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PayPal commits to crypto, Novavax COVID vaccine awaits FDA review, Smuckers recalls peanut butter

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PayPal will allow users to move their crypto to other wallets, Novavax stock is halted ahead of an FDA panel on its COVID vaccine, and Smuckers is expected to take a $125M hit from its Jif peanut butter recall.

Video Transcript

RACHELLE AKUFFO: Welcome back to Yahoo Finance Live, everyone. It is time for our triple play. And I'm going to kick us off with my pick, which is payment firm PayPal. Now the company announced it's finally going to allow US users, now only US users so far, to transfer, send, and receive certain crypto tokens, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. As you can see, the stock there rewarded a little bit there, up just over about 1 and 1/2% there but the stock is actually down for the year.

Now, we did see that Jose Fernandez de Ponte, who's the senior vice president and general manager of blockchain crypto and digital currencies, he says this feature was the most demanded from our users since we began offering the purchase of crypto on our platform. Now, if you remember, PayPal first let users buy, sell, and hold crypto back in October of 2020. And the following year, they were able to use a checkout with crypto feature to pay at millions of stores.

So now you have this latest move, and that could potentially lure away customers from some of these wallets that are hosted on other platforms. And we are seeing that Fernandez de Ponte did add that he said we see ourselves as a conduit between the fiat or traditional finance environment and the Web3 environment. We're enabling connectivity to other wallets, exchanges, and applications. So, clearly, in this for the long haul, and shots fired in terms of competition there for some of these other crypto platforms.

SEANA SMITH: Yeah, Rachelle, it's going to be interesting to see whether or not this is what PayPal needs in order to turn things around. We know shares have been off just around 50% year to date. They've seen more and more competition in their space, Apple, other entrants in the digital payment space. So certainly, something to keep an eye on. But PayPal shares moving in the right direction, at least for today. The stock up just around 1 and 1/2%.

I want to take a look at Novavax because shares have been halted all day. And this comes as the FDA advisory panel meets right now to discuss whether the company's COVID-19 vaccine will be approved. Now the meeting started at 8:30 AM Eastern time this morning. A decision is expected at any minute here. Regulators recently flagging that the vaccine could be linked to heart inflammation.

And FDA review found five cases of inflammation, mostly in men, within two weeks of being vaccinated in Novavax trials. Now Novavax filed for emergency use authorization back in January. The company plans to seek expanded authorization for use of the shot in adolescents and also as a booster. But Novavax, Dave, a company to keep an eye on when we talk about the fact that there is this race to get every American vaccinated. But of course, the question is whether or not we need a fourth vaccine at this point.

DAVE BRIGGS: Well, I think the real hesitation here is, the hope is that the 27 million unvaccinated are going to trust this one because it is unlike the other vaccines on the market. Don't hold your breath. That probably ain't going to happen. You might get a few of the margins of those vaccine reluctant people, but I think at this point, we should pretty well bake in that number of Americans who will never be vaccinated.

I just want to say, on a personal note, for those of you that have not, I have had all my shots and had COVID this past weekend, and I'm still relatively down for the count. I work out every day. I eat pretty well. I'm not that old. And this has been a devastating bout with COVID. Still don't have my energy back. Didn't leave my bedroom over the weekend. Folks, it is for real, and it is going around. And it will knock you back. And I know, Rachelle, you had a similar situation with COVID. I think it's just interesting to discuss for people that think, oh, if I get it, it won't be bad. I'm in good shape and I'm vaccinated.

RACHELLE AKUFFO: And I'm still feeling the effects of it. And you also have to keep in mind, 83 million doses of the vaccine actually ended up getting dumped because a lot of these things have multi-vials, and they weren't all getting used. So do we need another one in this space? We're not really using all the ones that we have. But as you mentioned, some of these lingering effects were coughing. I still have my giant thing of water here because, yeah, some of these effects, they're lingering. So, yeah, we're not out of the woods yet, everyone.

DAVE BRIGGS: We are not. It has been a rough couple of days here. My play regards an American classic, PB and J, and a personal favorite. JM Smucker is my play. Today, the owners of Smucker's jam, Folgers coffee, and Jif peanut butter, among several others, warning of a $125 million hit in the full year from the recall of certain Jif peanut butter products, following a possible salmonella outbreak. The outbreak linked to a Lexington, Kentucky plant.

Consumers can get a free replacement. Just visit the Jif website for information. You just get a simple code right there. Investors, though, not at all deterred by this story-- in fact, inspired, perhaps. The stock is up 6% on the day, one of the best days they've had thus far this year.

And Rachelle, what I always find surprising, at least in this part of the country, is how peanut butter is just not a part of young people's lives. My son will go to high school next year, and that'll be the first time he's allowed to have it in his school because, of course, peanut allergies.

RACHELLE AKUFFO: Now I have peanut butter and jelly in the house. I tried them once together-- not a fan. I don't get the appeal. I'm sorry, I don't. Love them both separately.

DAVE BRIGGS: Oh, no.

SEANA SMITH: Wow, that's a hot take, Rachelle.

DAVE BRIGGS: That is a really hot dog.

RACHELLE AKUFFO: It's like the peanut butter is, like, greasy. And then the jelly's all, like, citrusy. And I'm like, why is this a thing? I don't like it.

SEANA SMITH: Wow. Wow.

DAVE BRIGGS: Delicious with white bread. It's delightful. Seana, you agree, right?

SEANA SMITH: I was going to say, I wish I didn't like it as much because it's something that if I start eating it, it's hard to stop. So, Rachelle, you left me speechless, for one of the first times in my life. I can't believe you don't like the pairing, but hey, it's what makes the world goes around.

DAVE BRIGGS: I mean, a peanut butter and jelly on white bread is one of the greatest things. I can imagine. I could have it every day, but bygones. We'll agree to disagree.