Axios

Moderna shares plunged today to lows not seen since the early weeks of the pandemic after the company dramatically lowered its sales forecast.

Zoom in: Waning demand for COVID vaccines is crushing Moderna's revenue.

Moderna shares plunged today to lows not seen since the early weeks of the pandemic after the company dramatically lowered its sales forecast.

Zoom in: Waning demand for COVID vaccines is crushing Moderna's revenue.

• Four months after projecting 2025 revenue of $2.5 billion–$3.5 billion, the company reduced that outlook to $1.5 billion–$2.5 billion.
• The company's 2024 product sales totaled about $3 billion–$3.1 billion, almost all of it from its COVID vaccine.

What we're watching: Moderna is hoping to get a boost from new products, with a goal of landing up to 10 product approvals over the next three years.

Americans have consistently viewed medical workers, K-12 teachers and military officers as the most ethical professions — but even their ratings have dropped considerably, new Gallup polling shows.

Why it matters: Americans' opinion of the ethics of various professions has stalled at its lowest point — reflective of declining confidence in U.S. institutions overall.

The CEO of steelmaker Cleveland-Cliffs reiterated he still wants to acquire rival U.S. Steel, in a news conference filled with intense and vehemently anti-Japan rhetoric.

Why it matters: This is the buyer that the United Steelworkers union wants, but it presents major antitrust challenges.

Fidelity Investments today will announce its entry into the stock transfer agent market, with an all-digital solution that it's been quietly testing for the past year.

Why it matters: Stock transfer is vital to capital markets transactions, including both IPOs and M&A, but it's also dominated by an oligopoly that has a habit of driving CFOs to slam their fists into walls.

Johnson & Johnson on Monday said that it's agreed to acquire CNS biotech Intra-Cellular Therapies for $14.6 billion in cash, or $132 per share.

Why it matters: This would be the largest biotech merger since 2023, nearly tripling the size of last year's record-holder (Vertex/Alpine Immune).

The years-long effort to restore the beloved SALT tax deduction is gaining traction, as Republicans push to get "one big beautiful" tax bill passed.

Why it matters: This would be an expensive deficit-expanding tax cut for folks in blue states that are relatively well-to-do.

President-elect Trump has said he wants to slap aggressive tariffs on all sorts of U.S. imports as soon as Day 1 of his administration. But taking shock-and-awe action would come with meaningful economic, political and legal risks.

Why it matters: Trump will have to decide whether to turn to the tried-and-true tools to implement tariffs he used when he was last in office — which are powerful, but take time and care to enact — or rip up the playbook.