Diamonds and Dogs
Pfizer (PFE) getting ready for the winter season. Pfizer is up 3% as the FDA is asking Covid-19 vaccine makers to produce boosters for the fall that target the BA.4/BA.5 Omicron subvariants. The boosters would be so-called bivalent boosters, combining the original vaccine with the new component. Pfizer said they will be ready to distribute a vaccine to the world by early October 2022, pending regulatory authorizations.
The retailers are signaling a recession even in the luxury market. RH (RH) former Restoration Hardware is down 10% to a 52-week low after preannouncing earnings, saying sales may fall 5% this year. The company is blaming higher mortgage rates causing a deteriorating macroeconomic environment. The higher oil and food prices are also causing less disposable income for consumers.
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