Closing Bell: Novavax Soars, Paramount Rises, Shake Shack Falls

On this episode of Stock Movers:

 
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Carol Massar and Tim Stenovec.

• Novavax (NVAX) shares jumped as US regulators fully approved its Covid vaccine, easing investors’ concerns after the clearance was delayed and US Health and Human Services Secretary Robert F. Kennedy Jr. raised doubts about its efficacy. The US Food and Drug Administration cleared the shot for adults 65 and older and those ages 12 to 64 who have at least one underlying condition that puts them at high risk if they get the virus. The approval is a positive sign for other vaccine makers. It’s been unclear how their shots will fare under the leadership of Kennedy, a longtime vaccine critic.
  
  
• Paramount Group (PGRE) shares soared in trading today, in part on the word that the company's board is initiative a review and evaluation of strategic alternatives and named a new CFO. 
  
  
• Shake Shack (SHAK) shares slumped today after TD Cowen cut the recommendation on the burger fast food chain to hold from buy, citing an already high valuation amid a challenging consumer spending backdrop. “SHAK now trades in excess of the 3Y avg FY2 EV/EBITDA, leading us to believe the challenged restaurant spending backdrop limits further multiple expansion, particularly in the crowded burger category where the concept lacks category leadership,” analyst Andrew Charles wrote in a note.

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