Two of the three major U.S. indices fell on Monday, as the logistics of distributing the first doses of the vaccine continue to prove challenging.
Although the plan has always been for a tiered rollout of the vaccine, with front-line medical workers and those in senior living facilities prioritized, it looks as if the first available doses won’t even be sufficient to immunize at-risk health care employees.
While the Nasdaq posted a modest gain on the day, the S&P 500 and the Dow Jones Industrial Average both fell. The Dow lost 148 points, or 0.5%, to finish at 30,069.
Airbnb to go public at rich valuation. The home rental booking platform Airbnb raised the price range on its initial public offering, scheduled for this Thursday, from $44 to $50 a share to $56 to $60 a share. The IPO is one of the most heavily anticipated public offerings of 2020 and has been widely awaited for years.
The new price range puts Airbnb’s valuation in the $39 billion to $42 billion range. Earlier this year the company began struggling intensely with the onset of the pandemic, although its business has swiftly recovered and by all indications the company remains on the path to renewed profitability once more.
Picture of innocence. Former photo giant Eastman Kodak (ticker: KODK) saw its shares surge 59.9% on Monday after reporting that a government watchdog had looked into the company’s behavior surrounding a potential $765 million government loan earlier this year.
The loan, which was a major financial lifeline for the company and would help Kodak dramatically pivot its focus to start churning out generic drug ingredients potentially helpful in the fight against the pandemic, was announced before it actually closed, causing the KODK stock price to soar on news of a loan prematurely that ultimately did not go through.
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