Stocks surge as Pfizer offers hope with a COVID vaccine candidate The major averages were higher in early morning trading after news organizations announced over the weekend that Democrat Joe Biden crossed 270 Electoral College votes with a win in Pennsylvania and defeated President Donald Trump to become the 46th president of the United States. The move higher was greatly accelerated, though, after Pfizer ($PFE) and partner BioNTech ($BNTX) announced their mRNA-based vaccine candidate, BNT162b2, was found to be over 90% effective in preventing COVID-19 in the first set of data released from their still-ongoing Phase 3 trial. ECONOMIC EVENTS: In the U.S., little economic data of note was reported. Meanwhile, German and Chinese trade data showed exports continued to improve. Data from the Johns Hopkins Whiting School of Engineering shows that the United States has passed 10M coronavirus cases. The country surpassed 9M cases on October 30. TOP NEWS: Shares of Pfizer (PFE) and BioNTech (BNTX) rose 7.7% and 13.9%, respectively, after the companies announced that their mRNA-based vaccine candidate against SARS-CoV-2 has demonstrated evidence of efficacy against COVID-19. The announcement of signals of a vaccine efficacy rate above 90% also gave a boost to the broader market and a number of sectors that have been severely impacted by the pandemic, including airlines, cruise ship operators, theme park owners and film exhibiters. McDonald's ($MCD) reported sales and earnings that topped consensus forecasts, noting that global comparable sales declined 2.2%, but adding that monthly comparable sales results improved sequentially for all segments throughout the third quarter. McDonald's also unveiled its new "Accelerating the Arches" growth strategy, which includes plans to double down on digital, delivery and drive thru. McDonalds said it is planning to launch a new crispy chicken sandwich early next year and also confirmed development of McPlant, its own plant-based burger. A Beyond Meat (BYND) spokesperson confirmed to The Fly that the company co-created the plant-based patty with McDonald's. Biogen ($BIIB) shares dropped 28.2% after the company announced that the FDA Peripheral and Central Nervous System Drugs Advisory Committee voted 0 yes, 10 no and 1 uncertain on the question of whether "it is reasonable to consider Study 302 as primary evidence of effectiveness of aducanumab for the treatment of Alzheimer's disease?" Cowen analyst Phil Nadeau downgraded Biogen to Market Perform from Outperform with a price target of $215, down from $275, given his view that approval "is unlikely, albeit not impossible," following a panel that gave only one "yes" out of 30 total votes cast across the three voting questions. Meanwhile, The Wall Street Journal reported that the European Union intends to slap tariffs on $3.99B of Boeing ($BA) aircraft and other U.S. goods annually as part of a long-running trade conflict. In response to the news, Boeing said that the European Union's move to impose 15% tariffs on its aircraft as well as other U.S. goods was "disappointing and surprising." and urged rival Airbus ($EADSY) and Brussels to work to settle the dispute, according to Reuters. Additionally, Bloomberg reported that Adobe ($ADBE) is in talks to acquire privately-held software maker Workfront for $1.5B. MAJOR MOVERS: Among the noteworthy gainers after the Pfizer-BioNTech news were Eventbrite ($EB), Park Hotels & Resorts (PK), and Hawaiian Holdings ($HA), which rose 32.2%, 40.3%, and 50.8%, respectively. Also higher was W. R. Grace ($GRA), which rose 27.1% after receiving a proposal from 40 North Management, one of its shareholders, to acquire all outstanding common shares of the company for $60 per share in cash, subject to certain conditions. "Grace's Board of Directors unanimously believes that 40 North's $60 per share proposal significantly undervalues the company and is not a basis for further discussion," the company said in response. Among the notable losers was Arcturus Therapeutics ($ARCT), which dropped 45.4% after the company announced interim ARCT-021 study results. Also lower was Altimmune ($ALT), which fell 37.1% after it pre-published a comprehensive preclinical evaluation of its single-dose, intranasal COVID-19 vaccine candidate, AdCOVID, in a manuscript. Nasdaq Composite +30.6% YTDS&P 500 +9.9% YTDDow Jones Industrial Average +2.2% YTDRussell 2000 +2.2% YTDMarket SnapshotDow29157.91+834.57(2.95%)Nasdaq11713.71-181.45(-1.53%)SP 5003550.64+41.06(1.17%)10-yr Note -11/320.929NYSEAdv 2381 Dec 674 Vol 1.7 blnNasdaqAdv 2269 Dec 1142 Vol 5.8 blnIndustry WatchStrong: Energy, Financials, Industrials, Real Estate, MaterialsWeak: Consumer Discretionary, Information Technology, Consumer Staples, Communication ServicesMoving the Market-- Record highs after Pfizer (PFE) and BioNTech (BTNX) announced their COVID-19 vaccine candidate is more than 90% effective-- Profit-taking leaves major indices well off session highs-- Joe Biden projected the winner of the presidential election -- Cyclical stocks and oil prices rallied; growth stocks underperformed; Treasury yields roseDisclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. 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