Trending Stock Market News Friday: Novavax, Ericsson, Boeing

July 18, 2020 3oliver

Novavax has gone from an afterthought to winning the biggest federal contract for a potential coronavirus vaccine.

The markets are ending the week on a volatile note, with the Dow turning negative, and the S&P 500 and Nasdaq rising to positive territory during Friday’s session.

Here are some of the biggest market stories you may have missed for Friday, July 17.

Novavax Gets Its Big Shot

Gaithersburg, MD-based drug maker Novavax (NVAX) – Get Report has never brought a vaccine to market in its 33-year history, but the stock is spiking for a second straight day after the company landed a $1.6 billion contract to develop a coronavirus vaccine from the federal government

The New York Times detailed how a co-sign from the Bill & Melinda Gates Foundation and others helped the struggling company win the largest coronavirus vaccine contract awarded by the Trump administration.

British Airways to Mothball Boeing 747 Fleet

British Airways announced that it will begin phasing out its entire fleet of Boeing BA 747 jets with plans to retire the planes entirely by 2024, citing an earlier retirement than expected due to the coronavirus pandemic’s effect of the airline industry.

“It is with great sadness that we can confirm we are proposing to retire our entire 747 fleet with immediate effect,” the airline said in an emailed statement to CNBC. “It is unlikely our magnificent ‘queen of the skies’ will ever operate commercial services for British Airways again.”