Quest Diagnostics posts better-than-expected revenue on rising demand for testing

People volunteer for Covid-19 surveillance testing using the Quest Diagnostics self administered PCR test on on July 12, 2020 in Livingston, Montana.

William Campbell | Getty Images

Quest Diagnostics reported preliminary revenue for the second quarter above analysts’ estimates, pushing shares up 2.7% before the bell on growing demand for Covid-19 testing. The company’s revenue fell 6% to $1.83 billion, but was still above estimates of $1.52 billion, according to the company.

After more than a 40% decline in testing during the last two weeks of March, the company began seeing a rise in testing volume at a faster-than-expected rate. Quest is expected to report second-quarter results on July 23, according to Reuters.  –Alex Harring

Yelp to bring back furloughed employees

Yelp will bring back “nearly all” of its 1,100 furloughed employees next month, and will restore employee pay and work hours.

The company in April laid of 1,000 employees and furloughed roughly 1,100 more, as the Covid-19 pandemic kept people across the nation home.

“As local economies begin their recovery, we remain cautious but optimistic in the face of continued uncertainty,” Yelp CEO Jeremy Stoppelman wrote in an email to employees that was shared with CNBC.

Coronavirus cases continue to spike in some areas across the nation, and Yelp will extend its office closures into 2021. The company said that will result in a layoff of 63 more employees. —Jessica Bursztynsky

Pepsi sales fall amid virus shutdowns

PepsiCo‘s net sales fell more than 3% in the most recent quarter as the coronavirus kept consumers away from restaurants, convenience stores and sporting events, the company announced in its quarterly report

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The company’s North American beverage division reported a 7% drop in organic revenue, which strips out the impact of foreign currency, acquisitions and divestitures. Pepsi’s packaged food units, by contrast, saw increased sales as Americans stayed home. Quaker Foods North America reported organic revenue growth of 23%, and Frito-Lay North America reported organic sales growth of 6%. 

Read more on the quarterly update from CNBC’s Amelia Lucas. —Sara Salinas

Pfizer, BioNTech’s vaccine candidates get FDA ‘fast track’

German biotech firm BioNTech and U.S. pharmaceutical company Pfizer announced that two of their vaccine candidates were granted “fast track” status by the U.S. Food and Drug Administration.

The companies said in a statement that the designation was based on preliminary data from the candidates’ phases one and two trials, which are still ongoing. On July 1, the companies released early data on the trials. 

“We look forward to continue working closely with the FDA throughout the clinical development of this program, Project Lightspeed, to evaluate the safety and efficacy of these vaccine candidates,” Peter Honig, Pfizer’s senior vice president of global regulatory affair, said in a statement.

The companies said they expect to start late-stage clinical trials that will involve up to 30,000 participants as soon as later this month. —Will Feuer

Germany can prevent a second wave, health minister insists

Citizens walk at the pedestrian zone in Guetersloh, western Germany.

Ina Fassbender | AFP | Getty Images

Germany can prevent a second wave of the coronavirus later this year if people remain vigilant, the country’s health minister said, warning German holidaymakers not to be complacent over the risks.

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“We have to try particularly now in the holiday season to prevent infections,” Jens Spahn told a news conference Monday, Reuters reported. “We don’t automatically have to expect a second wave in the autumn and winter. Together, as a society, we can prevent that, as we did once before: breaking the wave and keeping the pandemic in check.”

Spahn said it was important to remain alert when traveling abroad and that he was worried by pictures showing holidaymakers ignoring social distancing rules. —Holly Ellyatt

Read CNBC’s previous coronavirus live coverage here: Record single-day spike in cases; Gottlieb says 1 in 150 Americans are infected

Via CNBC