Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

A2 Milk jumps before halt on FDA nod news, denies report

Stock Markets Aug 02, 2022 02:40AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A2 milk is seen on a supermarket shelf in Singapore April 16, 2018. Picture taken April 16, 2018. REUTERS/Thomas White/

(Reuters) - Shares of New Zealand's a2 Milk Co Ltd jumped more than 12% before trading in the stock was halted, after local media reported that the dairy company was close to winning an approval to sell baby formula in the United States.

A2 dismissed the report. The company had in May confirmed an application to the U.S. Food and Drug Administration (FDA) seeking permission to supply baby food to the country.

A2 Milk's stock price shot up as much as 12.2% to NZ$5.60 to hit its highest level since April 5. Australia-listed shares of the firm jumped nearly 12% to A$5.08, before eventually being halted.

The media report suggested that FDA approval could be received "as soon as this week."

"While we have been informed by the FDA that our application is under active review, at this stage there is no certainty as to the outcome of the application or the timing of any approval," the company said in a statement.

Dairy companies in Australia and New Zealand have queued up to restock empty shelves in the United States with baby food, after the country recently relaxed its import policy to mitigate one of the biggest infant formula shortages in recent history.

But barring Bubs Australia, which has already shipped baby food to the U.S. in several batches, others such as Fonterra and privately run Bellamy's Organic are yet to provide an update on the status of their respective FDA applications.

French consumer goods company Danone said recently it had shipped more than 750,000 cans of its flagship Aptamil baby formula to the United States.

A2 Milk jumps before halt on FDA nod news, denies report
 

Related Articles

Baidu Says They are a 'Generation Ahead’ of Tesla
Baidu Says They are a 'Generation Ahead’ of Tesla By Investing.com - Aug 16, 2022

By Michael Elkins Robin Li, co-founder, and executive chairman of Baidu (NASDAQ:BIDU), a Chinese technology company, recently made a statement saying that his company’s technology...

Dow, S&P 500 gain on retail earnings boost
Dow, S&P 500 gain on retail earnings boost By Reuters - Aug 16, 2022 13

By Bansari Mayur Kamdar and Anisha Sircar (Reuters) -Strong earnings from Walmart (NYSE:WMT) and Home Depot helped drive gains in the Dow Jones and the S&P 500 indexes on...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email