is available for certain people with compromised immune systems. Pfizer expects the vaccine to bring in $33.5 billion in revenue this year, placing it among the biggest-selling drugs of all time.
General Motors (GM) has an electric problem. GM is down a percent as they extend the recall of its Chevy Bolt to include all worldwide sales of the electrified sedan since 2019 due to fire risks. The expanded recall will cost the carmaker around $1 billion and is testing their long-distance relationship with their battery partner, LG Energy Solution in South Korea.
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