Hope. But Also Fear.
Risk appetite abated a bit on Thursday, and markets were broadly mixed as investors took a step back to assess the situation with global equities up some 10% in November.
The macro backdrop is defined by i) hope that a Joe Biden presidency and a vaccine will restore a sense of normalcy to a world gone stark raving mad, and ii) fear that the multitude of lingering unknowns in the US political sphere and the pandemic will derail things.
Moderna looks poised to unveil vaccine data in the days ahe
Pfizer CEO sold 60% of his stock on the same day the company announced the results of its Covid-19 vaccine trial.
Bourla sold $5.6 million in stock on Monday as part of a predetermined trading plan adopted August 19.
https://markets.businessinsider.com/news/stocks/pfizer-ceo-sold-stock-day-covid-19-vaccine-results-unveiled-2020-11-1029790705
So he prematurely called his vaccine a 90% success on the same day he had a predetermined trading plan execute. What timing!!
Surprise! Corporate executives are greedy, self-interested people!
Next we’ll find out the C-suite is inclined to use windfalls from corporate tax cuts for buybacks!
And this: “prematurely called his vaccine a 90% success” is an opinion, not a statement of fact. It is based on your assessment of the situation, which I understand may have merit, but an informed, well-reasoned opinion is still just an opinion.
Believe me, I know — I write informed, well-reasoned opinions all day, every day.
I know you write informed, well-reasoned opinions, I’m a paid subscriber. And my opinion on the 90% success rate being premature is as much of an opinion as a vaccine trial only 25% complete being a 90% success. The facts are indeterminate at this point of the exercise. However, I’m more inclined to think my opinion will ultimately be more factual than Pfizer’s at the end of the assessment because a 90% success rate is pretty unlikely on the first attempt.
All insider trading allegations aside, that announcement caused a seismic market event which now seems to be unwinding. That merits some SEC investigation.
Please understand: I’m not trying to “argue” with readers.
Rather, the site is increasingly becoming a destination for “passersby” looking for an independent but not “alternative” read on markets, the economy, and the political situation delivered by someone (me) who they trust.
For those people who may only read, say, 7 or 8 articles per month, and therefore don’t see all the commentary or read all the comments, etc., I just want to make sure that if they land on a given post (say, this one) they know somebody is “home” on the editorial side, so to speak.
Half of America (and the majority of the developed world) are now totally allergic to anything that even sounds conspiratorial, etc.
I know you’re not trying to come across that way. And your opinion on this may be proven correct.
My more frequent comment interventions may seem draconian, but they’re not.
I just have to make sure that random readers who stumble on a given article and scroll down to the comments understand that this is a real site, with editorial oversight. That’s all. It’s not personal.
If true, definitely calls for a looksie by the (toothless) SEC.
If not necessarily new technology, this vaccine will not be as innocuous as most vaccines.
Your local pharmacist,et al, will likely need special training and equiptment. There are no long term studies on the route of immunity and whether one will be infectious to others. It is possible that this vacine will create asymptomatic spreaders. It may fall into the realm of a pre-therapy. I would have sold my stock also if I assumed the market would leap too far to this new therapy. He may buy the stock back next week.
Building a better mousetrap and fighting the common cold(corona) are always profitable endeavors.
If a pharmaceutical company discovers a universal corona vacine; colds, flue strains, covids; the CEO would be buying his own stock by the bucketful. Mankind would be happy for him. The nasal spray touted recently may be the best short term bet.