Broadcom Up Ahead of Earnings, Moderna Higher, Disney Slides on Layoffs

-Broadcom (AVGO) is up today ahead of earnings this week. Bloomberg Intelligence analysts are expecting the software giant to post slightly better results and guidance led by strength in AI.

-Moderna (MRNA) share rose after the drugmaker won FDA approval for its second-generation Covid vaccine. The company’s second-generation vaccine is cleared for all adults over 65 and anyone over 12 who has at least one risk factor for severe disease, Moderna said in a statement Saturday. Moderna’s Covid shot had previously been approved for people 12 years of age and older regardless of their underlying health. Vaccine makers have been on high alert to challenges under Kennedy, a longtime critic of immunizations who leads the health agency that oversees the Food and Drug Administration.

- Disney (DIS) shares are lower after it was reported that it would be laying off several hundred employees across its film and TV businesses, cuts that underscore the tough times in Hollywood are far from over. The staff reductions began Monday and are falling on employees in marketing, publicity, casting and development, along with corporate financial operations, according to the company. Hollywood has been in a cost-cutting mode for years, with production and employment in a downward spiral. Disney, based in Burbank, California, announced a retrenchment in February 2023, eliminating 7,000 jobs in a bid to cut expenses by $5.5 billion. The company later increased that target to $7.5 billion. Competitors have also laid off thousands of workers.

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