LIVE: Colonial Pipeline CEO Joseph Blount testifies after cyberattack

Amazon Pharmacy offers half-yearly prescriptions starting at $6

The Amazon logo is seen outside its JFK8 distribution center in Staten Island, New York, U.S. November 25, 2020. REUTERS/Brendan McDermid/Files

(Reuters) – Amazon.com Inc is now offering six-month prescriptions starting at $6 for medications of common health issues through its pharmacy, the company said on Tuesday.

Bitcoin Recovers By 10% In 2 Days

Bitcoin recovered from a recent low of $33633 in two days. It recorded a gain of nearly 10 percent over the last 48 hours.

The most popular cryptocurrency is trading at $36868 while writing this report.

The current trends are bearish, analysts say.

Bitcoin more than halved on May 23 after hitting its all-time record of around $65,000 in April.

Multiple factors are said to have influenced the deep fall in Bitcoin prices.

Reports of move by China to crack down on cryptocurrency and tweets by Tesla CEO Elon Musk sent Bitcoin tumbling.

China banned financial and payment institutions from providing cryptocurrency services and the People’s Bank of China reiterated that digital tokens cannot be used as a form of payment.

Bitcon price plunged after Elon Musk said that his car company will not accept the cryptocurrency while selling Tesla vehicles.

BTC’s current market capitalization is $681 billion and global trade volume is $33 billion, according to Coinmarketcap.

Stock Alert: Marvel Technology Rises 5% On Strong Q1 Performance

Shares of semiconductor manufacturer Marvell Technology, Inc. (MRVL) are rising 5 percent on Tuesday’s trading as the company’s results for the first quarter came in above market expectations. Marvel Technology also forecast high growth for the second quarter.

The company reported first-quarter net loss of $88.2 million or $0.13 per share, narrower than last year’s loss of $113.0 million or $0.17 per share last year.
Adjusted earnings for the quarter was $0.29 per share, compared to a loss of $0.18 per share last year.

Revenues for the quarter rose 20 percent to $832.3 million from $693.6 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.27 per share on revenues of $804.12 million for the quarter.

Currently trading at $50.97, the stock has traded between $32.53 and $55.70 in the past 52 weeks.

Stock Alert: What Is Happening With Wendy’s?

Shares of Wendy’s Co. (WEN) jumped nearly 15% on Tuesday morning to an all-time high, as the restaurant chain seems to have jumped on to the meme stock bandwagon.

WEN is currently trading at $26.25, up $3.31 or 14.43%, on the NASDAQ.

According to reports, Wendy’s strong movement was driven by positive comments on Reddit. Data from the Yolostocks website, which tracks real-time mentions on stocks within Reddit, reported that Wendy’s is now the sixth-most discussed stock among users, up from a previous rank of 24, over the past 24 hours.

Meme stocks are those stocks that have witnessed a huge surge in volumes and share price, driven by the hype on social media and online forums like Reddit, rather than the company fundamentals.

Some popular meme stocks are videogame retailer GameStop (GME), movie theater operator AMC Entertainment Holdings (AMC) and Blackberry (BB), which have witnessed their share price rally 95%, 510% and 93%, respectively, over the past one month.

Stock Alert: CureVac Slips 13%

Shares of German biopharmaceutical company CureVac N.V. (CVAC) are down 13 percent on Tuesday’s trading on reports that the European Medicines Agency will not take a decision on the approval of the company’s COVID-19 vaccine before August.

Earlier, the company had said that a late-stage trial including 40,000 volunteers in Europe and Latin America had reached a first interim analysis at 59 COVID-19 cases, but more data would be needed for statistically reliable efficacy numbers.

The stock is currently trading at $108.30, down $16.70 or 13% on the NASDAQ.

CVAC has traded between $36.15 and $151.80 during the past 52 weeks.

Supreme Court Dismisses J&J Appeal Against The $2bln Fine

Pharma giant Johnson & Johnson (JNJ) is in deeper waters after the Supreme Court rejected the company’s appeal to review the $2.14 billion reparations awarded against the company in June 2020.

The original verdict of $4.7 billion was awarded by a Missouri jury in 2018 after 22 women blamed Johnson and Johnson for using asbestos in their talcum powders and baby products, which has led to their ovarian cancer.

While the amount of the verdict was reduced to $2.14 billion, the present amount is going to stay unchanged as the company is entangled in 21,800 cases regarding the same issue. The company said that it has already rolled back the baby-powders due to the allegations and has been facing a drop in demand due to the filings.

The prosecutor for the women, Mark Lanier, praised the decision and said, “This decision sends a clear message to the rich and powerful: You will be held to account when you cause grievous harm under our system of equal justice under law.”

Justice Brett Kavanaugh and Samuel Alito took no part in the case as the former’s father was vocal against labeling the talc with a carcinogenic warning and the latter owns stock in the company. The company released a statement saying, “Decades of independent scientific evaluations confirm Johnson’s Baby Powder is safe, does not contain asbestos, and does not cause cancer.”

LIVE: Colonial Pipeline CEO Joseph Blount testifies after cyberattack

Colonial Pipeline CEO testifies before Homeland Security committee on cyber attack-FBN

Senate Homeland Security Committee hearing on threats to critical infrastructure.

Colonial Pipeline CEO Joseph Blount is testifying Tuesday before the Senate after a May ransomware attack shut down the pipeline, causing gas shortages up and down the East Coast for several days.

Blount first said during a May 19 interview with The Wall Street Journal that the company paid a ransom of about $4.4 million in cryptocurrency to hackers to restore the pipeline's services.

The Department of Justice announced on Monday that investigators were able to recover most of the ransom paid to hackers who interrupted operations at Colonial Pipeline last month.

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Fox Business' Brittaney De Lea contributed to this report.