U.S. equities have rebounded sharply in trading today following two days of losses on Brexit worries. Global markets had been in a free fall since the referendum results on Friday. While sentiment remains weighed down by the Brexit issue, global equities are finally seeing some life again.
In the U.S., the market also got a boost after the final reading on first-quarter gross domestic product showed growth of 1.1%, compared to a previous reading of growth of 0.8%.
Despite the improved economic data, the Federal Reserve is not expected to make any changes to its monetary policy. Indeed, global uncertainties mean that the Fed is likely to keep interest rates unchanged at least until the end of this year.
One of the major movers in trading today is Amyris Inc. (NASDAQ: AMRS). Based in Emeryville, California, Amyris is an integrated renewable products company that is enabling the world’s leading brands to achieve sustainable growth.
The company applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules, specialty ingredients and consumer products. AMRS is delivering its No Compromise® products in focused markets, including specialty and performance chemicals, fragrance ingredients, and cosmetic emollients.
AMRS shares are soaring in trading today after the company announced a new collaboration in the field of cosmetic active ingredient with Givaudan, a leading global flavors and fragrances company.
The two companies have been engaged in the research and development of proprietary fragrance ingredients for several years, and the significantly expanded partnership reinforces the diversity and value of Amyris’s R&D platform and manufacturing capabilities to customers demanding high performance, cultured ingredients.
During the multi-year collaboration, Amyris will use its industry-leading strain engineering platform to design cosmetic active targets, and scale them up for global commercialization at Amyris’s manufacturing facility in Brotas, Brazil.
The companies anticipate the launch of the target products in the coming years will demonstrate significant performance, cost and sustainability advantages over existing ingredients.
John Melo, President & CEO at Amyris, said that the company is excited to be working with Givaudan to solve supply challenges and deliver sustainable innovation in cosmetic actives.
Melo further said that the company is very pleased with the Givaudan commitment to innovation and its leadership in delivering breakthrough advancements in Active Cosmetics.
AMRS shares were last trading at $0.410, up 17.14%. The stock was trading on volume of 2.58 million, well above its daily average volume of 1.6 million. While shares are up on the day, the long-term picture is quite firm, with the stock currently in a deep downtrend that began in early 2014.
