Boeing’s Test Flight and the FDA’s Rejection: Morning Buzzers
U.S. stock futures were posting minor gains on Monday morning. The markets were calm but optimistic following strong trade data on Friday and the closure of many Asian markets due to national holidays on Monday.
Futures at 8:50 a.m.: DJIA: +0.06%, S&P 500: +0.03%, NASDAQ: +0.09%.
Novo Nordisk (NYSE:NVO), the world’s largest producer of insulin, faced serious selling pressure on Monday morning following news that the Food and Drug Administration is requesting more clinical testing for two of the company’s new products. The additional testing could delay the launch of at least one of the products, Tresiba, by three years in the United States. However, the treatments have been approved in Europe and Japan. Shares were off as much as 13.8 percent in pre-market trading.
Boeing (NYSE:BA) completed a reportedly “uneventful test flight” of a 787 Dreamliner on Saturday. The purpose of the flight was to gather additional data on the lithium-ion batteries that have a defect, which led to a fire earlier in January. So far, investigators have been unable to determine exactly what caused the problem.