1) The drug maker Moderna Inc. has shipped its first batch of coronavirus vaccine to U.S. government researchers for human testing. The government will test if the experimental shot can help suppress the epidemic that originated in China. Test are expected to start by the end of April on 20 to 25 healthy volunteers to see if two doses are safe and can induce an immune response that protects against infection. Using the virus’ genetic sequence, Moderna was able to make a fast response in developing a vaccine.
2) The United States Supreme Court has ruled on a decade long legal battle against Apple. The decision against Apple leaves the company open to paying $440 million dollars to the technology licensing company VirnetX for violations of its patents. The legal battle has been on going since 2010 for violations of VirnetX four patents. With the ruling against Apple, the case will be sent back to the district court in Texas to enforce the $440 million damages.
3) Canada’s oil sands industry may have built its last big mine. The cancellation of Teck Resources Ltd.’s Frontier project in northen Alberta, which was expected to produce more crude than OPEC member Gabon, has seen most of it’s foreign investors fall out. Other proposed mines may not be able to clear the hurdles that foil the Frontier project, thus ending an era of mega-projects that had made Canada the largest importer of crude to the United States. The dropping of crude oil prices has had a detrimental effect on the industry.
4) Stock market closings for – 24 FEB 20: The Dow closes down 1,000 points wiping out a year’s gains.
Dow 27,960.80 down 1031.61
Nasdaq 9,221.28 down 355.31
S&P 500 3,225.89 down 111.86
10 Year Yield: down at 1.38%
Oil: down at $51.34