German court rules Pfizer violated Moderna Covid vaccine patent, sending Moderna even higher

Moderna shares are rising after a German court handed the vaccine maker a win in a patent lawsuit against Pfizer.

The court ruled that Pfizer and BioNTech violated a COVID-19 vaccine patent held by Moderna, according to a ruling seen by Reuters. Though the ruling may be appealed, if it stands, Pfizer could owe Moderna compensation.

Moderna shares, which were already rallying after the company disclosed $6 million in insider purchases, went even higher after the ruling was reported. Pfizer shares were flat.

Moderna shares have hit a rough patch since sales of its COVID-19 vaccine dried up. Unlike Pfizer, its portfolio is less diverse, and it still relies on that vaccine for the majority of its revenue.

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Western Digital Stock Rallies as Wall Street Raises Estimates

Western Digital rallies as Wall Street sees more gains ahead

Analysts responded to yesterday’s Western Digital earnings by rapidly ramping up price targets.

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Luke Kawa

December rate cut odds creep lower with Federal Reserve hawks out in full force

A cacophony of hawkish commentary.

Federal Reserve To Make Highly Anticipated Interest Rate Announcement This Week

J. Edward Moreno5h

Gene-editing stocks rally on Bloomberg report that FDA plans to fast-track approval process

Shares of biotechs working with gene-editing treatments rose after the industry’s top regulator told Bloomberg News that the Food and Drug Administration plans to publish a paper in early November outlining the agency’s new, faster approach to approving those treatments.

FDA Clears Way for Faster Personalized Gene Editing Treatments

Jon Keegan

Amazon pulled off its monster quarter despite being left out of OpenAI’s tangle of deals

Amazon’s AWS revenue grew 20% year on year, and will hit $125 billion in capex for the year. CEO Andy Jassy said the 14,000 jobs cut weren’t about money, but about “culture.”

Matt Phillips5h

Getty Images shares moon on licensing deal with Perplexity

Getty Images soared Friday after announcing a multiyear licensing deal with AI search company Perplexity AI. Reuters reports:

“Under the agreement, Perplexity will integrate Getty’s API technology into its AI platform workflows, enabling users to access premium visuals while improving image attribution. The collaboration is part of a wider trend of digital platforms signing licensing deals with AI content providers to expand content access while respecting intellectual property rights and generating revenue.”

Getty was up as much as 85% in the premarket trading session, but those gains are quickly dropping as holders rush to dump the stock, which has been a truly disastrous long-term trade.

In fact, Getty has had a pretty bizarre ride since it returned to the public markets on July 25, 2022, as part of a SPAC deal — in a previous life it had been publicly traded before being taken private in 2008. Within days of its return, Getty became a minor meme stock, spiking more than 250% before crashing a couple months later.

Since then, the stock’s trajectory has been abysmal. Prior to the announcement of the Perplexity AI deal on Friday, it was down 80% from its trading debut. No wonder people are trying to get out fast.

At last glance, those 85% gains in the premarket have been swamped by sellers, shrinking today’s gain for Getty down to 17%.

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