(Bloomberg) — A Boeing Co. 737 Max lifted off from a Seattle airfield with a U.S. Federal Aviation Administration pilot on board, the first of several flights to test whether the revamped jetliner is safe following two deadly crashes.The Max 7 took off from Boeing Field at about 9:55 a.m. local time Monday and is scheduled to return about three hours later, according to its flight plan. Using call sign BOE701, the plane is flying maneuvers over central Washington state.The so-called certification flight is a milestone toward ending a grounding imposed worldwide in March 2019 after the accidents killed 346 people. The FAA plans to put the jet, bristling with monitoring equipment, through a comprehensive examination, said a person familiar with the matter, who wasn’t authorized to speak publicly about the details.Among the flying planned is the infamous “wind-up turn,” a steep turn that essentially approaches a stall, with wings approaching 90 degrees of bank. Doing so should trigger the Boeing software system that played a role in both crashes, repeatedly pointing the aircraft’s nose downward until pilots lost control.“The certification flights are expected to take approximately three days,” the FAA said in a statement. “While the certification flights are an important milestone, a number of key tasks remain. The FAA is following a deliberate process and will take the time it needs to thoroughly review Boeing’s work.”Boeing jumped 9.8% to $186.72 shortly after takeoff, the most on the Dow Jones Industrial Average, after climbing as much as 10% on news that the fight FAA flight was slated for Monday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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There is simply no other way to describe the rise of Novavax (NVAX) as anything other than phenomenal. Shares of the vaccine specialist are up by 1,844% year-to-date and we are not even at the halfway point. As the last week has made clear, COVID-19 is not about to disappear anytime soon. With Novavax firmly in the mix among those hoping to bring a solution to market, can the biotech replicate 1H20’s performance in the latter half of the year?That’s a big ask, although B Riley FBR analyst Mayank Mamtani expects Novavax to keep up the momentum.Pointing out several catalysts for further upside, the 5-star analyst notes “Increasing visibility on (1) outlook of global pandemic in 2H20 and its implication to pace of licensure-enabling symptomatic disease prevention trials, (2) emerging policy framework to vaccine uptake including a potential state imposed mandate, as published in recent NEJM Perspective piece, and (3) infrastructure investments for manufacturing, distribution, and stockpiling of multiple vaccine constructs, as also supported by recent announcements for non-dilutive funding.”Mamtani believes there could be further funding heading Novavax’ way. The company received $60 million from the U.S. Department of Defense (DoD) earlier in June to further the advancement of its experimental vaccine candidate, NVX-CoV2373. But a recent $71 million grant from the DoD to Inovio to fund its DNA COVID-19 vaccine program and the addition of biotech Vaxart to the government’s Operation Warp Speed program (to fund its non-human primate (NHP) challenge study), indicate to Mamtani that Novavax could be the recipient of additional support.“We continue to believe in NVAX securing a sizeable funding from U.S. BARDA, as part of the ~$4B left over from the original $6.5B allocation under the CARES Act for COVID-19 vaccine development and manufacturing,” Mamtani said.Even without further funding, the $200 million’s worth of shares sold to RA Capital, along with the receipt of $76 million out of the total $385 CEPI grant from May, should enable Novavax to see out 2Q with over $380 million in cash.Add to that the recent additions of established biotech veterans for the roles of CMO and SVP of Corporate Affairs, and the “balance sheet and team are stronger than ever.”To this end, Mamtani reiterates a Buy rating on NVAX shares, while raising the price target to $106 (from $74). Investors will be taking home a 23% premium, should Mamtani’s thesis play out over the coming months. (To watch Mamtani’s track record, click here)Turning now to the rest of Street, where based on 4 Buys and 1 Hold, NVAX has a Strong Buy consensus rating. However, the average price target of $75.8, indicates possible downside of 5% and the impression Mamtani’s colleagues feel the biotech might have soared high enough for now. (See Novavax stock analysis on TipRanks)To find good ideas for biotech stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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A Boeing Co 737 MAX took off on Monday at 12:55 p.m. EDT (0955 PDT/1655 GMT) from a Seattle-area airport on the first day of certification flight testing with U.S. Federal Aviation Administration and company test pilots, a crucial moment in the planemaker’s worst-ever crisis. Boeing Flight 701 departed King County International Airport, which is also known as Boeing Field, the FAA confirmed, saying it will conduct three days of tests. The plane is scheduled to land two hours later at Moses Lake airport, according to flight tracking website FlightAware.

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June 28, 2020 marks ten years since Tesla went public on the Nasdaq. Meanwhile, Nikola is beginning to accept pre-orders for its badger. Yahoo Finance’s Ines Ferre breaks down the details.

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If you are looking for the best ideas for your portfolio you may want to consider some of Wedgewood Partners top stock picks. Wedgewood Partners, an investment management firm, reduced its exposure to Apple Inc. (NASDAQ:AAPL) stock. In its Q4 2019 investor letter – you can download a copy here – the firm discussed its […]

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Nick Shields, Senior Analyst at Third Bridge, joins The First trade to discuss the states of malls as some reopen amid continually rising cases of coronavirus.

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Luckin Coffee Inc. (NASDAQ: LK) Chairman and board members are trying to oust each other in the aftermath of the accounting scandal, as revealed in multiple filings with the United States Securities and Exchange Commission.What Happened The Chinese coffee chain company's board of directors voted to require Chairman and Director Charles Zhengyao Lu to resign from his role, and a meeting will be held on Thursday to consider the proposed resignation and removal.It was "requested by the majority of directors" on Luckin's board, based on the company's internal investigation into a $310 million securities fraud unveiled in April, it said.The chairman, Lu, has separately decided to convene an "Extraordinary General Meeting" on the coming Sunday, where the shareholders will vote on removing Sean Shao, an independent director on the Starbucks Corporation (NASDAQ: SBUX) competitor's board.According to the SEC filing, Lu expressed "concerns of potential disruption to the ongoing internal investigation considering Shao currently serves as the chairman of the Special Committee of the Board."Luckin earlier on Friday said it was not going to request a hearing from Nasdaq Stock Market, ahead of its shares getting delisted from the exchange desk on Monday.Price Action Luckin shares closed 54% lower at $1.38 on Friday.Image via FlickrSee more from Benzinga * JD.com Shares Surge In Hong Kong Debut * Luckin Coffee To Resume Trading At Nasdaq Wednesday(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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On Monday, major U.S. airlines including American, Delta, JetBlue, Southwest and United, agreed to new health protocols that all passengers must follow. Helane Becker, Senior Research Analyst at Cowen Securities, joins Yahoo Finance’s The First Trade to discuss the future outlook for airlines after they took a major hit from COVID-19.

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