Diamonds and Dogs

7/7/20

Novavax (NVAX) jumps 25% on federal funding. The biotech firm received $1.6 billion from the federal government to accelerate their COVID-19 vaccine development program. The funds will be used to complete late-stage clinical development of its vaccine candidate for Phase 3 trials and scale up manufacturing aiming to deliver 100 million doses of the vaccine, as early as year-end.

Paychex (PAYX) lower following earnings. Paychex is lower by a percent but continues to make money earning 61 cents per share as sales fell 6.7% to $915.1 million, ahead of estimates. The company ended the quarter with $1.0 billion in cash and $801.9 million in debt. Management believes their cash and cash flow will support business operations, capital purchases, share repurchases, and dividend payments for the foreseeable future.