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Moderna shares react to Covid resurgence news in China

Yahoo Finance Live discusses a drop in shares of Moderna after a report of a resurgence of Covid in China.

Video transcript

JULIE HYMAN: It is time for today's trending ticker, and Moderna still tops on our list. It surged about 9% yesterday, giving up some of those gains today, it's off by 3%. This after reports that China is bracing for a massive new wave of COVID-19 cases.

A senior Chinese health advisor saying earlier this week the XBB variant could drive a peak of 65 million infections per week within a month's time. This wave comes just six months after Beijing's sudden lift of COVID restrictions that saw cases skyrocket. This new variant proving resistant to immunity from previous cases. And although its foreign-made vaccines are not approved in China, Moderna shares had gotten a boost from resurgence fears after the news first broke on Monday.

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And it's not just Moderna, by the way. We are also watching things like Casino operators, because we had seen a hit to some of those operators yesterday, the likes of MGM, Wynn, Sands China, as you see there, because if there is some kind of shutdown, once again, if there's a hit to their businesses in Macao then that can be--

- Indeed, as we saw before with previous waves of COVID, so it'll certainly be one to watch. And the point you made, as well, about Moderna's not even approved there--

[INTERPOSING VOICES]

JULIE HYMAN: So you can see a sentiment situation--

- Exactly. All right.