Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.

Moderna

Moderna said its COVID-19 vaccine was 100% effective in a study of adolescents ages 12-17.

The company said it plans to ask the FDA to expand the emergency use of its COVID vaccine for teens in early June.

It is the second vaccine behind Pfizer’s to demonstrate high efficacy in younger age groups.

Pfizer’s vaccine for adolescents began last week.

Amazon

Washington D.C. attorney general is suing Amazon on antitrust grounds, claiming the company’s practices have unfairly raised prices for consumers and suppressed innovation.

The lawsuit alleges Amazon illegally maintained monopoly power through pricing contract with third-party sellers.

An Amazon spokesperson says that the DC attorney general has it exactly backwards – sellers set their own prices for the products they offer in their store.

Pigs

A group representing port products urged the federal government to let them continue an effort to speed up the processing of pigs into bacon and ham despite a union’s claim that the increased volume endangers workers.

The National Pork Producers Council says it needlessly slow production and hurt farmers still recovering from problems associated with the coronavirus pandemic.

Nordstrom

Nordstrom said its first-quarter net sales were down 13% relative to the same period a year ago.

The retailer reported a wider-than-expected loss for the period, too.

Management said elevated labor and shipping costs, in addition to supply chain constraints in the apparel industry, are creating continued pressure on its business.