Wall Street suffered renewed selling on Friday, as worries about the economy and interest rates resurfaced. Stronger-than-expected job statistics raised fears that the Federal Reserve would remain aggressive about raising interest rates. Meanwhile, Elon Musk sounded the latest in a series of high-profile warnings about the economy, saying he had a "super bad feeling."
Looking at individual stocks, Novavax (NVAX) lost around a fifth of its value amid concerns about the connection between its COVID vaccine and myocarditis. Meanwhile, JOANN (JOAN) plunged to a new 52-week low following a disappointing earnings report.
At the same time, ConocoPhillips (COP) set a new 52-week peak, riding higher on a further rise in oil prices.
The transaction calls for BMY to pay $76 per share in cash for TPTX. Through the purchase, BMY looks to add to its cancer portfolio, acquiring TPTX's lead asset repotrectinib, a product being developed for non-small cell lung cancer and other advanced solid tumors.
The deal is expected to close in Q3. BMY will fund the purchase with cash on hand.
TPTX finished at $74.59, jumping $40.43 on the session. This represented an advance of about 118%. With the gains, the stock reached its highest level since last September.
Worries about links between the firm's COVID vaccine and a rare heart condition triggered selling in shares of Novavax (NVAX), which dropped 20% during the session.
The slide followed the release of briefing documents from the U.S. Food and Drug Administration, which noted concern over cases of myocarditis in clinical trials of the vaccine. The FDA pointed to four cases of the rare heart inflammation.
For its part, NVAX pushed back on the concerns, saying there is insufficient evidence that its vaccine causes myocarditis and pericarditis.
Even with the company attempting to limit the damage, shares dropped $11.21 to finish at $44.76. After a sharp decline in late 2021 and early 2022, NVAX has been bouncing around in a range recently.
On Friday, the stock touched an intraday 52-week low of $41.10. However, NVAX ended above its previous closing low of $42.92, which it set in mid-May.
Notable New High
With energy representing one of the few concentrated sources of strength, ConocoPhillips (COP) added to a recent upswing, allowing the petroleum giant to extend its 52-week high.
Oil prices marched further higher on Friday, with crude climbing nearly 3% to top $120 a barrel. COP received a boost from strength in its most important commodity, also advancing 3% on the day.
Specifically, COP climbed $3.21 to close at $118.12. Shares also reached an intraday 52-week high of 118.42. Looking longer-term, COP has climbed 60% in 2022 and has nearly doubled over the past 12 months.
Notable New Low
The disclosure of a surprise quarterly loss prompted a wave of selling in JOANN (JOAN). With financial figures damaged by supply chain issues, shares of the parent company of craft and fabric retailer Jo-Ann Stores plunged 19% to reach a new 52-week low.
The company reported a loss for Q1, staggering analysts, who had expected a profit. Revenue also came up short of projections, dropping 13% to $498M. Comparable sales likewise fell 13%.
JOANN CEO Wade Miquelon attempted to limit the damage by stressing steps the retailer had taken steps to respond to inflation and supply chain challenges: "While we know that supply chains will continue to be challenged, we have added carrier capacity and operating flexibility to better manage through those challenges and ensure we deliver exciting product assortments to our customers at the best possible cost."
Investors remained skeptical, sending JOAN lower by $1.54 on Friday to close at $6.36. During the session, shares also reached an intraday 52-week low of $6.23.
Friday's slide added to a downtrend for the stock that began in mid-March. Shares have dropped about 52% since that time.
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